Open Data Could Add $3 Trillion A Year In Total Value Worldwide

A 2013 McKinsey Global Institute report estimated that open data could add over $3 trillion in total value annually to the education, transportation, consumer products, electricity, oil and gas, health care and consumer finance sectors worldwide. 

Open data can be used to drive innovation within and beyond the organization that created it because it allows other organizations to make use of it. Government agencies can help spur this innovation by making their data available publicly online in a machine-readable format and in a timely manner. This will allow for reuse by businesses, researchers, non-profit organizations, and citizens.