Innovative data use can create new opportunities for European companies, experts said here at an EU high-level conference exploring a future digital single market (DSM) for Europe Tuesday.

The conference, entitled "A Digital Single Market by 2015 - A driver for economic growth and jobs," said that businesses must increase their online presence and focus on digital business development.

"There is an untapped potential for growth in the use of data to create new innovative products and services," said Denmark's Minister for Business and Growth Ole Sohn.

"During the Danish Presidency, we will advance negotiations on a revision of the directive on the re-use of public sector information as much as possible," he told the conference.

In fact, there could be an economic benefit to Europe of 140 billion euros (188.3 billion U.S. dollars) per year associated with the re-use of public data in the EU, experts at the meeting said.

For example, linking data on the age, construction, insulation and energy consumption of houses can help companies identify homes in need of energy saving measures, Sohn said. The potential market value of energy saving measures is estimated to be worth as much as 2.6 billion euros in Denmark alone, he added.

Denmark currently holds the six-month-long rotating presidency of the EU. It supports growing the EU's online economy as a way of boosting both trade and environmentally-friendly growth in Europe.

The EU hopes the DSM, where enterprises and consumers trade on the internet and use cross-border digital solutions, will improve and secure consumers' ease of access to online trade and commerce, while boosting competitiveness, jobs and growth in the 27-member bloc.

At the conference, which ended Tuesday, some 200 representatives from European business, public sector, academia and civil society discussed what is needed to make the European DSM a reality.

They said online consumers need greater confidence to shop online, and across EU borders. Moreover, consumers need better connectivity if they are to trade more online. Therefore, the conference highlighted the need to boost wireless and fixed broadband network infrastructure.

Other EU objectives to achieve the DSM are safe, online cross-border payments and a system of online dispute resolution.

At an informal meeting in Copenhagen earlier February, EU ministers for competitiveness and growth agreed to work towards doubling online sales by 2015, transit to e-procurement in the EU public sector by 2016, and make e-invoicing the main invoicing mode in the EU by 2020.

Tuesday's conference took these agreements as a starting point to take forward the discussion on the European DSM. (1 euro = 1.3 U.S. dollars)