Gartner: 30 percent of businesses will monetize info assets in 4 years
IDC opened the eyes of the industry recently by saying that only one percent of the world's data was being analyzed, for better or worse. More recently, Gartner threw another number out there for consideration: 30 percent of businesses will be monetizing their information assets by 2016. Both are equally telling.
Whereas IDC refers to the first of the three Vs of big data--volume, velocity and variety--Gartner could be referring to all three. Both numbers are meaningful in terms of what is possible in the long term and what is possible today for individual businesses or institutions.
Contrary to a survey earlier this month by Actuate Corp., which said companies are widely refraining from deploying advanced data analytics because of the anticipated costs and a lack of expertise, Gartner says that the financial demands of storing and managing big data will lead 30 percent of businesses to directly or indirectly monetize their information assets by trading, bartering or outright selling them by 2016.
Doug Laney, research vice president at Gartner, said several retailers are already generating millions of dollars per year in incremental revenue by placing their point-of-sale and other data online for business partners to subscribe to. Other individuals have launched ventures packaging and reselling publicly available data, or using it to launch new information-based products.
Laney said such businesses "need to be sensitive to the reputational risk of public backlash against such practices that may in turn lead to a tighter regulatory environment." The Federal Trade Commission has already moved on this matter by issuing subpoenas to major information brokers to disclose how they collect, use and protect personal information. On the other hand, consumers and businesses need to recognize that their personal usage, location, profile and activity data has a tangible market value and should be guarded. Consumers should receive ample services, products or cash for divulging that data, Laney said.
At its upcoming Business Information & Analytics Summits, Gartner said it plans to discuss the issues around the new information product economy and analytics excellence.
- see the Gartner release
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