Exploring the Increased Significance of Third Party Data Within Big Data

The data science industry is consumed by ever-growing amounts of data. What sometimes gets overlooked when talking about the notion of Big Data is that it is comprised of two components: first-party data and third party data. First-party data represents information gathered directly by an entity that intends to use it.

While first-party data are valuable, third-party data are the more significant components of Big Data. Third-party data consists of external data that are unrelated to a given company and all its stakeholder interactions. In the early days of data science, geographic data was the exclusive source of third-party data. At the time, various government institutions like the U.S. Census Bureau and Statistics Canada were the only organizations that compiled these data.

Author: Richard Boire

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