In October 2015, a report by PwC revealed that the Open Data Institute’s startup challenge programme could see a ten-fold return on investment to the UK economy. But what other impacts does open data have on the UK and beyond? Here are just a few examples…
Open data impacts world agriculture. Magnus Manske - CC BY-SA 2.0
Open data vs paid data
Research from Lateral Economics showed that open data creates 0.5% more GDP compared to paid data.
Open data-driven global market worth up to $5tn a year
In 2013, McKinsey estimated a global market powered by open data from all sectors would create an additional $3tn to $5tn a year.
Open data holds huge value for the EU
By 2020, the use of open data will have reduced public administration costs across the EU28+ by €1.7bn, according to Capgemini in a study done for the European Data Portal. The effective use of open data could also help save 629 million hours of unnecessary waiting time on EU roads and help reduce energy consumption by 16%.
UK open data-driven companies turn over £92bn
The ODI has identified that UK companies using, producing or investing in open data have a combined annual turnover of over £92bn, employing over 500,000 people.
Transport for London benefit from third-party apps
Transport for London claim that by releasing transport data, creating global leaders such as Citymapper, they are generating employment and wealth for London and beyond.
Direct value from the ODI
The Open Data Institute dashboard shows £33.4m unlocked in direct investments, from competition funding, direct contracts, partnerships and income that ODI Nodes and Startups have generated.
See our latest article: The economic impact of open data.
Social, cultural and environmental
Improvements in malaria treatment
Medicines for Malaria Venture facilitate the open-source development of antimalarial drugs. As a result, four new antimalarial drugs were developed and a box of antimalarial compounds, freely available to anyone wishing to develop new drugs in developing countries, was launched.
Accessing mental health support
M/A have created an application called Plexus, which helps those with mental health conditions to understand the accessible support structures around them. It also helps them find possible routes back into employment.
Understanding government spending in Nigeria
BudgIT is promoting widespread understanding of spending and budgets in Nigerian government through a breakdown of government spending in its portal. This ensures that citizens have equal access to public finance information regardless of their literacy skills or level of interest in governance.
Jobs for the less-privileged
Performance in Context (PiC) enables recruiters to understand, make better-informed recruitment decisions and improve social diversity in jobs. Using job applicant data against government education data, PiC is taking candidate-provided information and social background algorithms to present applicant performances in context.
New species discovered
By digitising and releasing their collection of over 80 million specimens, Natural History Museum engages people around the world to discover, analyse and 3D print them.