The trend of open data is taking hold around the world and it will unleash untold innovation.
McKinsey notes that open data, which is data that can be freely used and freely redistributed, could contribute $3 trillion annually to the global economy and has the potential to “unleash innovation and transform every sector of the economy.” The World Bank also recognizes “the huge potential of open data,” noting that private company use of open government data has “only begun to be exploited.”
