Exchanging data between organisations can be complex, especially when multiple organizations are involved. It can be challenging to define property rights and usage policies.
Data often comes from various sources using different formats and standards. In the absence of effective interoperability, sharing information turns ineffective and susceptible to mistakes.
When companies fail to recognize distinct advantages from sharing their data or perceive risks, they might be reluctant to get involved. This absence of participation can obstruct the overall efficiency and growth of the data ecosystem.
Data spaces facilitate new collaborative business models where companies can pool their data and create innovative solutions together. Data-as-a-service (DaaS) and platform ecosystems are examples of such models.