Abstract
In Europe, data monetization presents a promising goal for new revenue streams exploiting the power of the data. Nevertheless, obstacles such as regulatory environment and internal organizational constraints create a skepticism. DATAMITE project addresses these challenges and proposes a holistic framework designed to streamline the data monetization journey. Offering modules centered on data governance, quality assurance, and security, DATAMITE equips stakeholders with the tools necessary to optimize the value of their data. By ensuring trust and fostering collaboration, DATAMITE assures the expansion and competitiveness of European industries in data market. Through its comprehensive approach, DATAMITE aims to unlock opportunities and guide European enterprises towards success in the dynamic landscape of the digital economy.
Supported by DATAMITE EU Project - 101092989.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Baecker, J., Engert, M., Pfaff, M., Krcmar, H.: Business strategies for data monetization: deriving insights from practice. In: Wirtschaftsinformatik (Zentrale Tracks), pp. 972–987 (2020)
Birch, K., Cochrane, D., Ward, C.: Data as asset? the measurement, governance, and valuation of digital personal data by big tech. Big Data Soc. 8(1), 20539517211017308 (2021)
Car Data Facts: Why share car data?. https://www.cardatafacts.eu/share-car-data/. Accessed 15 Mar 2024
Choo, C.W.: The knowing organization: how organizations use information to construct meaning, create knowledge and make decisions. Int. J. Inf. Manag. 16(5), 329–340 (1996)
Contentsquare: The ties that bind: How brands and retailers can go big by sharing data. https://contentsquare.com/blog/how-brands-and-retailers-can-go-big-by-sharing-data/. Accessed 15 Mar 2024
Coresight Research: How data sharing and collaboration can accelerate decision-making and enhance sustainability. https://coresight.com/research/how-data-sharing-and-collaboration-can-accelerate-decision-making-and-enhance-sustainability/. Accessed 15 Mar 2024
Data Pitch EU funded open innovation programme: the benefits of data sharing. https://datapitch.eu/toolkit-benefits-of-data-sharing/. Accessed 15 Mar 2024
De Montjoye, Y.A., Hidalgo, C.A., Verleysen, M., Blondel, V.D.: Unique in the crowd: the privacy bounds of human mobility. Sci. Rep. 3(1), 1–5 (2013)
European Commission, Directorate-General for Energy: Energy communities. https://energy.ec.europa.eu/topics/markets-and-consumers/energy-communities_en. Accessed 15 Mar 2024
European Partnership “Agriculture of Data": Unlocking the potential of data for sustainable agriculture. https://research-and-innovation.ec.europa.eu/system/files/2023-08/AgData%20SRIA%20final_version.pdf. Accessed 15 Mar 2024
Fortune Business Insights: Data monetization market. https://www.fortunebusinessinsights.com/data-monetization-market-106480. Accessed 15 Mar 2024
Fuchs, D., Hofer, M.: Responsible research and innovation und die utopie des gemeinnützigen datenteilens. In: Posterproceeding der Jahreskonferenz des Forum Privatheit “Data Sharing: Datenkapitalismus by Default?”, pp. 13–18 (2023)
Gottlieb, J., Rifai, K.: Fueling growth through data monetization (2017). https://www.mckinsey.com/capabilities/quantumblack/our-insights/fueling-growth-through-data-monetization. Accessed 15 Mar 2024
Howells, J.: Opportunities and pitfalls in monetizing healthcare data (2023). https://www.orange-business.com/en/blogs/opportunities-pitfalls-monetizing-healthcare-data. Accessed 15 Mar 2024
Inkwood Research: Europe automotive data monetization market forecast 2023–2030. https://inkwoodresearch.com/reports/europe-automotive-data-monetization-market/. Accessed 15 Mar 2024
Kozłowski, A., Wiśniewski, M.: Unveiling the eu data act: Automotive industry implications (2023). https://grapeup.com/blog/unveiling-the-eu-data-act-automotive-industry-implications/. Accessed 15 Mar 2024
Lobo, K., Goldner, J.: Data monetization: how to do it so you can get more value out of your data (2023). https://www.analytics8.com/blog/data-monetization-how-to-do-it-so-you-can-get-more-value-out-of-your-data/. Accessed 15 Mar 2024
L &T Technology Services Limited: Data monetization in global healthcare: new perspectives. https://www.ltts.com/blog/data-monetization-global-healthcare. Accessed 15 Mar 2024
