“This report results from an experimental cooperation between DG Connect and the Cambridge Judge Business School. The report explores the concept of personal data spaces from social, legal, technical, and economic perspectives, recommending ways to guide development of the innovation. The report also explores personal data spaces specifically in the healthcare sector to provide a concrete case study.
The report finds that this user-centric model could offer individuals more convenience, new forms of remuneration and data management tools, as well as easing their exercise of their privacy rights. From the business and research perspectives, it could provide new opportunities for innovative growth, enable new and more comprehensive research, open up big data analytics to smaller firms, and provide efficiency gains to public sector organisations in particular.
It considers that personal data stores may play an important role in unlocking the overall value of personal data applications, whose value-creation potential (summing the overall expected economic benefits to organisations and to consumers) is estimated at close to 1 trillion euro annually by 2020. According to the report, the potential market size for providers of personal data spaces in the EU could be up to 91.9 billion euro.”