Data economy
Type of economy / From Wikipedia, the free encyclopedia
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A data economy is a global digital ecosystem in which data is gathered, organized, and exchanged by a network of companies, individuals, and institutions to create economic value.[1][2] The raw data is collected by a variety of factors, including search engines, social media websites, online vendors, brick and mortar vendors, payment gateways, software as a service (SaaS) purveyors, and an increasing number of firms deploying connected devices on the Internet of Things (IoT).[3] Once collected, this data is typically passed on to individuals or firms, often for a fee. In the United States, the Consumer Financial Protection Bureau and other agencies have developed early models to regulate the data economy.[4]: 531–32
This article may be too technical for most readers to understand. (May 2019) |
Storing and securing collected data represent a significant portion of the data economy.[5]