A Marketplace for Predictive Data: The Next Frontier
STORY INLINE POST
The growth of big data over the last decade has led to a new type of marketplace: the data marketplace. As AI and machine learning solutions become increasingly advanced and popularized, these marketplaces are ever-growing into vital sources of raw data for ML algorithms.
But there is yet another frontier for data, and that is the marketplace for predictive data.
Today, we are going to discuss what data marketplaces are, their role in the age of big data, and why Epica AI will lead the way in the next frontier of data.
What Is a Data Marketplace?
Data marketplaces are platforms where users can buy and sell different types of data from an array of sources. They provide a typically cloud-based channel for individuals and businesses to trade and upload data securely. Businesses seeking to augment their internal data with external datasets utilize these platforms to purchase data.
This is becoming an increasingly popular means for businesses to attain data. Fifty-four percent of businesses surveyed by Forrester expect to increase their spending on data via data marketplaces over the next three years.
The Role of Data Marketplaces
As businesses across industries began to recognize the importance of data as an asset, the demand for fresh and up-to-date data increased. They began collecting internal and external data in droves. In the process, businesses began producing data that was valuable for other industries. Thus, the opportunity to monetize this data appeared.
Currently, these marketplaces fulfill several roles.
Personal Data Marketplaces - These marketplaces enable individuals to sell personally identifiable information to organizations without losing anonymity. They aggregate GDPR-compliant consumer data that marketers use for targeted marketing.
Business Data Marketplaces - These B2B marketplaces deal in a vast range of data, from identity and contact datasets to weather APIs. Businesses looking to monetize their data to businesses looking to buy datasets that meet their requirements.
Sensor Data Marketplaces - Also known as an IoT data marketplace, organizations use these marketplaces to sell real-time data collected from IoT devices. The data collected from these sensors help organizations analyze consumer behavior to improve sales and create new marketing strategies.
But where all these markets fail is in providing dedicated resources for analytical predictive data.
Leading The Next Frontier
There are currently no marketplaces for predictive data. That is why Epica is building it. It is Epica’s mission to provide prediction-as-a-service so that businesses can forecast with confidence.
Predictive analytics uses AI machine learning algorithms to predict likely future scenarios. What the market, therefore, needs is a source of datasets suited for predicting customer behavior and more. This will be vital as 80% of major businesses utilizing smart analytics systems are already using predictive analytics.
These algorithms require a steady stream of data to produce real-time data-based insights. So, businesses must consistently acquire and update data to provide this necessary raw stream of information that powers accurate prediction.
Our experience while using our proprietary ML prediction engine Sophia has shown us the importance of accessible predictive-ready data. This has put us in the unique position to usher in this new and innovative marketplace.
By providing a marketplace of data ready for predictive analytics, Epica is creating the next frontier of data marketplaces and pushing the limits of prediction-as-a-service.
Empower Your Business
Here at Epica AI, we study, track and work toward new developments in AI that allow us to continually provide the most accurate and robust predictive analytics services available. We’re constantly working toward new ways to bring the power of prediction to our clients.
Epica has dedicated itself to the importance of achieving actionable insights driven by hard data. Our AI and machine learning platform allow you to stay ahead of trends and make the right choices for your business by utilizing the latest in AI innovation. What’s more, our services ensure that you remain compliant with privacy laws.
Our powerful algorithms are capable of greater degrees of certainty than our competitors and drive our services to provide robust data-driven insights. Our intuitive integration options allow customers to plug into their existing systems and see what issues they can address with data-driven insights.
Schedule a demo today to stay at the forefront of the AI revolution and experience the power of prediction-as-a-service.