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Varieties of Big Data Market and Its Future

In: Political Economy of Artificial Intelligence

Author

Listed:
  • Bhabani Shankar Nayak

    (London Metropolitan University)

  • Nigel Walton

    (University of Portsmouth)

Abstract

There is a new form of market that is growing exponentially, where big data is considered a significant trading commodity. This new market shape affects the nature of production, distribution, supply, pricing and all transactions in the traditional market forms. This chapter is the first attempt to theorise the new market known as the “Big Data Market”, driven by platform companies that infiltrate into our everyday lives. From ubiquitous social networking sites to cutting-edge online trading platforms, these entities gather, store and manage vast amounts of data, utilising it to exert control over established markets and cultivate what we term the “data market”. Within this chapter, we aim to theorise and outline the “data market” as a compelling “concept”, an intricate “process” and a transformative “institution”.

Suggested Citation

  • Bhabani Shankar Nayak & Nigel Walton, 2024. "Varieties of Big Data Market and Its Future," Springer Books, in: Political Economy of Artificial Intelligence, chapter 5, pages 95-115, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-62308-0_5
    DOI: 10.1007/978-3-031-62308-0_5
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