Immersed in a constant technological change, the innovation rhythm keeps going even quicker. The latest tech developments have been creating new opportunities, and now, their impact is starting the next data centered revolution. The global data monetization market size was valued at USD 1.62 in 2020 and it is estimated to reach a USD 7,34 billion market size by 2027. Data will become one of the most precious assets of the world by far, even more important than gold.

The race to dominate this new era increased the interest in data acquisition, protection, transference, and analysis. These principal data value chain parts can be upgraded due to 5G, Artificial intelligence, quantum computing and cybersecurity technologies. With these assets, new products and improvements will keep being designed, impacting our daily life from household appliances to smart city solutions.

However, all the products are going to be smarter and more complex in the future and the only way companies will be able to develop these new smarter products will be throw collaboration platforms. Any company which wants to design a competitive product in the future market, will not possess all the components or technology of the value chain. Therefore, companies which collaborate will gain access to more resources and technologies to keep being competitive on the marketplace.  For example, the need to cybersecure networks has increased since IoT has gone forward, and now, the necessity to integrate cybersecurity by design is crucial. That is why, cybersecurity companies must integrate their expertise in the early phases of the design, collaborating and aligning with other product developers all the workforce in the same direction. And the smarter the product, smarter the cooperation must be.

All in all, companies will keep innovating and making more complex and better products in the future, but some companies will not be able to keep up and will die on the way. Intercompany collaboration will be one of the most important competitive advantages in the next years and therefore, we must continue creating and nurturing healthy open innovation-based ecosystems.

Author: Lander Berrueta (GAIA)

Data sources

1. Data Monetization Market Size, Share & Trends Analysis Report by Organization Size, By Methos (Analytics- enabled Platform As A Service, Embedded Analytics), By Vertical, By Region, And Segment Forecasts, 2020-2027

2. Innovation Ecosystems: The future of Open Innovation, Nick Skillicorn (ideatovalue), April 2^nd, 2022