LONDON, UNITED KINGDOM--(Marketwired - November 17, 2016) - A concept that could completely change the way people manage their digital lives is profiled in a free report by Juniper Research for the Mobile Ecosystem Forum.
The study outlines the Personal Data Economy: an idea that puts individuals in control of their personal information and allows them to share it with trusted third parties on their own terms.
At present, most personal data is held in silos by third parties. This can lead to concerns over privacy or security scares. It is also inefficient. If a person wants to retrieve their health records, for example, it is typically a painful process.
A user-centric personal data economy, says the whitepaper, aims to address these challenges. Data is under the control of the individual and stored locally or on a cloud of choice. This means it will always be accurate and up to date helping individuals take control of their digital lives, empowering better decisions and even selling their own data where there is a trusted value-exchange.
The report argues that the personal data economy also benefits companies identifying four key opportunities:
- It enables deeper, more trusted relationships with brands and enterprises
- Companies can offer more personalised products and services
- It gives any trusted third party access to rich data with full permission
- It simplifies the data management process
The study cites the forthcoming European General Data Protection Regulation (GDPR) as a key driver for the personal data economy, which puts emphasis on consent, transparency and giving individuals more control.
It shares some of the live trials that are helping brands, telcos, enterprises and governments understand the opportunities and complexities of new business models based on data. It also profiles the start-ups offering personal information management services (PIMS) and innovative ways of identification.
MEF's CEO Rimma Perelmuter said: "New data protection regulation such as GDPR enables new revenue opportunities and is driving innovation that empowers consumers. The Personal Data Economy which puts the individual in control is an incredibly exciting arena and set to be a game-changer. We're delighted to have partnered with Juniper Research to deliver a comprehensive guide which illuminates this burgeoning market."
The complimentary whitepaper, 'Understanding The Personal Data Economy', is available to download from the MEF website.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.