DATA SCIENCE PLATFORM MARKET ANALYSIS

Data science is mainly focuses on extracting knowledge from the data sets, which are generally large in size. Data science involves pre-processing of data that include removal of unwanted data and errors for analysis and presenting the findings for making informed decision in the organization. Data science platform enables data scientists to plan future strategies and aids in making informed decisions based on previous data. Data science platform offers a flexible environment, enables organizations to incorporate data-driven decisions into operational and customer-facing systems to enhance business outcomes, and improve the customer experience.

The global data science platform market is expected to exhibit a CAGR of 29.8% during the forecast period (2020–2027). The market growth is majorly attributed to increasing volume of data and gaining access to organizational data from different departments across the organization is expected to drive the data science platform market. For instance according to  the International Data Corporation (IDC), in the year 2018, the global datasphere was 33 zettabytes, and is expected to increase up to 175 zettabytes by the year 2025, which is expected to create a huge demand for data science platform for handling the data.

Figure 1. Global Data Science Platform Market Share (%), by Region (2017)

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North America is expected to hold maximum market share in the global data science platform market in the year 2020 and is expected to retain its dominance over the forecast period. The growth in the North America market is attributed to the rising demand for IoT applications, cloud storage that are generating huge volume of data, which requires advanced data handling tools. For instance, according to Coherent Insights Market analysis, in the year 2018 the U.S. generated data of about 6.9 zettabytes, which is expected to rise up to 30.6 zettabytes by the year 2025. In addition, North America-based data science platform providers are working on the development of technologically advanced data science, which can process a large amount of data, and to improve the data handling capability of the organization. For instance, in February 2020, North America-based IT giant Oracle launched the new Oracle Cloud Infrastructure Data Science Service. This service will allow the team of data scientists to collaborate for the development, deployment, and maintenance of machine learning models, which in turn will increase the deployment speed of machine learning models of the organization.  

Global Data Science Platform Market - Impact of Coronavirus (Covid-19) Pandemic

Covid-19 has impacted the data science industry vastly. Many organizations using data science models for segmentation of their products or forecasting of sales have started to fail, owing to change in traffic and shopping patterns of the customer, interruption in the global supply chain, and lockdown in many countries, across the globe. 

The COVID-19 cloud-based data science platform is playing a key role in stabilizing the business, adopting a new process, and predicting future outcomes based on data. Healthcare service providers are using data science platform for forecasting the need for hospital beds, masks, and ventilators, based on data of previously affected countries by the pandemic. In addition, data science platforms are utilized in the retail sector for analyzing point of sale data that in turn will help distributors to ship important items such as medical items, or food items accordingly.

Figure 2. Global Data Science Platform Market Share (%), By End-use Industry (2017)

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In the year 2019, among end-use industry, BFSI segment accounted for highest share in the global market and is expected to retain its dominance over the forecast period. In the finance industry, data science is used for risk analytics, which helps the company for making better strategic decisions, increase trustworthiness among the customers, and for the security of the company. Moreover, data science can be used for consumer analytics with real-time analytics. Organizations can gain insights from consumer behavior, and can make appropriate business decision. Financial organizations such as insurance companies are using consumer analytics for increasing cross selling.

Some of the key players operating in the global data science platform market include ALTERYX, INC, Anaconda, Inc, BigML, Inc., DataRobot, Inc, Google, IBM, Microsoft, RapidMiner, Inc, RStudio, Inc, SAS Institute Inc, The MathWorks, Inc, TIBCO Software Inc., and others.