Rising cost of data is counter-intuitive as transmission and storage costs are plummeting. Other associated costs like software required for processing can also be reduced dramatically by coalitions of open source contributors, similar e.g., to the hyperledger project from entities that have a joint stake in the quality of that data service.
From a risk management perspective democratizing market data access can only be a huge gain that will be shared by all market participants. Risks lurk in information lapses, aka "there are no black swans, only black boxes". Data based risk management does have its limitations: it is a required not a sufficient condition. But that is a different sort of worry.
Its not all cost reduction. Once the data spigot is open, it enables new types of service provision on top of raw data. There are some parallels with the open data movement that focuses (mostly) on government produced data. Keeping costs artificially high hampers such innovation and delays the move to a better state of the world.
Finally there is a question of who's data is it anyway, which has some analogies with the web scrapping controversy around banking data and API's. What if a trading entity chooses to post their transaction data to a third party repository?
One thing is for sure, given the pace of technological change, any question around market data infrastructure, costs and access is far from settled!