Recent studies project that spending on market data will continue to rise. Business demands and regulatory pressures are creating a need for more data and data suppliers are more creative in how they license and charge for data usage. In addition, we are seeing consolidation of the big data aggregators, who account for as much as 75 percent of commonly needed services, while many niche providers are also entering the market with specialized data.
For organizations that depend on good data, this means more complex data service contracts and steadily escalating costs, which most procurement departments lack the expertise to handle.
A data sourcing and contract management strategy is needed to reign in rapidly rising costs, while ensuring that researchers and other professionals have access to the information they need.
ICONITEL can help.