The New Data Act To Lay Foundation For A Fair And Innovative Data Economy

IoT device manufacturers must open user data for free to users and under FRAND terms to third parties – Impact assessment should start now.

As the European Union aims to acquire a leading role in data economy, there is a regulatory boost around data. It is high time especially for IoT companies to start digesting the changes that the proposed Data Act will bring on data markets. The Data Act targets industrial 'non-personal' data and will regulate B2B, B2C and B2G data sharing. We recommend IoT device manufacturers to start a proper impact assessment by evaluating the requirements introduced by the Data Act and to compare them to the current state of operations and capabilities in order to identify required actions and to prepare for future changes. Already now, businesses should take a stronger interest in data to maximise its value.