The European Commission’s strategy for the European Data Economy has identified the value of the data industry to be €739 billion in 2020. This represents 4% of overall EU GDP, with the global big data economy seeing annual compound growth of 23% over the last 5 years.
Scrutiny and regulation in recent years has been focused on the proper collection, storage, and usage of personal and large-scale data; driven by political scandals, mass collections, and increasing awareness of the emerging predictive and AI-driven world. This landscape provides strong impetus for the Data Market Services Accelerator, providing new and growing startups with access to training and support in using data responsibly, effectively, and accurately.
In addition, DMS (Data Market Services) will help startups address the slow adoption of advanced big-data technologies – reducing the skills gap between Europe and the US and China, and helping startups navigate the challenging terrains of privacy, compliance, and standardization.