Virtual mall for big data: Beijing company takes e-commerce into the realm of abstract assets
A Beijing-based company has launched an online mall for big data assets, enabling service providers and independent researchers to trade these large chunks of information as they would daily goods.
In the information technology industry, big data refers to extremely large or complex sets of data that can be analysed with high-performance computers to spot patterns, trend and associations.
Data Mall, a subsidiary of Beijing Datatang Technology, sells products such as 1,000 hours of Chinese-language speech recorded in the distinctive Shanghai dialect for 450,000 yuan (US$68,434). This can then be used by other parties to, for example, develop apps with more precise voice-recognition software for specific segments of the Chinese population.
If raw data were crude oil, then we, as a big data company, would rank as a refinery
Big data is becoming a big industry in China. The industry is expected to be worth 800 billion yuan in China alone by 2020, according to a report by consulting firm Guang Zheng Hang Sang, a joint venture between Guangzhou Securities and Hong Kong’s Hang Seng Bank.
“Demand for big data resources is soaring and Datatang is well-positioned to monetise its vast collection of data,” said Wen Chaohui, an analyst from Guang Zheng Hang Seng.
Established in 2011, Datatang started as an aggregator for academics looking for research papers and figures when big data was not a popular business concept, said Xiao Yonghong, co-founder and vice-president of Datatang.
The early start puts the company in an advantageous position.