Data brokerage market at nascent stage in India: Report
Thursday - September 12, 2019 8:14 pm , Category : BUSINESS
New Delhi, Sep 12 (IANS) While high growth in personal data collection is projected to continue in India, the data brokerage market - direct sale of personal data - is in a nascent stage in the country, given the lack of clarity in regulations, said a new report on Thursday.Therefore, established Indian private enterprises do not directly sell personal data to third parties, said the report by Omidyar Network India, an investment firm focused on social impact.The most prevalent personal data monetisation model in India is into managing marketing or advertising campaigns on behalf of third parties. In most cases, this model helps enterprises supplement their revenues from core business operations. However, certain enterprises such as social media and email service providers realise a substantial part of their revenues from this business model.The market size of privacy business models is expected to increase to $9-$12 billion by 2025, says the report titled "Unlocking the potential of India's Data Economy: Practices, Privacy and Governance".The findings of this report, launched in partnership with Monitor Deloitte, encourage entrepreneurs, investors and regulators to take responsible measures that can lead India towards an ideal future of data privacy.The study said that high growth in personal data collection is projected to continue, driven by strong consumer, enterprise and government initiatives.As Indian consumers do not yet fully recognise the need for privacy, and the Personal Data Protection bill is awaited, enterprises primarily adopt a "tick the box" compliance lens to data privacy and protection.The ideal future of privacy in the country will be based on five foundational principles including personal ownership of data, fair value in exchange for use of personal data, informed consent, accountability and transparency, said the study.