Posted on: Tuesday 1st of May 2012
· New tools and services help consumers control their privacy and leverage personal data
· Significant commercial opportunity undetected by most businesses
· Global scramble for market leadership under way
A vibrant new market with a possible UK value of £1billion by 2016 is highlighted in our latest report.
Personal data stores can help individuals unlock the value from their data, whether it’s analysing electricity usage to check we’re on the best tariff, revealing how much we’re spending at certain retail outlets or keeping our personal information in a secure location under our control. Personal data stores (PDS) give consumers powerful information management tools hitherto the preserve of the commercial sector. In doing so, they have the ability to up-end the relationship between individuals and organisations, helping individuals maintain their privacy, enabling them to better understand their own behaviours, improve their decisions and manage aspects of their lives – ‘my money’, ‘my home’, ‘my health’ – better and easier.
PDSs are one way ‘father of the Internet’ Tim Berners-Lee’s call to ‘give our data back’ could work in real life. However, UK Government-inspired data handbacks including the midata programme, in which tens of millions people will be able to receive their personal data back from finance, utilities, telcos and other businesses, look set to be the new market’s most crucial catalyst.
The rapid development of the PDS market – over a dozen different PDSs will have launched by the end of 2012 – will trigger big changes in the way individuals and organisations deal with each other, as individuals assert more control over their data. There is significant behind-the-scenes interest among large IT and data sector corporations with AT&T, O2 and Microsoft expressing interest or developing propositions. But currently start-up companies, backed by personal or venture capital, dominate.
The report is a wake-up call to the vast potential of the PDS market. It’s not a question of if, but when, consumers start taking control of their own data. The UK is in a great position to show the world that suppliers and consumers sharing data means a better deal all round.
Ctrl-Shift’s 57-page report examines the PDS market’s key players and their service offerings, their developing business models and market entry strategies, data sectors and functionality, success factors, current barriers to market, projected market development and market forecasts including market size estimates. The report also offers advice on how organisations should respond to the new PDS market, particularly those whose businesses rely on status quo approaches to collecting and using personal data.
To buy the report (£1495+VAT or £495+VAT to members) simply click here.