EIMIN: How does data openness benefit the Lithuanian economy?
The market created by open data in Lithuania is estimated to reach €566 million in 2024 - around 1.2% of GDP - and create around 8,000 value-added jobs. The growth rate of this market could even exceed the growth rate of the Lithuanian economy, reaching 1.76% of GDP in 2026.
To further stimulate the sector, the Ministry of the Economy and Innovation has allocated a further €4.11 million in funding for Lithuanian companies to develop new innovative solutions and digital services using open data.
"The economic potential of open data is huge. It is the basis for the artificial intelligence revolution, for improving traditional businesses and for creating new ones. Investing in it is therefore not only economically viable, it is essential. Public data platforms need to innovate, and companies need to seize these opportunities. I believe that this investment in 63 companies will further stimulate economic growth," said Aušrinė Armonaitė, the Minister of the Economy and Innovation.
The funds will be used to implement projects in Vilnius, Alytus, Kaunas, Klaipėda, Marijampolė, Panevėžys, Šiauliai, Telšiai and Utena. In terms of sectors of activity, the funding is targeted at companies in the fields of computer software, consultancy services, accounting, information provision, advertising services and travel.
"Open data can help save electricity, facilitate the analysis of various data, help identify diseases faster and possibly contribute to their cure, and much more. The potential that we need to open up and use is huge," said Erika Kuročkina, Vice-Minister of the Economy and Innovation.
Using open data, the facility will help Lithuanian companies develop an activity-based payroll algorithm, an electricity saving app, an analytical and predictive platform for labour market trends, and an automated real estate analysis and valuation system.
The companies will also develop an electricity price forecasting system, an assistant for accountants, a financial and engagement management solution, a data platform for future cities and a next-generation health monitoring platform, among other digital solutions.
Open data is freely available data, information or parts of data recorded in the activities or documents of institutions, published in open formats suitable for automated retrieval and which can be reused and distributed for legitimate purposes.
Businesses will be able to use the open data necessary for the implementation of the projects from the Lithuanian Open Data (data.gov.lt) and other publicly available open data portals (Open Financial Portal of Lithuania, Official European Data Portal, etc.).
Business applications were evaluated by the Central Project Management Agency (CPMA).
The measure "Promotion of data accessibility and re-use" is implemented within the framework of the European Union Investment Programme for the period 2021-2027.