The Data Science Platforms Market is projected to grow at a CAGR of around 27% during the forecast period, i.e., 2022-27. This detailed analysis offers valuable insights into the key growth drivers, geographical dynamics, and emerging trends that are poised to shape the market’s trajectory in the coming years.
The growth of the market would be propelled mainly by the mounting focus of enterprises on becoming more competitive in the rapidly changing industry dynamics, i.e., leading to the growing adoption of cutting-edge technologies, including data science platforms, across different businesses.
Moreover, the mounting awareness among businesses of various benefits of these platforms, viz. the flexibility & scalability of computing resources, compatibility with different types of data architecture, support for version control to allow for project collaborations without any loss of work, etc., is also contributing to the expansion of the data science platform industry.
Furthermore, the increasing dependence of companies on ML (Machine Learning), data-intensive business strategies, and cloud-based analytical solutions is also projected to positively impact the dynamics of the data science platform market in the coming years.
With growing data volumes in the healthcare sector due to clinical databases, rising use of wearables, and EMRs (Electronic Medical Records), healthcare professionals are increasingly using data science platforms in order to achieve faster disease diagnosis, practice preventive medicine, & identify new therapeutics, which, in turn, is fueling the overall growth of the industry.
Additionally, the surging prevalence of autonomous vehicles, growing requirements for enhancing logistics efficiency, and the rapidly booming entertainment sector are further creating new directions for data science platform developers to witness lucrative prospects in the future.
Nevertheless, the growing instances of cyberattacks due to a rapid rise in online transactions are escalating the use of data science platforms in the BFSI (Banking, Financial Services, & Insurance) sector in order to detect fraudulent acts and prevent cybercrimes, thereby driving the Global Data Science Platform Market.
Exploring the Market Dynamics: What’s Driving the Growth of Data Science Platform Market?
The Exponential Rise in Big Data Worldwide: The amount of data companies generate is continually surging due to the growing penetration of social media & the IoT worldwide. Human & machine-generated data is typically 10 times greater than that produced by corporates, and the majority of that is user-driven & oriented. This exponential surge in data collection has created prospects for businesses to learn & adopt new data processing technologies, which, as a result, is augmenting the adoption of data analytics solutions across different industries and driving the Global Data Science Platform Market.
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Key Takeaways from the Market Study:
- Historical Data: 2017-20
- Base Year: 2021
- Forecast Period: 2022-27
- CAGR (2022-2027): 27%
- Key Players to Watch: ActionIQ, Alphabet Inc. (Google), Alteryx Inc., Amazon Web Services, Inc., Anaconda, Inc., Cloudera, Inc., Domino Data Lab, Inc., IBM Corporation, H2O.ai, MathWorks, Microsoft Corporation, SAP SE, SAS Institute, Inc., Snowflake Inc., Teradata Corporation, Others are expected to play a pivotal role in driving market growth through strategic investments, partnerships, and innovation.
Market Segmentation of Data Science Platform Industry
The Data Science Platform market is segmented as follows:
- By Application
- Marketing & Sales
- Logistics
- Finance & Accounting
- Customer Support
- By Deployment
- On-Premise
- Cloud
According to report, the rechargeable segment holds a larger share of the Global Data Science Platform Market mainly due to their lower costs.
- By Organization Size
- Small & Medium Enterprises
- Large Enterprises
- By End-User
- Banking, Financial Services, & Insurance (BFSI)
- Telecom & IT
- Retail & E-commerce
- Healthcare & Life Sciences
- Manufacturing
- Government & Defense
- Energy & Utilities
- Others (Media & Entertainment, Transportation & Logistics, etc.)
According to reports, offline retail holds the largest market share.
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Data Science Platform Market Geographical Analysis
North America
South America
Europe
Middle East & Africa
Asia-Pacific
According to reports, North America holds a prominent share of the Data Science Platform Market
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