Tech giants from the US and China are dominating the world’s data market, something the European Union (EU) is looking to change.
The European Commission has issued a proposal aimed at creating a single EU data market which should challenge the data market dominance currently held by Facebook, Google and Amazon.
According to Reuters, the official presentation will be on February 19, which means there is still time for changes to the draft. But the general intention is clear: establish the EU as a notable player in the data field.
“Currently a small number of big tech firms hold a large part of the world’s data. This is a major weakness for data-driven businesses to emerge, grow and innovate today, including in Europe, but huge opportunities lie ahead,” said the proposal paper.
“Competitors such as China and the U.S. are already innovating quickly and projecting their concepts of data access and use across the globe,” said the report, which projects a sense of urgency.
The EU says it can move forward quickly by using vast amounts of both professional and industrial data, as well as technological innovation currently present in Europe.
“The winners of today will not necessarily be the winners of tomorrow,” the paper states, adding that the goal is “to create a single European data space, a genuine single market for data”.