The global data science platform market was valued at US$ 36.4 billion in 2019, and is estimated to reach US$ 293.2 billion by 2027, exhibiting a CAGR of 29.8% over the forecast period 2020 - 2027, according to Global Data Science Platform Market Report, by Component (Platform and Services), by Deployment Type (On-premise, and Cloud-based), by Enterprise Size (SME’s and Large Enterprises), by Function (Marketing and Sales, Finance, Operations, and Others), by End-use Industry (Retail, Healthcare and Life Sciences, Banking, Financial Services, and Insurance (BFSI), Automotive, IT and Telecommunication, Construction, Aerospace, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Data science platforms are used to access the data from a number of sources, pre-process the data, selecting important data points from entire data build machine learning and predictive models, and to deploy the predictive models in the enterprise IT systems. In addition, data science platforms are enabled with advanced signal processing, and data processing techniques, which results in better data pre-processing. Moreover, they have an advanced model building technique, which results in a better model building.
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Key Trends and Analysis of the Global Data Science Platform Market:
- Among function, marketing and sales segment held the highest market share in the year 2019. This is owing to the increasing adoption of the data science platform for managing the sales and marketing activities with the help of data. Moreover the data science platform aids marketing managers to uncover product and customer insights from the data, which can further be used for targeting the customer. Many organizations across the globe are using data science platforms for managing the marketing activity of an organization, which results in increased sales of an organization, and better return on the investments. For instance, Netflix is using data analytics for targeted advertising. Netflix has over 100 million subscribers, company analyses the usage pattern of all the subscribers for suggesting the next movie, which users should watch, and this is expected to boost adoption of the data science platform over the forecast period.
- Among deployment type, cloud-based segment is expected to exhibit highest CAGR over the forecast period. The growth of the segment is attributed to advanced cloud deployment across the organization, as compared to premise-based solutions. Cloud-based data science platform helps to streamline the business intelligence process such as collecting, integrating, analyzing the insights from the data to enhance the data-based business decision making. In addition, data science platform providers are engaged in developing advanced cloud data science platform. For instance, in October 2018, RapidMiner, Inc launched RapidMiner AI Cloud, a unified SaaS platform. This platform was developed to build, deploy, train, and manage the predictive models in the cloud. Moreover, the platform is equipped with advanced data visualization, and data integration platform, which helps in better data visualization and model building.
Key Takeaways of the Market:
- According to Coherent Market Insights’ analysis, Asia Pacific region is expected to exhibit highest growth rate over the forecast period. The growth of the data science platform in this region is attributed to the increasing demand for data processing, which is generated through a cloud, IoT, social media. This needs an advanced data analytics tool for handling the data, which is expected to boost the demand in the region. For instance, according to Coherent Market Insights analysis in the year 2019, the Asia pacific analytics industry was valued at US$ 3.153 billion, and it is expected to get double by the year 2025, which is expected to drive demand for data science platform in the Asia Pacific region.
- Some of the major 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