Big data has been emerging as a new approach in utilizing large datasets to
optimize complex system operations. Big data is fueled with Internet-of-Things
(IoT) services that generate immense sensory data from numerous sensors and
devices. While most current research focus of big data is on machine learning
and resource management design, the economic modeling and analysis have been
largely overlooked. This paper thus investigates the big data market model and
optimal pricing scheme. We first study the utility of data from the data
science perspective, i.e., using the machine learning methods. We then
introduce the market model and develop an optimal pricing scheme afterward. The
case study shows clearly the suitability of the proposed data utility
functions. The numerical examples demonstrate that big data and IoT service
provider can achieve the maximum profit through the proposed market model
