A Scalable, Standards-Based Approach for IoT Data Sharing and Ecosystem Monetization

The full potential of Internet of Things (IoT) data is often unrealized because data are restricted to single-purpose use cases or accessible to a few, siloed users. The opportunities are significantly greater when data can be shared using a marketplace concept. This provides a framework where many suppliers of data can interact with consumers of data, such as artificial intelligence (AI) developers and IoT service providers. Their marketplace interactions provide a means to identify the demand for specific types of data and to incentivize suppliers to offer high quality and dependable data. Standardization is a prerequisite for an effective marketplace in terms of setting the rules for interactions and in establishing a technical baseline for data supply and consumption. This article introduces an IoT data marketplace framework and illustrates its application through a set of smart city and intelligent transport system deployments. It highlights the use of oneM2M, which is an open standard for the middleware layer in the IoT technology stack. oneM2M's middleware capabilities reside between IoT devices and communication networks, and the AI/ML and IoT applications that consume IoT data. The proposed IoT data marketplace also includes licensing, usage tracking, and secured data sharing features. These provide marketplace users with the tools to control data sharing and monetization. Through reference to multiple deployments of the IoT data marketplace, this article highlights the benefits of standardization for replicable solutions in multiple IoT segments, interoperability, and business model innovation involving multistakeholder ecosystems.

Automated summary

The full potential of IoT data is often not realized due to limited use cases and restricted access to a few users. An IoT data marketplace concept allows for greater opportunities by enabling data sharing between suppliers and consumers, such as AI developers and IoT service providers. Standardization is crucial for an effective marketplace, setting the rules and establishing a technical baseline. This article introduces an IoT data marketplace framework and showcases its application in smart city and intelligent transport system deployments, emphasizing the benefits of standardization for replicable solutions, interoperability, and business model innovation.