The global Data Science Platform Market size is projected to grow from USD 95.3 billion in 2021 to
322.9 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 27.7%
during the forecast period, according
to report published by MarketsandMarkets. The Data Science Platform industry is driven by Astonishing growth
of big data, however, Rising in adoption of cloud-based solutions, Rising
application of the data science platform in various industries and Growing need
to extract in-depth insights from voluminous data to gain competitive
advantage.
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Based on
the Component, platform segment to account for a larger market size during the
forecast period
The Data Science Platform market has been segmented by two
components: platform and services. The deployment of Data Science Platform has
witnessed an increase in adoption, as serves a variety of purposes, such as ML
modeling and predictive analytics. The growing adoption of Data Science
Platform across all major verticals, such as BFSI, Retail and eCommerce,
Telecom and IT, Media and Entertainment, Healthcare and Life Sciences,
Government and Defense, Manufacturing, Transportation and Logistics, Energy and
Utilities, Other Verticals ( travel and hospitality, and education and
research).
Based on
deployment mode, cloud segment to grow at a higher CAGR during the forecast
period
Cloud computing refers to the storage, management, and
processing of data via networks of remote servers, which are typically accessed
via the Internet. According to Statista, cloud computing would generate more
than USD 300 billion in revenue in 2020 as a component of IT services. At the
same time, PwC shows the COVID-19 crisis has accelerated the cloud transition
even further as per data during the first quarter of 2020, cloud spending
increased by 37% to USD 29 billion. The increasing generation of data leads to
various challenges for several organizations. These challenges include storage,
privacy, and affordability.
Based on
services, professional services segment to hold the largest market size during
the forecast period
Customized, knowledge-based services that are offered to
clients fall under the professional services category. These services include
network deployment and customization, maintenance and support services,
consulting services, designing, installation, training, network planning,
network analysis, and outsourcing services. Online support, live chat for
real-time answers, other real-time support options, and community portals are
established so that clients can meet and exchange ideas with people in other
organizations.
Based on
business function, Finance and Accounting segment to grow at a higher CAGR
during the forecast period
Financial
services firms and banks, for example, use financial data science:
Forward-thinking banks and FinTech’s improve customer service by evaluating
transactional and behavioral data using various data science methods. Data
science is already being used by some of the worlds largest banks to acquire
insights from previous customer purchases, engagements, and accounts that are
most relevant to them. Investing items, insurance coverage, bank accounts, and
mortgages are now the most common notices they receive. Data science is also
providing insights into how well a product sells or to whom it sells, allowing
financial services organizations and banks to build consumer products,
policies, and investment instruments that will sell well in the future.
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North
America to hold the largest market size during the forecast period
North America is estimated to account for the largest
market share during the forecast period. In North America, data discovery and
Data Science Platform are considered highly effective by most organizations and
verticals. On the other hand, Europe is gradually incorporating these advanced
solutions within its enterprises. APAC is witnessing a substantial rise in the
adoption of Data Science Platform owing to the increasing digitalization and
rising demand for centrally managed systems.
Major
Data Science Platform vendors include IBM (US), Google (US), Microsoft (US),
SAS (US), AWS (US), MathWorks (US), Cloudera (US), Teradata (US), TIBCO (US),
Alteryx (US), RapidMiner (US), Databricks (US), Snowflake (US), H2O.ai (US),
Altair (US), Anaconda (US), SAP (US), Domino Data Lab (US), Dataiku (US),
DataRobot (US), Apheris (Germany), Comet (US), Databand (US), dotData (US),
Explorium (US), Noogata (US), Tecton (US), Spell (US), Arrikto (US), and
Iterative (US). These market players have adopted various growth strategies,
such as partnerships, collaborations, and new product launches, to expand have
been the most adopted strategies by major players from 2018 to 2022, which
helped companies innovate their offerings and broaden their customer base.
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