Data as an Asset: Economic Traits, Market Dynamics, and Monetization Challenges

ABSTRACT The digital economy has established data as a fundamental asset, shaping industries, governance, and technological innovation while driving competitive advantage across sectors. The proliferation of data‐generating technologies like IoT and social media has transformed data into a strategic resource, particularly benefiting Big Tech companies. This study examines data's dual nature as both asset and commodity, analyzing market structures, monetization challenges, and emerging technology impacts on the data economy. Employing a multivocal literature review (MLR) approach, this research systematically reviewed academic literature and gray sources including white papers and industry reports. Comprehensive searches across five major databases such as ACM digital library, IEEE Xplore, ScienceDirect, SpringerLink, and Wiley Online Library yielded 764 records, with an additional 86 from other sources (i.e., gray‐literature), totaling 850 screened studies. Ultimately, 64 studies addressed five key research questions on data's economic characteristics, market structures, monetization challenges, technological impacts, and public‐commercial balance frameworks. Analysis reveals data's distinctive economic properties like non‐rivalry, non‐excludability, and scalability necessitating novel valuation approaches. Market dynamics are significantly influenced by regulatory frameworks like GDPR, while emerging technologies such as AI and blockchain reshape monetization strategies. Key challenges include accurate valuation, data quality assurance, and privacy compliance. Data's economic essence defies conventional valuation frameworks due to its unique properties. AI and blockchain are transforming data markets through enhanced value extraction and secure transactions. However, robust governance frameworks like data commons and trusts are essential for balancing monetization with ethical use, requiring future research on comprehensive valuation models integrating technological advancements with public interest alignment. This article is categorized under: Application Areas > Business and Industry