Lähteenoja, V.: Four things everyone should know about the fair data economy. https://www.sitra.fi/en/fair-data-economy/what-is-fair-data-economy/. Accessed 15 Mar 2024
Mirbagherimarvili, S., Ghanbari, H., Rossi, M.: Data monetization challenges in established organizations: A systematic literature review. In: Scandinavian Conference on Information Systems, p. 3. Association for Information Systems (2022)
Mohammad, A., Vargas, S., Čermák, P.: Using blockchain for data collection in the automotive industry sector: a literature review. J. Cybersecur. Priv. 2(2), 257–275 (2022)
Moore, S.: How to monetize your customer data. Gartner (2015). https://www.gartner.com/smarterwithgartner/how-to-monetize-your-customer-data. Accessed 15 Mar 2024
Motor: How automakers can benefit from sharing data. https://www.motor.com/2022/02/how-automakers-can-benefit-from-sharing-data/. Accessed 15 Mar 2024
Netscribes: The road to profitability: Why automotive data monetization is the next big thing. https://www.netscribes.com/the-road-to-profitability-why-automotive-data-monetization-is-the-next-big-thing/. Accessed 15 Mar 2024
Ofulue, J., Benyoucef, M.: Data monetization: insights from a technology-enabled literature review and research agenda. Manag. Rev. Q. 1–45 (2022)
Ohm, P.: Broken promises of privacy: responding to the surprising failure of anonymization. UCLA l. Rev. 57, 1701 (2009)
Parvinen, P.: Advancing data monetization and the creation of data-based business models. Commun. Assoc. Inf. Syst. 47(1), 2 (2020)
Pitkänen, O., Luoma-Kyyny, J.: Rulebook for a fair data economy (2022). https://www.sitra.fi/en/publications/rulebook-for-a-fair-data-economy/. Accessed 15 Mar 2024
Ritala, P., Keränen, J., Fishburn, J., Ruokonen, M.: Selling and monetizing data in b2b markets: four data-driven value propositions. Technovation 130, 102935 (2024)
Skuza, A.: How pharmaceutical companies can monetize their data (2023). https://arekskuza.com/the-innovation-blog/how-pharmaceutical-companies-can-monetize-their-data/. Accessed 15 Mar 2024
Starburst: Data sharing is essential to digital transformation. https://www.starburst.io/learn/data-fundamentals/data-sharing/. Accessed 15 Mar 2024
Thomas, L.D., Leiponen, A.: Big data commercialization. IEEE Eng. Manag. Rev. 44(2), 74–90 (2016)
Turpeinen, M., Pitkänen, O., Bub, U., Seidel, C., Himanen, J.: Data sharing und data networks: ein regelwerk für sichere datenökonomie: Das sitra rulebook als internationaler referenzrahmen. Wirtschaftsinformatik & Management 15(3), 174–183 (2023)
Varian, H.R.: Artificial Intelligence, Economics, and Industrial Organization, vol. 24839. National Bureau of Economic Research, Cambridge (2018)
Wipro Limited: How healthcare companies can get their data monetization strategy right. https://www.wipro.com/healthcare/how-healthcare-companies-can-get-their-data-monetization-strategy-right/. Accessed 15 Mar 2024
Wixom, B.: Cashing in on your data. MIT - Center for Information Systems Research (2014)
Wixom, B., Ross, J.: How to monetize your data. MIT - Sloan Manag. Rev. (2017)
Yoong, S.L., Turon, H., Grady, A., Hodder, R., Wolfenden, L.: The benefits of data sharing and ensuring open sources of systematic review data. J. Public Health 44(4), e582–e587 (2022)
Zhang, X., Yue, W.T., Yu, Y., Zhang, X.: How to monetize data: an economic analysis of data monetization strategies under competition. Decis. Supp. Syst. 173, 114012 (2023)
Acknowledgements
The research leading to these results has received funding from the European Commission under the Horizon Europe Programme’s project DATAMITE (grant agreement No. 101092989).
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2024 IFIP International Federation for Information Processing
About this paper
Cite this paper
Gizelis, C.A. et al. (2024). Data Monetization Opportunities and Challenges: The European Landscape by DATAMITE. In: Maglogiannis, I., Iliadis, L., Karydis, I., Papaleonidas, A., Chochliouros, I. (eds) Artificial Intelligence Applications and Innovations. AIAI 2024 IFIP WG 12.5 International Workshops. AIAI 2024. IFIP Advances in Information and Communication Technology, vol 715. Springer, Cham. https://doi.org/10.1007/978-3-031-63227-3_5
Download citation
DOI: https://doi.org/10.1007/978-3-031-63227-3_5
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-031-63226-6
Online ISBN: 978-3-031-63227-3
eBook Packages: Computer ScienceComputer Science (R0)