Data is the ‘new oil’. Data has been widely regarded as the main innovation driver in information technology and several other segments of developed economies. Inherent value of data has a significant transformational power. Realization of value of data drives the rapidly expanding data-driven technology sector. Data is among the most prized assets of not only data-oriented technology companies but also governments and individuals. Data plays a central role in a growing spectrum of economic activities. Data economy has manifested its effects along a number of dimensions ― particularly, trade, labor, education and government. However, to realize the full potential of data and manage its transformational power, it is necessary to understand the value of data, its influential spectrum, and enablers facilitating social and economic benefits. Despite the growing importance of data economy, there is a considerable lack of studies encompassing the associated range data oriented economic activities and their analysis. This work examines the dimensions of contemporary data economy and presents a pertinent encompassing perspective.