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FIWARE is an Open Source initiative whose mission is to build an open ecosystem around public, royalty-free technologies for the development of open and portable Smart Applications in multiple vertical domains and the connection of IoT devices with other sources of context information, together with Big Data analysis on the cloud.
The hyper-connected vision around Industry 4.0 –an IoT-enabled Industrial Internet DataSpace– brings together contextual data from different parts and requires opening up the service platform layer, by using industry-friendly Open Source Standard platform components like the ones FIWARE is providing.
FIWARE enables the creation of smart digital systems based on the contextual interaction of applications, implementing processes between themselves and with physical and virtual objects, across the whole value chain. That includes connecting people by connecting their digital personas, through sensors and other devices. This vision comprises the generation of data about the performance of the whole process, an output that can bring valuable insights for service providers/customers that want to improve and personalize the services they are delivering to their clients, while also selling business outcomes.
This is the principle behind the "Multi-Sided Markets". The customers of one market may agree to share their data with some service providers and get in return a premium service at reduced or even zero cost. These service providers are then able to identify potential new revenue streams, based on the exchange of their data with other actors in the same or connected markets, helping to subsidize the infrastructure through which data is captured.