The Open Data Institute (ODI) has published a market briefing based on research conducted by the Metia Group, revealing that the market for business-to-business data assurance products and services is projected to grow to $5.6bn (US dollars) by 2027. The research highlights the growing need for recognized standards and codes of conduct that enable the management of risk.
The ODI defines data assurance as the process, or set of processes, that increases confidence that data will meet a specific need, and that organizations collecting, accessing, using, and sharing data are doing so in trustworthy ways.
Businesses face significant challenges in developing their data assurance strategies, including guarding against breaches and mitigating reputational risks. However, existing technical solutions are often costly, complex, and ineffective, resulting in low customer satisfaction.
To meet the increasing demand for data assurance services, the ODI is developing new tools and services in 2023 to help businesses assess, build, and demonstrate trustworthiness with data and to minimize the risks of data sharing. These new offerings include a Data Sharing Risk Assessment workbook and a Code of Conduct for those striving for excellence in data assurance practices.
The research conducted by Metia used a multi-method approach that included primary and secondary research and analysis of publicly available and ODI-provided sources. The market research also revealed that:
– Two-thirds of respondents believe that data assurance supply does not fully meet their needs, indicating that the data assurance market is in its infancy.
– Assurance of external data is expected to grow strongly in the next five years, with 98% of service providers believing this to be likely.
– There is demand for external data assurance among data users, particularly in Western Europe.
– Respondents estimate the data assurance market to be worth $3.5bn (US dollars) in 2022 and projected to grow to $5.6bn (US dollars) by 2027.
In conclusion, the data assurance market continues to increase, and there is a growing global desire for recognized practices, standards, and codes of conduct that provide credibility and trust to suppliers and consumers. The ODI is at the forefront of developing new tools and services to meet this market demand and foster trust and sustainable behavior change.