Bloomberg currently provide businesses access to data analytics, which also powers its reporting. Credit: Postmodern Studio/shutterstock.com

Bloomberg has announced a partnership with Databricks today (9 November) to allow the companies’ mutual customers access to Bloomberg data via Bloomberg Data License. 

Bloomberg Data License allows customers to access both structured and unstructured data that can be used for machine learning and AI. This includes data on pricing, regulatory actions, and ESG data from over 40,000 data fields. 

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Bloomberg states that the partnership will enable Bloomberg and Databricks customers to access streamlined information faster than before, promoting seamless data integration into business strategy. 

Databricks has given Bloomberg access to its Lakehouse data architecture that combines elements of data lakes and warehouses to reduce the cost of data storage and delivery. 

Lakehouse was built on open source and open standards, making it easier than ever to support collaborative data-informed research and productionalise data workflows. 

“We’re excited to announce this collaboration with Databricks,” stated Don Huff, global head of client services at Bloomberg Data Management Services, “We look forward to helping more customers benefit from this integrated solution through realising data integration efficiencies.” 

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Bloomberg is already a leading provider in B2B data insights, tracking trends across global financial markets. 

GlobalData’s 2023 Thematic Intelligence report data analytics predicts the market will soon be worth $188bn by 2027, implying a compound annual growth rate of 13% between 2022 and 2027. 

The sheer volume of data currently being created now leaves data analysts and scientists spending around 45% of their time just accessing it, according to Fivetran’s 2020: The State of Data Analysts report as cited by GlobalData. 

Optimising data stacks and storage solutions must therefore be a critical practice for businesses looking to gather effective real-time insights.