In the digital age, data is the foundation of the digital economy. Its availability is not only convenient, it is essential as a driver of innovation, business improvement, and economic growth. Recognising its transformative power, the European Union has initiated a series of legislative measures to improve data accessibility and ensure seamless data sharing across sectors to realise the overarching goal of a single market for data. At the very centre of this strategy is the European Data Act. The aim of this important piece of legislation is clear: the improvement of data availability across the board. By guaranteeing that data generated by connected products is easily accessible, the Act aims to create an environment in which consumers, businesses, and public authorities can benefit from a richer and more diverse data pool. However, this vision is not without its complexities. Many companies, especially those involved in the development of new technologies, are worried. They fear that the push for greater data accessibility could endanger their trade secrets, the basis of their competitive advantage. The European Union has recognised these concerns and is seeking to guarantee fairness between actors along the value chain. As a result, specific rules have been implemented to safeguard the interests of businesses. The key question is whether these provisions are sufficient to address manufacturers’ concerns about preserving their digital sovereignty while not losing sight of the overarching goals of a functioning data economy. This article explains the specifics of the Data Act, identifies the relevant legal provisions, addresses the challenges it poses for businesses and shows the opportunities for stakeholders along the data value chain.