The global data science platform market size is estimated to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising investment in research & development activities, rapidly increasing technological advances, and growing demand for advanced data handling platforms across businesses.
The data science platform is a framework that encompasses the entire data science life cycle as well as adjacent tasks. Furthermore, the platform is used to gather and analyze data from a variety of sources. This aids in a thorough understanding of consumer behavior to make well- informed judgments.
Moreover, the data science includes the tools needed to complete the data science projects consisting various phases such as data ideation, integration, exploration, model building, and model deployment. It has now become a vital investment option that has considerably aided the growth of the smart and digital business in the current environment.
Various responsibilities such as, data governance and providing the infrastructure & tools required by data scientist are undertaken by IT administrators who support a big team of data scientists in an enterprise setting. On the other hand, the abundance of data science tools and applications presents both benefits and limitations.
Additionally, the cloud is catering to market adoption along with the data science platform integration are considerably building the cloud integration platform. Furthermore, cloud computing allows users to access unlimited processing power virtually. For instance, Amazon Web Services provides servers with up to 96 virtual CPU cores along with around 768 GB of RAM. These servers can be added to an auto-scaling group, which allows hundreds of them to be launched or halted quickly. Cloud computing businesses are now delivering full-fledged data analytics tools in addition to computation.
However, the COVID-19 outbreak has had a significant influence on the market. The market scenario has changed due to the introduction of new data and data patterns. Apart from altering data analysis methods, it has opened up new opportunities for data scientists to employ advanced tools and methodologies to assist organizations in making better decisions in an uncertain, fast-paced, and data-deficient world. Furthermore, data science platforms have aided various companies in extracting insights from data and speeding up the medical research process.
Data Science Platform Market Trends, Drivers, Restraints, and Opportunities
- Increasing preference of enterprises towards data- intensive business strategies and growing R & D activities by the various verticals are expected to fuel the market expansion in the coming years.
- Growing adoption of advanced tools such as artificial intelligence, machine learning by small and medium scale enterprises is propelling the market growth.
- Increasing security and privacy concerns is one of the key factors hindering the market growth.
- High initial investment associated with the platform integration and lack of trained personnel to handle these tools are anticipated to hamper the market expansion.
- Rising need for advanced technology in gaining real- time understandings into a massive pool of data along with the growing demand for modernizing the business processes and acquiring new customers are anticipated to provide tremendous opportunity for market during the forecast period.
Scope of Data Science Platform Market Report
The report on the global data science platform market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Data Science Platform Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Components (Services and Platforms), Applications (Finance & Accounting, Customer Support, Marketing & Sales, Logistics, and Others), and Verticals (Government, Retail & E-commerce, IT & Telecommunication, Energy & Utilities, Healthcare, Manufacturing, BFSI, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
SAP; Google LLC; SAS Institute Inc.; Microsoft; The MathWorks, Inc.; IBM Corp.; H2O.ai; Oracle; TIBCO Software Inc.; and Alteryx, Inc.
Data Science Platform Market Segment Insights
Platform segment is expected to grow at a rapid pace
Based on components, the global data science platform market is bifurcated into services and platforms. The platform segment is expected to grow at a rapid pace in the coming years, owing to the increasing adoption of data since technology across large and medium enterprises. Furthermore, companies are putting efforts on implementation of products with better uniformity and reproducibility by using data science platforms.
However, the services segment is estimated to expand substantially during the forecast period. Furthermore, training, consulting, deployment, integration, maintenance, support, and other services are supplied by leading organizations in the industry. In addition, more firms are seeking for ways to integrate data science platforms into their working environment to obtain productivity and efficiency. Thus, all these factors are propelling the segment growth in the coming years.
Marketing & sales segment is projected to expand at a substantial CAGR
On the basis of applications, the market is segmented into finance & accounting, customer support, marketing & sales, logistics, and others. The marketing & sales segment is projected to expand at a substantial CAGR during the forecast period, owing to the implementation of more appropriate method to get detailed insights into the buyer’s persona and plan for marketing budget accordingly in order to generate more Return on Investment (ROI). Additionally, considerations such as lowering financial risk through planned investment, creating predictable income, and improving customer experience are fueling the segment growth.
However, the platform is being used by the logistics segment to improve supply chain efficiency. It aids to generate insights from the data collected from transportation, inventory, and others. On the other hand, the finance & accounting segment is using the platform to extract more value from data. In addition, the technology is being used by accounting firms, Chief Finance Officers (CFOs), and others to improve their analytics and data governance skills.
BFSI segment is estimated to gain a large revenue share
Based on verticals, the global data science market is segregated as government, retail & e-commerce, it & telecommunication, energy & utilities, healthcare, manufacturing, banking, financial services and insurance (BFSI), and others. The BFSI segment is estimated to gain a large revenue share during the forecast period.
Furthermore, data science platform encourages BFSI businesses to leverage the data assets that are available. It enables the BFSI industry to reach out to new markets, cross- sell services and goods via efficient delivery channels, and boost customer loyalty, provided by a solid and well-functioning platform. On the other hand, data science finds applications in every part of the BFSI, specifically banking, including pricing, risk management, marketing outreach, revenue allocation, and product development costs.
North America is anticipated to constitute a key market share
In terms of regions, the global data science platform market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period due to the existence of numerous capital-intensive sectors working on the development of the data science platform's expansion.
Furthermore, these platforms have become widely recognized, as businesses are steadily integrating them into their existing operating systems in order to obtain a competitive advantage in the region's economy.
However, the market of Europe is estimated to expand at a considerable rate during the forecast period, owing to the growing demand for data- driven digital transformation and increasing adoption of the technology by various organization.
The global data science platform market has been segmented on the basis of
- Finance & Accounting
- Customer Support
- Marketing & Sales
- Retail & E-commerce
- IT & Telecommunication
- Energy & Utilities
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Google LLC
- SAS Institute Inc.
- The MathWorks, Inc.
- IBM Corp.
- TIBCO Software Inc.
- Alteryx, Inc.
Some of the key players competing in the global data science platform market are SAP; Google LLC; SAS Institute Inc.; Microsoft; The MathWorks, Inc.; IBM Corp.; H2O.ai; Oracle; TIBCO Software Inc.; and Alteryx, Inc.
These key players are concentrating on putting efforts to grow their consumer base into new countries. Furthermore, strategic collaboration initiatives are being used by market players to expand their market share and improve profitability.
For example, IBM corp. has announced the broad availability of its IBM Cloud Pak for Data V3.0 platform in June 2020. From a group of IBM data services to a entire data and AI solution, the platform has evolved dramatically. It creates a unified environment that accelerates data estate modernization while promoting AI adoption.
For instance, Oracle has announced the release of the Oracle Cloud Infrastructure Data Science Service in February 2020. It allows teams of data scientists to cooperate on the development, placement, and maintenance of machine learning simulations. The new service intends to advance the offerings for data scientists as Oracle's "second generation" cloud expands its reach.