February 03, 2011, 12:16 PM — The data marketplace, where users can hunt for specialized data, is becoming a lucrative market with growing opportunities, technologists stressed at a Silicon Valley technical conference Wednesday.
"Data is a $100 billion market worldwide," said Pete Forde, founder and chief technical officer at BuzzData, during a session at the O'Reilly Strata conference, which featured discussions on dealing with large data volumes and the concept of "Big Data." There are entrenched players, such as news tickers, as well as open source upstarts such as BuzzData, he said.
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There is no universally accepted definition of what a data marketplace is, according to Forde. "There are actually so many different definitions that the only thing in common is that these are organizations that want to be the places you go to get the data you need," he said. But there is a data products value chain and opportunities for disruption and innovation, said co-presenter Peter Soderling, founder and CEO of Stratus Security, which offers its Stratus API management platform for Web applications.
Data sets are not all created equal, Forde stressed, and there are factors that need to be accounted for such as accuracy and freshness. "If you get past a certain point for a lot of data sets, the data is now disinformation," he said.
BuzzData, is developing a data collaboration hub, a service in which participants can get data and then discuss it. Collaboration services for private data sets would be offered via subscriptions. "Basically, our sort of [modus operandi] is to create an ecosystem of people that are excited about data but come with lots of different skills and opinions and ideas," Forde said.