Data Science Platform Market Size, Share, Growth | Forecast 2031

Report Description

Data Science Platform Market Outlook 2031:

The global data science platform market size was valued at USD 121.7 Billion in 2022 and is projected to reach USD 1.09 Trillion by 2031, expanding at a CAGR of 27.7% during the forecast period 2023 - 2031. 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.

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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 data science platform 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 data science platform market growth.
• High initial investment associated with the platform integration and lack of trained personnel to handle these tools are anticipated to hamper the data science platform 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 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.

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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 share 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.

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North America is anticipated to constitute a key market share

In terms of regions, the global data science platform market share 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.

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