Tuesday, April 8, 2014

News Scan: Is open data a $3 trillion market?...

Train wreck or treasure trove? The vast amount of public data now available to businesses under the Open Data Executive Order signed by President Obama last May has been called both. But according to an article at InfoWorld, "the business opportunities are unprecedented--open data offers bits and bytes of public information that are freely available for anyone to use to build new businesses, generate revenue, develop new products, conduct research or empower consumers. With the federal government as the single largest source of open data in the U.S., we now have unfettered access to information about everything from bus routes and pollution levels to SEC filings and weather patterns." More good news: the McKinsey Global Institute estimates that all this open data could be a catalyst for $3 trillion or more in new business value in the global economy.

(Read my complete article at FierceCIO)

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