Most people know that big data analytics is the process of working through massive amounts of information. It allows us to be more productive, make more money and work more efficiently.
Now, a new trend is developing: the release of government and private information which is called “open data.”
Michael Chui, a principal at McKinsey Global Institute, estimates open data’s annual economic potential at $3 trillion, telling Big Data Download that consumers could capture more than half of that value.
Saving time by ways of transportation, the ability to find goods at lower prices through transparency and improving health care are at the helm of open data opportunities.
The government is one of the leading providers of open data. One example is the release of GPS data from satellites, which has launched in to a $90 billion industry.
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There has been value created by the opportunity of knowing where the next bus, train or plane is in route, and seeing where congestion might be on the road.
Of course there are risks associated with open data; the most obvious being around privacy and confidentiality.
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