Method and system for allocating a price discovery mechanism in a data marketplace

A system for allocating a price discovery mechanism in a data marketplace, the system comprises:

• a user interface (104) for accessing the data marketplace by a one or more sellers and a one or more buyers, wherein the one or more buyers provide a set of requirements for data products and the one or more sellers provide a set of specifications of data products for sale;
• a memory (102);
• and
• a processor (106) in communication with the memory, the processor further configured to perform the steps of:
• matching the set of requirements of the buyers with the set of specifications using a matching module (108), wherein the output of the matching module is used to decide whether to proceed with data transactions or not;
• classifying the data marketplace based on a number of buyers and a number of sellers accessing the data marketplace using a classification module (110);
• and
• allocating a price discovery mechanism to at least one of a bid order matching mechanism, an auctioning mechanism or a direct negotiation mechanism for the data marketplace based on the classification.

A non-transitory computer-readable medium having embodied thereon a computer program for executing a method for allocating a price discovery mechanism in a data marketplace, the method comprising a processor implemented steps of:

• accessing the data marketplace by a one or more buyers with a set of requirements for data products;
• accessing the data marketplace by a one or more sellers with the data products for sale, wherein the data products have a set of specifications;
• matching the set of requirements of the buyers with the set of specifications using a matching module (108), wherein the output of the matching module is used to decide whether to proceed with data transactions or not;
• classifying the data marketplace based on a number of buyers and a number of sellers accessing the data marketplace using a classification module (110);
• and
• allocating a price discovery mechanism to at least one of a bid order matching mechanism, an auctioning mechanism or a direct negotiation mechanism for the data marketplace based on the classification.