Data Science Platform Market: Overview
The global data science platform market size was worth USD 94.8 billion in 2021 and is estimated to grow to USD 401.5 billion by 2028, with a CAGR of approximately 27.20 percent over the forecast period.
An integrated software framework called a data science platform provides the fundamental building blocks needed to develop and integrate data science solutions into systems, infrastructure, and products used in business. These solutions involve data integration, exploration, scripting, model construction, and deployment via applications or reports. A data science platform facilitates efficient team collaboration and communication while making the complete dataset available in one place. Due to the development of social media, IoT, and multimedia, which have produced an overwhelming flow of data in both structured and unstructured forms, the amount of data that businesses acquire is constantly increasing. Machine-based and human-generated data typically grow at a rate that is ten times faster than conventional business data. Businesses now have more opportunities to learn thanks to the massive explosion of data, which has increased the demand for novel ideas. In consequence, this has a big impact on the market for data science systems. Additionally, the increased reliance on machine learning and the increased propensity of businesses to adopt data-intensive business strategies would speed up the market’s overall expansion throughout the projection period.
COVID-19 has positively affected the market growth for data science platforms and is anticipated to have a significant growth opportunity during the forecast period. The growth of data applications, the demand for data science platforms within organizations, and the emergence of innovative solutions are a few of these potentials. The pandemic epidemic caused havoc in all international industries. During the COVID-19 epidemic, the data science platform was essential to effectively managing data and the smooth operation of several businesses, including BFSI, healthcare, and manufacturing. The advantages of data science platforms have been more apparent during the COVID-19 epidemic. Due to the widespread lockdown, businesses were obliged to use digitalization to set up work-from-home policies for their employees.
Data Science Platform Market Drivers:
The primary driver propelling the expansion of the global market for data science platforms is an increase in the amount of data produced by enterprises. For instance, the storage solutions supplier Seagate projects that by 2025, the amount of data generated globally will reach 175 ZB. Additionally, the expansion in the use of the sector and software solutions is being fueled by technical developments like machine learning (ML), artificial intelligence (AI), and the internet of things (IoT). Additionally, it is predicted that increased R&D spending would open up lucrative market prospects and accelerate the expansion of the data science platform market in the coming years. Data Science Platform Market Forecast to 2028 Request for Free Sample Report
Data Science Platform Market: Restraints
Businesses need to study the problems they plan to use the data science platform for. The mechanical approach to acquiring datasets and performing data analysis proves less fruitful before having a solid understanding of the business challenge to be solved. Businesses that use data science platforms to make informed decisions are very unhelpful. Even with a clear goal, efforts are useless if companies’ expectations from installing the data science platform do not match the goals. Over the forecast period, it is anticipated that this factor will produce a variety of growth barriers. Additionally, it is believed that a major obstacle facing the industry for data science platforms is a lack of technical or trained personnel.
Data Science Platform Market: Segmentation
The global data science platforms market is segmented into components, applications, industry verticals, organization size, and deployment mode.
Based on components, the market is divided into platforms and services. Among these, the platform segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Market participants are introducing new data science and analytics platforms. This aspect is anticipated to open up significant prospects for the segment’s growth. For instance, the analytics solutions company Subex Ltd. introduced its augmented analytics application Hyper Sense in April 2021. With the aid of artificial intelligence and this analytics platform, businesses should be able to make timely decisions at all stages of the data value chain. Besides this, due to the demand for professional services that ensure optimal software functioning, the services category is expected to develop faster throughout the forecast period.
Based on application, the market is classified into marketing & sales, logistics, finance and accounting, customer support, and others. In 2021, the marketing & sales category dominated the global market. This is due to the industry’s growing use of marketing and sales analytics in various industries to measure the effectiveness of their marketing initiatives, advertising advertisements, and campaigns. Furthermore, marketing and sales analytics industry players are providing data science solutions to satisfy the need for organizations to use marketing budgets for efficient ROI. On the other hand, the customer support category is anticipated to grow significantly over the forecast period. The need for businesses to better comprehend consumer expectations and wants, boost customer loyalty and retention, and enhance customer experience (CX) initiatives are the primary factors driving the growth of this segment.
Data Science Platform Market: Regional Landscape
In 2021, North America dominated the market for data science platforms. Due to the rising demand for edge, cloud, and IoT solutions, the region is experiencing a massive increase in data generation, which increases the demand for cutting-edge technologies related to data processing. Additionally, the region is growing due to increased investment in BFSI and government sectors in data analysis and visualization technologies. For instance, in February 2022, U.S. Bank, the fifth-largest bank in the United States, teamed with Microsoft to analyze statistics and deliver innovative products to consumers using the Azure data science platform.
Data Science Platform Market: Competitive Landscape
Some of the main players 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, Wolfram.
- May 2021: The objective of Google Vertex AI, a newly managed ML platform from Google Cloud, has been changed to make it easier for developers to deploy and maintain AI models. The fact that Google released Vertex today shows how significant the firm views this new tool as being for many developers. It is a rare announcement at Google I/O, which usually focuses on online and mobile developers and does not frequently feature significant Google Cloud news.
- June 2020: Python data science platform supplier Anaconda Inc. and technology business IBM Corporation worked together. Simplifying the deployment of open-source artificial intelligence technologies is a collective endeavor. Businesses would fill the skill gap between data science and artificial intelligence.
Global Data Science Platform Market is segmented as follows:
- Marketing & Sales
- Finance and Accounting
- Customer Support
By Industry Vertical
- Retail and E-Commerce
- IT and Telecom
By Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprises
By Deployment Mode
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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