The rise of machine learning has placed a premium on finding new sources of data to fuel predictive models. But acquiring external data is often expensive and many data sets are rife with errors and difficult to combine with internal data. But that’s going to change in 2020.
To help us understand the scale, scope, and dimensions of emerging data marketplaces is Justin Langseth, one of the visionaries in our space. Justin is a VP at Snowflake responsible for the Snowflake Data Exchange. Prior to Snowflake, Justin was the technical founder and CEO/CTO of 5 data technology startups: Claraview (sold to Teradata), Zoomdata (sold to Logi Analytics), Clarabridge, Strategy.com, and Augaroo. He has 25 years of experience in business intelligence, natural language processing, big data, and AI.

Key takeaways:

• A data marketplace is a store for data where companies can buy/sell their data or share it.
• The concept of data marketplace is not entirely new as companies have been buying external data for over 100 years.
• Data exchanges allow individuals stake a claim to a data asset and monetize it in a shared platform. 
• One can run queries on raw data or select from a list of popular questions without making changes to the data itself.
• Multitenancy in the cloud is the key to making data sharing easy and secure.
• The data marketplace metadata layer helps share secure pointers of data so that everyone is looking at the same file without making changes to the raw data.
• All data fabric platforms have some ability to connect with other platforms for data sharing.
• Open cloud buckets are often a cause for data beaches.
• AI evaluates the value of external data by tracking the effect on model efficiency.
• In some cases, the value of external data might decrease if multiple customers have access to it.
• Data is not exhaustible, so price your data assets based on the industry demand. 
• Being transparent about the numbers of data copies you are going to sell helps to be trusted among data buyers.
• Companies that have turned their data warehouses as a cost center are more open to participating in data exchanges.
• Snowflake is actively helping companies add supply chain partners and customers on a guarded private data exchange platform.