Data Science Platform Market

Global Data Science Platform Market is valued at USD 94.6 Billion in is 2021 and expected to reach USD 613.7 Billion by 2028 with a CAGR of 30.48% over the forecast period.

Global Data Science Platform Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: Growth of big data, rising application of data science platforms in various applications, and increasing deployment of cloud-based solutions are some of the major factors driving the growth of the Global Data Science Platform Market.

Scope of Global Data Science Platform Market

A data science platform is an application that allows users to access various tools and sources of data for advanced analytics and machine learning. In a single platform, these systems allow data scientists to build strategies, study data and disseminate that data across a business. Different tools are necessary for each step of the model development in data science initiatives. As a result, a centralized site where teams may interact on such initiatives is required. This program aids in the delegation of different low-value jobs, the reduction of engineering effort, the enhancement of collaboration among data scientists, and the improvement of business efficiency. The expanding big data sector globally is driving the data science platform market growth. The rapid advancement of sophisticated technologies such as streaming analytics, artificial intelligence (AI), and the Internet of things (IoT) is assisting in the creation of big data.

The COVID-19 has had a favorable influence on market growth and will give several growth prospects for the industry over the projection period. These prospects include a growth in business demand for data science platforms as a result of remote work efforts, an increase in data applications, and an increase in the launch of novel data science platform solutions. The COVID-19 outbreak disrupted all sectors worldwide. During the COVID-19 pandemic, the data science platform was critical in data management and the seamless operation of various industries, including healthcare, BFSI, and manufacturing. During the COVID-19 pandemic, the benefits of a data science platform became clearer. Due to the total lockdown, firms were forced to turn toward digitization for the arrangement of work from home. The COVID-19 epidemic is boosting interest in data science platforms as major technology businesses integrate robotics and intelligence into their enterprises.

The global Data Science Platform market is segmented based on the component, application, organization size, deployment, end-use, and region & country level. Based on components, the global Data Science Platform market is segmented into services and platforms. By applications, the market is segmented into marketing & sales, logistics, finance and accounting, customer support, and others. By organization size, the global Data Science Platform market is segmented into SMEs and large enterprises. By deployment, the global Data Science Platform market is segmented into cloud and on-premises. By end-use, the global Data Science Platform market is segmented into BFSI, retail and e-commerce, IT and telecom, transportation, healthcare, manufacturing, and others.

The regions covered in the global Data Science Platform market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Data Science Platform is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Data Science Platform Market Segmentation: -

By Component:

• Platform
• Services

By Application:

• Customer Support
• Finance and Accounting
• Logistics
• Marketing & Sales
• Others

By Organization Size:

• Small and Medium-Sized Enterprises
• Large Enterprises

By Deployment Mode:

• Cloud
• On-premises

By End-Use:

• BFSI
• Healthcare
• IT and Telecom
• Manufacturing
• Retail and E-Commerce
• Transportation
• Others

Key Players of Global Data Science Platform Market

Some major key players for the global Data Science Platform market report cover prominent players like

• Alteryx
• Altair
• AWS
• Anaconda
• Databricks
• Cloudera
• IBM
• Google
• Microsoft
• Mathworks
• SAS
• Rapidminer
• Teradata
• Snowflake
• Tibco
• others.

News

LinkedIn unveiled DARWIN, a unified "one-stop" platform for AI engineers and data scientists that will centralize and cater to their various needs.

On February 4th, 2022; One of the world’s  leading professional network, LinkedIn announced to have successfully  a ton of high-quality data. In order to interact with data through several storage engine and query for EDA (exploratory data analysis) and visualization, AI developers and data scientists have been employing a variety of technologies. In order to gather and meet the many requests, a unified "one-stop" data science platform was required.

Medtronic uses data analytics to offer a first-of-its-kind tailored insights program for diabetics.

Medtronic is offering My Insights, a new service designed specifically for people who use the MiniMedTM 770G system. My Insights uses an individual's data to deliver tailored trends, recommendations, and reminders that consumers may utilize to help them achieve their diabetes control objectives. My Insights tailored suggestions are sent by monthly email and include educational stuff that is most pertinent to the individual's present situation.

