Role of a Data Market

A data market is a platform that facilitates the automated exchange of data assets between data producers and data consumers. It’s an emerging technology that is critical component of a data product strategy and the missing piece in a data mesh strategy. 

A data market unlocks the true value and potential of data products because it automates frictionless data sharing across organizational boundaries. All large organizations will have a data market in 3-5 years. Mark that! 

A data market adds new capabilities to data products. It enables 1) users to search and sample data products 2) predefined access to data products 3) subscriptions to data products 4) producers to define terms of use and service 5) and define charges for data products and 6) automated delivery of data products. (See figure 1.)

A data market offers many benefits. It creates a culture of analytics and data sharing; it saves time fulfilling requests for data and waiting for request to be fulfilled; it makes it easy for data producers to publish, track, and retire data products; and finally, it reduces data silos and enforces data governance. (See figure 2.)