Posted on: Friday 20th of June 2014
Last week Ctrl-Shift published groundbreaking research which estimates the potential size of the market for fast emerging ‘Personal Information Management Services’ (PIMS) as £16.5bn or 1.2% of gross value added in the UK economy.
The report, ‘Personal Information Management Services: An analysis of an emerging market – Understanding the impacts on UK businesses and the economy’ was sponsored by Aimia, Henderson Global Investors, Nesta, Open Identity Exchange and Vodafone. Here are some of the things they said about the research.
Stephen Deadman, Vodafone’s Group Privacy Officer, commented that, “There is an abundance of research telling us that consumers feel they are losing control over their personal data and are losing trust in companies’ ability to manage this data on their behalf. Rectifying this trend should be a top priority for many companies. This research now presents a compelling economic case for empowering consumers over their data, and points to a transformation in the way services are delivered that will create enormous value for consumers and companies alike”.
Joel Miller, Head of Digital, Henderson Global Investors, noted that “Individuals care greatly about managing their wealth and reaching investment goals. The complex products and decisions investors must navigate, and the importance they place on security and privacy, mean they are likely to adopt wealth management PIMS. Being involved in this research is helping us to explore the impacts and the opportunities that will emerge. The scale of this new market and the potential benefits for the customer are very exciting.”
Jessica Bland, Senior Research in Technology Futures commented in her blog post ‘How to make £16.5bn by protecting personal data’, “The business case for better personal data management also respects our right to a private life. We now have the right to be forgotten, or get paid to be remembered.”
Finally, Stian Westlake, Executive Director for Policy and Research, Nesta, said, “Government, companies and charities collect ever more data about our personal habits, conversations and activities. From smart energy meters to activity trackers, personal data has created a significant opportunity to generate new forms of economic and social value. Nesta has looked at the potential of big data and open data, and has an emerging interest in personal data management. Through Ctrl-shift’s new report, we are glad to support the first vital step to understanding the promise of personal data management services, including how they can empower people to protect their own data.”
One message from our research is that the PIMS revolution is unfolding whether organisations welcome it or not. Another message is that the right responses open up more opportunities than threats. The sooner brands get their heads around these opportunities and threats, the better.
‘Personal Information Management Services – An analysis of an emerging market’ is free to download.
Also available is a our sub paper ‘Economics of Identity’ which explores the market for identity assurance.