ENGINE Launch Announcement

On August 4^th, 2022; The top Data Science and Omni-Analytics Software Company for the Walmart Supplier Community was launched.  ENGINE, originally known as Decision Science, was established from the ground up by industry professionals Nick Dozier (CEO) and Pat Lockridge (COO) to quickly accelerate the Data Science and Analytical capabilities of Leading Consumer Packaged Products firms in the Walmart ecosystem.

Growth of big data, rising application of data science platforms in various applications, and rising adoption of cloud-based solutions are some of the major factors driving the growth of the Global Data Science Platform Market Growth

The penetration of various technologies has resulted in a significant rise in information creation from numerous businesses, hence supporting the global industry's development. Furthermore, factors such as increased demand for cloud-based machine learning platforms and rising industry acceptance in markets such as Brazil, African nations, and Gulf Cooperation Council (GCC) countries have propelled the data science platform market's rise. Companies in Brazil, for example, have begun to use data science solutions to improve decision-making, promote productivity, and uncover new income streams, as reported in the 2021 ISG "Provider Lens Analytics Services and Analytics Platforms and Solutions" study. The use of data science skills in combatting this infectious disease epidemic, as well as any subsequent infectious disease outbreak, raised demand for the sector dramatically during the pandemic.

The increase in the amount of data created by enterprises is the primary driver of the worldwide data science platform market. According to Seagate, a storage solutions supplier, the amount of data generated globally will reach 175 ZB by 2025. Furthermore, technological breakthroughs such as Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) are driving growth in industrial and software solution usage. For example, the adoption of linked devices such as smart meters, smart automobiles, and machine-to-machine (M2M) communications is increasing the need for IoT. Machine learning, on the other hand, assists in automating the data analysis process and making data-informed forecasts in real-time. Anomaly detection, predictive modeling, pattern recognition, personalization systems, recommendation engines, sentiment and behavioral analysis, classification and categorization, conversational systems, and autonomous systems are among the data science platform applications used in organizations.

Furthermore, the increasing usage of cloud-based services and solutions is likely to drive development in the data science platform market. Furthermore, the fast adoption of linked devices, such as smart meters, smart automobiles, and machine-to-machine (M2M) communications, is driving up demand for IoT.

Data science is no longer an optional investment for organizations undergoing digitalization; rather, it is becoming a need as many enterprises' operational environments are being reviewed to apply the data-driven approach. For example, during the last ten years, firms have been observed employing predictive models every three months to disseminate marketing offers to roughly 10% of their customer base while being satisfied with the operational outcomes. However, in today's market, firms must deliver real-time counsel to all of their customers, not just 10%. Furthermore, the companies are publicly stating a desire to undertake model-driven campaigns on a regular basis across a variety of functional divisions, manufacturing, including operations, sales, and human resources.

North America is Expected to Capture a Major Share in the Global Data Science Platform Market

Due to the growing demand for cloud, IoT, and edge solutions, North America accounts for the highest share of worldwide sales. The region is experiencing enormous expansion in data creation, which increases the need for modern data processing technology. Furthermore, increased investment in visualization and data analysis technology in the government and BFSI sectors promotes the region's development. For example, in February 2022, U.S. Bank, the fifth-largest financial institution in the U.S., teamed with Microsoft Corporation to study statistics and provide new products to clients using the Azure data science platform.

Furthermore, Asia Pacific is expected to develop at the fastest rate in the worldwide market. Growth in this area is largely driven by reasons such as increased expenditure on big data technology in nations like China and India, quick growth in complexity and volume of numbers due to an increase in mobile data, and growing IoT and AI applications in commercial processes.

By Regional & Country Level

North America

• U.S
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 94.6 Billion
Base year considered	2021
Forecast Period CAGR %:	30.48%
Market Size Expected in 2028:	USD 613.7 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Alteryx, Altair, AWS, Anaconda, Databricks, Cloudera, IBM, Google, Microsoft, Mathworks, SAS, Rapidminer, Teradata, Snowflake, Tibco, and others.
Segments Covered	By Component, By Application, By Organization Size, By Deployment Mode, By End-Use.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, Africa, Rest of the Middle East and Africa