As the value of using big data and analytics is becoming increasingly recognized and embraced throughout the global economy, a complementary trend is taking hold. Governments and other institutions are making their data (e.g. weather, disease monitoring, terrain maps, or traffic patterns) open and available to the private sector and entrepreneurs, which raises productivity and extends the powers of big data to make possible entirely new applications, such as the smartphone app that tells commuters when the next bus will arrive.
Open data has generated a great deal of excitement around the globe because of its potential to empower citizens, change how government works, and improve delivery of public services. What is not yet fully appreciated is how much economic value open data can generate. New McKinsey research shows that it could help unlock more than $3 trillion in value every year in seven domains of the global economy. The report focuses on quantifying the potential value of using open data in education, transportation, consumer products, electricity, oil and gas, health care, and consumer finance. For each of these “domains,” the research describes the ways open data can create economic value and also explore the barriers to adoption and enablers that are required for capturing value with open data.
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