(Re)making data markets: an exploration of the regulatory challenges

ABSTRACT Regulating the data market will be one of the major challenges of the twenty-first century. In order to think about regulating this market, however, we first need to make its dimensions and dynamics more accessible to observation and analysis. In this paper we explore what the state of the sociological and legal research on markets can tell us about the market for data: what kind of market it is, the practices and configurations of actors that constitute it, and what kinds of data are traded there. We start from the subjective opacity of this market to researchers interested in regulation and governance, review conflicting positions on its extent, diversity and regulability, and then explore comparisons from food and medicine regulation to understand the possible normative and practical implications and aims inherent in attempting to regulate how data is shared and traded. We conclude that there is a strong argument for a normative shift in the aims of regulation with regard to the data market, away from a prioritisation of the economic value of data and toward a more nuanced approach that aims to align the uses of data with the needs and rights of the communities reflected in it.