There’s money in that open data. A new report from the McKinsey Global Institute finds that machine-readable information that’s made available to others has the potential to generate significant economic value: $3 trillion annually in seven domains, to be exact.
The report, entitled Open Data: Unlocking Innovation And Performance With Liquid Information, sees the potential economic effect unfolding in education, transportation, consumer products, electricity, oil and gas, health care and consumer finance. Data becomes more liquid, the report authors note, when it is open, widely available and in shareable formats, and when advanced computing and analysis can yield from it — potentially in conjunction with proprietary data — novel insights. It doesn’t specifically mention Linked Data, but hones in on government open data platforms – including the Linked-Data infused data.gov.UK, which it cites as having had 1.4 million page views this summer – as critical to the economic good tidings. It records more than 40 countries with open data platforms, and up to 1 million data sets as having been made open by governments worldwide.