Data Exchange Platform Services Market- Globally, Increasing Usage Of Data Exchange Platform Service
The role of data is changing over the years, and presently, data is traded like a product. Currently, digital services are integrated into products. Companies and individuals are discovering the value of data their devices are hoarding, and are presently using that information for profit, exchanging it with and selling it to others in the market. Secure exchange of data has become crucial. Data exchange platforms convert data from various sources to data in destination format for analysis. The data exchange market is expected to become lucrative and investors are expected to leap on data exchange platform services market owing to the rapid development of Internet of Things (IoT).
Regulatory agencies are paying greater emphasis on data exchange due to the development of data exchange platform services. Data exchange platform services need to comply with specified by regulations/acts such as The Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard, The General Data Protection Regulation (GDPR) (EU), Family Educational Rights and Privacy Act (FERPA), The Gramm-Leach-Bliley Act (GLBA) for data exchange. Data protection and privacy laws are prompting key players in the data exchange platform services market to oblige, ensuring strengthened and more frequent consent, profiling, and movement of such data. The obligations are likely to hamper the entry of new players into the data exchange platform services market.
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Advancements such as the city data exchange in the data exchange platform services market enables large enterprises, small and medium enterprises, and the public sector to integrate multiple sources of data and make it available for public and private entities in order to improve efficiency and effectiveness of their solutions. Shanghai Data Exchange Corp. is building such an electronic platform to trade data and stay at the forefront of technological innovation.
Globally, increasing usage of data exchange platform services and their functionalities are subject to different guidelines and practices. Data exchange platform services are primarily implemented in the retail sector; however, the benefits of data exchange platform services goes beyond the retail sector. Proper valuation of data, data quality control, and value-oriented and quality-oriented data integration are major challenges for the data exchange platform services market. Data exchange platform services are expected to take a wider system perspective and facilitate innovation in the near future, by stimulating the development of third-party applications.
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The global data exchange platform services market can be segmented based on deployment type, end-use industry, and region. In terms of deployment type, the data exchange platform services market can be classified into cloud and on-premise. Based on type of cloud, the cloud segment is further sub-segmented into private, public, and hybrid. The cloud segment is expected expand during the forecast period owing to its advantages such as data motion support, disaster recovery, no hardware costs, automatic updates, and high availability over on-premise deployed data exchange platform services. In terms of end-use industry, the data exchange platform services market can be segmented into retail, wholesale, transportation, banking and insurance, telecommunication, and others (manufacturing, mining, etc.). Retail is a key segment driving the data exchange platform services market due to a high rate of adoption witnessed in the segment.