Europe Aims for Single Data Market to Fight U.S. Tech Leaders’ Dominance

Data Market

The European Union (EU) wants to create a single data market to challenge the dominance of tech leaders such as Facebook, Google, and Amazon. The European Commission drafted the proposal, which underlines the EU’s determination to break U.S. tech giants’ stranglehold on the massive amount of data and give better competition to Chinese rivals.

At present, a small number of big tech firms hold a large part of the world’s data, which is a significant weakness for data-driven businesses to emerge, including in Europe. Measures to achieve that goal include a set of rules covering cross-border data use, data interoperability and standards related to manufacturing, climate change, the auto industry, healthcare, and others.

Source: https://in.reuters.com/article/us-eu-data-exclusive/exclusive-europe-wants-single-data-market-to-break-u-s-tech-giants-dominance-idINKBN1ZS32E