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The European Data Market Monitoring Tool
Measures a set of indicators assessing the number of data workers in Europe, the value of data-related products and services, the number of data users and data supply companies, as well as the overall impact of the data economy on Europe's GDP
Type of content:
Assets
Type of asset:
Tool
Big data potential
Yes
Policy domains:
Economy & Finance
Phase in the policy cycle:
Policy Design and Analysis
TRL
7
Open license availability
Yes
Tags:
Performance Measurement
Addresses:
| SWOT Analysis for The European Data Market Monitoring Tool |
||
|---|---|---|
| Helpful | Harmful | |
Internal |
Strengths• Define, assess and measure the European data economy, supporting the achievement of the Data Value Chain policy of the European Commission. • Provides a unique perspective of the development of the data ecosystem in Europe, through 6 main indicators measuring its key components (see Figure 1): the skills (the number of data professionals and the gap between demand and supply of data skills); the enterprises and their roles (both data suppliers and data user companies); the demand-side value (the market) and the supply-side value (the data suppliers revenues); and finally the overall impacts on the economic system, through the estimate of the European Data Economy as a share of EU GDP. • Measures a more limited set of indicators for three other international economies, the U.S., Brazil and Japan. • Forecasts the indicators to the year 2020 according to three distinct scenarios: a) A Baseline scenario characterized by stable economic picture and a moderate growth, b) A High-growth scenario still characterized by a stable economy but with stronger impact played by digital innovation and higher growth of ICT investments and c) A Challenge scenario where both the economy and International Data Corporation (ICT) investments grow much slower than in the other two scenarios. |
Weaknesses• Restriction to movement of data across EU state members: European Data Economy depends more and more on data, their accessibility, usability and, more importantly, their unhindered mobility. Taking away all disproportionate restrictions to the movement of data across Member States is in fact one of the key prerequisites for a competitive Data Economy within the Digital Single Market |
External |
Opportunities• The European Data Market - i.e. the marketplace where digital data is exchanged as “products” or “services” as a result of the elaboration of raw data – is estimated to grow at an average rate of 6.0% out to 2020. This makes the market valued at close to 77.5 Euro Billion with the vast majority of Member States showing strong growth, well ahead of the expected growth for the IT market as a whole, which is projected to grow at an annual rate of 1.7% to 2020 • The European market has the potential to be the largest digital market in the world in size and value, if investments and policy decisions will provide momentum |
Threats• Restriction to movement of data across EU state members: European Data Economy depends more and more on data, their accessibility, usability and, more importantly, their unhindered mobility. Taking away all disproportionate restrictions to the movement of data across Member States is in fact one of the key prerequisites for a competitive Data Economy within the Digital Single Market • Increasing concern about the new ethical and social issues arising from the diffusion of Big Data • Brexit: Given the strengths of the British Data Market and Data Economy, keeping digital data flowing between the EU and the U.K is crucial both for Britain itself and for the rest of Europe. • Law reforms are needed introducing into EU law the principle of free flow of nonpersonal data across borders and seeking to establish the same free movement for non-personal data as the General Data Protection Regulation (GDPR) does for personal data. • The pace of growth of the European Data Economy Relies on economic climate and the pace of innovation |
