Azure Data Share enables organizations to share datasets securely with their customers and external partners. These days data security is extremely high on the priority list for most organizations. Moreover, there are laws in many geographies that make it mandatory for organizations to monitor and audit sharing of sensitive data externally.
Azure Data Share provides an easy to use, secure method to create a data share account, add datasets and invite customers and partners to access the data share. A data provider (person or group sharing data) can create a list of terms and conditions which must be accepted by the data consumers (external partners) before they can access the data share. Data providers have control over the frequency of updates to the data share as well. As a pre-requisite, both data providers and data consumers must have Azure subscriptions.

There are two modes available for Azure Data Share:
Snapshot based sharing: As the name suggests, after the initial invitation, data consumers can trigger a snapshot of the data share which lands in their data store. Data providers have the option to provide regular (scheduled) updates to the data share through a snapshot schedule. Data consumers can then subscribe to the schedule as per their requirements.
In-Place sharing: In this mode, the data sharing takes place using a link to the original (data provider) location of the data i.e. there is no copying of data. A link is created in the data consumer’s storage location after they accept the data share invitation. This enables the data consumer to access and query current data in real time. Any changes to the original data made by data providers are available immediately to the data consumers.
Reference: https://docs.microsoft.com/en-us/azure/data-share/overview