As the value of using big data and analytics is becoming increasingly recognized and embraced throughout the global economy, a complementary trend is taking hold. Open data—the release of information by governments and private institutions and sharing anonymous, private data across industries—extends the powers of big data and makes possible entirely new applications, such as the smartphone app that tells commuters when the next bus will arrive. This trend has profound implications for companies, governments, and individuals. The McKinsey Global Institute's research shows that it could help unlock more than $3 trillion in value every year in seven domains of the global economy.
