The Role of Open Data in Driving Sectoral Innovation and Global Economic Development

Olalekan Jamiu Okunleye *

University of the Cumberlands, 104 Maple Drive, Williamsburg, KY 40769, United States of America.

*Author to whom correspondence should be addressed.


Abstract

This study assessed the transformative impact of implementing open data principles on fostering innovation across various sectors and enhancing global economic development. Using a comprehensive analysis of secondary data from government portals, industry reports, and global innovation indexes between 2015 to 2019, the research employed panel data regression, correlation analysis, and descriptive statistics to evaluate key relationships. The findings indicate that the availability of open data significantly increases innovation outputs, with robust statistical evidence showing positive correlations between open data sets and sector-specific innovation metrics such as patents filed, R&D expenditure, and the number of startups created. Greater interoperability of open data across international borders contributes to economic growth, particularly through international joint ventures. However, the lack of standardized data formats hampers cross-sector collaboration. Regions with well-established open data policies demonstrate faster technological advancements and economic development compared to regions without such policies. The study highlighted the critical importance of promoting open data initiatives, standardizing data formats, strengthening data governance frameworks, and investing in digital infrastructure and capacity building to optimize open data utilization and drive sustainable development.

Keywords: Open data, innovation, economic development, data interoperability, data governance


How to Cite

Okunleye, Olalekan Jamiu. 2024. “The Role of Open Data in Driving Sectoral Innovation and Global Economic Development”. Journal of Engineering Research and Reports 26 (7):222-43. https://doi.org/10.9734/jerr/2024/v26i71205.

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