The majority of data holders will operate in the consumer sector. Depending on their digital infrastructure, IoT manufacturers will undergo extensive procedures to comply with all technical obligations. Modern vehicles, for instance, collect information on usage trends, fuel efficiency, and tire wear while used. Users are entitled to request this data and share it with third parties. For manufacturers, this data represents a digital asset usable to improve products or services. Conversely, manufacturers have the advantage to collaborate and collaboratively produce a personalized product for customers.
Financial services:
Businesses within the financial industry are primarily allocated as data receivers. Banks can leverage shared data to enhance risk assessments, customer experience, revenue streams and efficiency. For instance, a bank could offer travel insurance or foreign currency exchange services to a customer who frequently travels abroad.
Government & Public Services:
The public services sector, with its special position, could also generate advantages. Data collected by public transportation systems could be used to increase reliability. However, citizens of the EU could be worried about B2G sharing processes, especially as it goes beyond IoT related data.
Energy, Resources & Industrials:
The energy sector could use data to optimize energy usage and reduce waste. For example, a start-up could request users to share data from sensors in buildings. In return, they can provide an app to monitor and optimize use of heating, cooling, and lighting systems of users.
Life Sciences & Healthcare:
Based on a user request, medical device manufacturers need to provide data which could be used to create personalized medical treatments targeting the period before, during or after a medical issue arises. This data could be shared with doctors in real time to personalize medication dosages or treatment plans.
Technology, Media & Telecom:
An important restriction within this sector exists for companies that are designated as gatekeepers under the Digital Markets Act. They are ineligible to benefit from the data-sharing provisions of the entire regulation.
Industries are well aware of the upcoming regulation and some market players identified already potential lack of specificity due to the horizontal aspect, leading the financial and automotive sectors to propose already additional complementary regulations.
What should be retained?
The first key point to remember is the switch of control over data from IoT product manufacturers/providers to users. This shift may result in increased costs and technical challenges for manufacturers/providers in meeting data sharing obligations. Additional to protect trade secrets businesses should understand their obligations and rights within the sharing processes. However, the sharing obligations can create new business models for emerging EU companies. The B2G sharing obligation will expand above IoT related data. This means any company within the EU should be ready to share data with institutional bodies. The last key aspect to be mindful about is the simplified procedure to switch cloud service providers. It will remove barriers for switching and promote interoperability through open standards.
The Data Act represents the next crucial element in building a unified European data market along the path of the European data economy strategy. Every company should aim to prepare itself for potential data sharing with customers, businesses, and public institutions in the near future. Users, on the other side, will have greater control and transparency over their own produced data. The key question is whether users will take advantage of this newly granted power. Generally, simplifying data sharing processes through interoperability restrictions lay the foundation for innovation and collaboration. Given the sharing of data is linked to the permission of the user, it remains unclear whether it will bring the expected economic impact.
Source link : https://www.deloitte.com/lu/en/Industries/technology/perspectives/the-eu-data-act-what-does-it-mean-for-you.html
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Publish date : 2024-03-21 18:10:00
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