Open Data for economic growth: the latest evidence
September 5, 2014 Editor 0
One of the key policy drivers for Open Data has been to drive economic growth and business innovation. There’s a growing amount of evidence and analysis not only for the total potential economic benefit but also for some of the ways in which this is coming about. This evidence is summarised and reviewed in a new World Bank paper published today.
There’s a range of studies that suggest that the potential prize from Open Data could be enormous – including an estimate of $3-5 trillion a year globally from McKinsey Global Institute and an estimate of $13 trillion cumulative over the next 5 years in the G20 countries. There are supporting studies of the value of Open Data to certain sectors in certain countries – for instance $20 billion a year to Agriculture in the US – and of the value of key datasets such as geospatial data. All these support the conclusion that the economic potential is at least significant – although with a range from “significant” to “extremely significant”!
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