London 12th June, 2023—Research conducted by Metia Group for the Open Data Institute (ODI) has revealed the key opportunities and drivers of the data assurance market, which is projected to grow by 60% in the next five years to $5.6bn USD.
The insights gathered show a wealth of opportunities for existing providers and market entrants in the data assurance sector, as well as a requirement across industries—from tech to banking—for data to be assured to a recognised standard that ensures credibility and trust. Findings also indicate that organisations, ranging from SMBs to global enterprises, are seeking to bring their data into a more shareable state, unlocking efficiencies and paving the way for commercialising data assets.
The multi-country research, conducted by Metia’s Insight team, analysed responses from 791 professionals responsible for external data assurance, including those working for data assurance providers on the supply side, as well as data holders and data users on the demand side. According to the ODI, data assurance is defined as “the process, or set of processes, that increase confidence that data will meet a specific need, and that organisations collecting, accessing, using and sharing data are doing so in trustworthy ways.”
Research found that 94% of data holders and data users believe that external data assurance boosts organisations’ trustworthiness. In addition, two-thirds (66%) of respondents believe data assurance supply does not fully meet their needs, highlighting the significant market opportunity for organisations offering data assurance products and services.
Across industries, the majority (63%) of those responsible for data assurance within organisations report to CIOs, CEOs and COOs, highlighting data assurance as an increasing priority for the C-suite. This is also supported by the 92% of respondents who confirmed that their organisation already has an allocated budget specifically for data assurance.
Respondents believe that 80% of the market currently focuses on assuring data that is meant for internal use but can be shared externally. Currently, the majority (61%) of providers focus on assuring the quality of internally-focused data that might be shared externally, such as auditing data, GDPR and other data compliance standards and regulations, and data intended for external use, indicating a trend towards increased data sharing.
With nearly three-quarters (73%) of data users saying they trust data assurance suppliers more if they are recognised by a data assurance body, the ODI has begun developing new tools and services to help businesses assess, build and demonstrate trustworthiness with data and minimise the risks of data sharing.
Steve Ellis, founder of Metia Group, said: “With the imperative of greater data sharing to increase efficiency, develop new products and drive innovation, there is a requirement to ensure data is trustworthy, accurate, reliable and conforms to robust standards. As data regulations and laws evolve, along with consumer expectations around data privacy, security and governance, organisations like the ODI will be crucial in establishing these standards.”
Read the full ODI market briefing here.
Download the Metia research report here.
Metia Group is a global marketing agency with offices in London, Seattle, Austin and Singapore. Employing some 100 highly skilled strategy, insight, digital and marketing professionals, the company provides highly integrated marketing programs for global brands and businesses.
Metia’s clients include many of the world’s leading corporations and largest business-to-business brands. During the past two years, the company has executed marketing activities in 88 countries and in 39 languages. For more information, visit www.metia.com.