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Market Insights - Industry Research Report
  • Published Date : September 2023
  • Report ID : 5226
  • Pages : 185
  • Industries : Information and Communication Technology
  • Formats :

Data Science Platform Market

Data Science Platform Market Size, Share, Growth Report By Component (Platform, Services), By Application (Marketing & Sales, Logistics, Finance and Accounting, Customer Support, Others), By Industry Vertical (BFSI, Retail, and E-Commerce, IT and Telecom, Transportation, Healthcare, Manufacturing, Others), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By Deployment Mode (Cloud, On-premises), and By Region – Global and Regional Industry Overview, Market Intelligence, Complete Analysis, Premium Insights, Historical Data, and Forecasts 2023 – 2032
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Data Science Platform Market Overview

The Global Data Science Platform Market Boasts A Valuation Of USD 153.38 Billion In 2023, With Expectations To Soar To USD 1337.11 Billion By 2032, Exhibiting An Impressive Compound Annual Growth Rate (CAGR) Of Approximately 27.20% During The Forecast Period From 2023 To 2032.

A data science platform is an integrated software framework that provides the essential tools for developing and integrating data science solutions into various business systems, infrastructures, and products. These solutions encompass data integration, exploration, scripting, model construction, and deployment through applications or reports. These platforms enable efficient team collaboration and communication while centralizing the entire dataset in one location. The ever-increasing influx of data, both structured and unstructured, due to developments like social media, IoT, and multimedia, has driven the demand for innovative insights. Consequently, this surge in data has significantly impacted the data science platform market, along with the growing reliance on machine learning and data-intensive business strategies.

COVID-19 Impact

The COVID-19 pandemic has positively influenced the growth of the data science platform market. The pandemic accelerated the adoption of digital technologies and created opportunities for data science platforms in various sectors, including BFSI, healthcare, and manufacturing. These platforms were crucial for managing data effectively and ensuring business continuity during the pandemic. With widespread lockdowns, companies had to embrace digitalization and implement work-from-home policies, emphasizing the importance of data science platforms.

Market Drivers

The primary driver behind the global data science platform market’s expansion is the substantial increase in data generated by enterprises. It is projected that the world will produce approximately 175 zettabytes of data by 2025. Additionally, advancements in technologies such as machine learning (ML), artificial intelligence (AI), and the Internet of Things (IoT) are fueling the growth of the sector and software solutions. Increased research and development (R&D) spending is expected to create lucrative opportunities for the market.

Market Restraints

To maximize the benefits of data science platforms, businesses need to thoroughly understand the challenges they aim to address. Simply acquiring datasets and conducting data analysis without a clear understanding of the business problem can be counterproductive. Unrealistic expectations and misalignment with the platform’s goals can hinder its effectiveness. This misalignment may present growth barriers for the industry. Additionally, a shortage of skilled personnel poses a significant obstacle to the market’s expansion.

Market Segmentation

The global data science platform market is segmented based on components, applications, industry verticals, organization size, and deployment mode.

  • Components: The market is divided into platforms and services. The platform segment led the market in 2021 and is expected to maintain its dominance. New data science and analytics platforms are continually introduced, offering substantial growth opportunities. For instance, Subex Ltd. introduced Hyper Sense, an augmented analytics application, in April 2021, enhancing decision-making through artificial intelligence.
  • Applications: The market includes marketing & sales, logistics, finance and accounting, customer support, and others. Marketing & sales dominated the market in 2021, driven by the increasing use of marketing and sales analytics across industries. Customer support is anticipated to exhibit significant growth, driven by the need to understand customer expectations, enhance loyalty, and improve customer experience (CX).
Regional Landscape

North America held the dominant position in the data science platform market in 2022. The region experiences significant data generation due to the adoption of edge, cloud, and IoT solutions. Investments in data analysis and visualization technologies in BFSI and government sectors have contributed to the region’s growth.

Key Market Players

Key players in the global data science platform market include

  1. Alteryx Inc.
  2. Cloudera Inc.
  3. Datarobot Inc.
  4. Domino Data Lab Inc.
  5. Databricks
  6. IBM Corporation
  7. Rexer Analytics
  8. RapidMiner Inc.
  9. Rapid Insight
  10. Wolfram.
Recent Developments
  • In May 2021, Google Vertex AI, a managed ML platform from Google Cloud, aimed to simplify AI model deployment for developers.
  • In June 2020, Python data science platform provider Anaconda Inc. collaborated with IBM Corporation to streamline the deployment of open-source AI technologies.
Global Data Science Platform Market is segmented as follows:

By Component

  1. Platform
  2. Services

By Application

  1. Marketing & Sales
  2. Logistics
  3. Finance and Accounting
  4. Customer Support
  5. Others

By Industry Vertical

  1. BFSI
  2. Retail and E-Commerce
  3. IT and Telecom
  4. Transportation
  5. Healthcare
  6. Manufacturing
  7. Others

By Organization Size

  1. Small and Medium-Sized Enterprises
  2. Large Enterprises

By Deployment Mode

  1. Cloud
  2. On-premises

By Region

  1. North America
    • United States
    • Canada
    • Mexico
  2. Europe
    • France
    • United Kingdom
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  3. Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
    • Rest of Southeast Asia
  4. The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  5. Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Related Reports:

Frequently Asked Questions

The increased reliance on machine learning to adopt data-intensive business strategies would speed up the market’s overall expansion throughout the projection period.
According to the report, The Global Data Science Platform Market Boasts A Valuation Of USD 153.38 Billion In 2023, With Expectations To Soar To USD 1337.11 Billion By 2032, Exhibiting An Impressive Compound Annual Growth Rate (CAGR) Of Approximately 27.20% During The Forecast Period From 2023 To 2032.
In 2022, North America dominated the market for data science platforms because of the rising demand for edge, cloud, and IoT solutions.
Some of the main competitors dominating the global data science platform market include – Alteryx inc., Cloudera inc., Datarobot inc., Domino data lab inc., Databricks, IBM corporation, Rexer analytics, Rapidminer inc., Rapid insight, and Wolfram.
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