Global Data Science Platform Market By Component (Platform, and Services), By Application (Marketing & Sales, Logistics, Finance and Accounting, Customer Support, and Others Applications), By End-User (IT & Telecommunication, Healthcare, BFSI, Manufacturing, Retail & E-commerce, Energy and Utilities, Government, and Other End-Users), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032
- Published date: May 2023
- Report ID: 64439
- Number of Pages: 313
Data Science Platform Market Overview:
The global market for data science platforms was worth USD 64,099.12 million in 2021, and it is expected to increase at a compound annual growth rate (CAGR) of 25.7% between 2022-2032.
Technology advances are rapid, thanks to increasing investment in research and development. The demand for technology that can improve the productivity and efficiency of enterprises is increasing as they grow.
There are many advancements such as Artificial Intelligence (AI), Machine Learning(ML), and the Internet of Things [IoT] which are driving the adoption of software platforms worldwide. Data is growing every day and advanced data handling tools are making a significant contribution to business growth.
Global Data Science Platform Market Analysis:
With a revenue share of more than 36%, the marketing and selling segment was the most successful in 2021. According to the application, the market can be segmented into sales and marketing, logistics, finance, accounting, customer service, and other areas.
Because of the numerous advantages provided by data science, which allows the sales and marketing department to gain greater insight into the buyer personas and spend their marketing budget accordingly, the segment has the highest revenue share.
This platform has been adopted by the segment due to factors like a lower financial risk because of precise spending calculation, predictable revenue generation, enhanced customer experience, and reduced financial risk.
The platform is being used to optimize supply chain processes in the logistics sector. It generates insights from data about transportation, inventory, and everything else in between. This then helps to identify patterns that will affect the entire supply chain.
Finance and accounting also use the platform to get more value out of their data. CFOs, accounting firms, and other professionals are using technology to enhance their analytics and data governance capabilities.
the platforms segment accounted to be profitable in 2021, due to the increasing use of data technology by large and SMEs. According to components, the market can be segmented into platforms as well as services.
Companies are now focusing on products that enable them to standardize and reproduce. This can be done by using data science platforms.
It is predicted that the services segment will grow in the future. A number of prominent companies offer services in this market including training, consulting, deployment and integration, maintenance, and support.
Companies are increasingly looking to integrate data science platforms into their business environment in order to maximize productivity and efficiency. These services are becoming increasingly popular to seamlessly integrate the technology into an existing working environment.
BFSI market can be divided into IT and telecom, healthcare, BFSI and manufacturing, retail, and e-commerce. The market is expected to grow in the healthcare sector during the forecast period.
This platform has a prominent application in medical imaging. This technology has been rapidly adopted because of its focus on healthcare delivery.
The platform has been adopted by the IT and telecom sectors to improve productivity and efficiency. The platform eliminates mundane operations and provides deeper insights into data from a variety of sources.
The rapid adoption of technology within the retail and online commerce sectors is due to machine learning technology being used to drive model-driven decisions. Increasing adoption of the platform to improve work and efficiency will lead to growth in the manufacturing sector.
Key Market Segments:
- Marketing & Sales
- Finance and Accounting
- Customer Support
- Others Applications
- IT & Telecommunication
- Retail & E-commerce
- Energy and Utilities
- Other End-Users
A data science platform is one example of a software technology being used widely by industries today. This software can be used to perform advanced analytics or machine learning.
This software allows data scientists to develop techniques, uncover insights from information and share their experiences throughout a single venture. Each step in the data modeling process is covered by various tools.
Data science platforms are being adopted rapidly. This software allows for high flexibility with open source tools and the scalability of computing resources. It can be easily integrated with different data architectures.
The platform also allows for version control which allows data scientists to work together on new ventures without having to lose the work they have just completed. These benefits significantly contribute to market growth.
Every industry has been affected by the COVID-19 pandemic. The data science industry has also been affected. Due to rapid changes in online shopping habits and traffic, the models that were used previously for segmentation or forecasting are no longer valid.
The supply chain is disrupted as the borders are locked down. Therefore, companies now focus on creating data-driven short, medium, and long-term plans to inform decisions.
The assumption that was made during data analysis is being reexamined by the companies. New cycles are being formed. The market is witnessing several trends, such as data replacement, traffic shifts, and an increased focus on healthcare-related supply chain chains.
Healthcare is the most severely affected segment in the pandemic. The healthcare sector is focusing on using data from countries that have been affected by the pandemic for more precise decisions.
North America had a 38% revenue share in 2021, which was the highest ever. This is due to the increasing focus on the platform’s further development by key market players in North America.
Oracle, a technology firm, announced in February 2020 the launch of a cloud-based platform for data science. The platform’s new capabilities include auditability, reproducibility, and team security policies. Model catalogs are also available. Shared projects are also included.
The second-highest market share was held by Europe in 2021. The Asia Pacific market will experience the fastest CAGR over the forecast period. These factors include increased lifetime value, lower acquisition costs, and higher customer retention.
Кеу Regions and Countries covered іn thе rероrt:
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- South Africa
- Rest of MEA
Market vendors are working together to develop innovative technologies to meet customer needs. IBM Corporation, a technology company collaborating with Anaconda Inc. a provider of python data-science platform, in June 2020.
In order to facilitate the adoption of open-source technologies, based upon artificial intelligence, a joint effort was made. This would enable enterprises to fill the gap in skills between data science and AI.
Key Market Players:
- Google LLC
- Microsoft Corporation
- IBM Corporation
- Alteryx, Inc.
- TIBCO Software Inc.
- Other Key Players
For the Data Science Platform Market research study, the following years have been considered to estimate the market size:
Attribute Report Details
Short Term Projection Year
Long Term Projection Year
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
North America, Europe, Asia-Pacific, South America, Middle East & Africa
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)Q: What is the Data Science Platform market size in year 2021?
A: The Data Science Platform market size was $64,099.12 million in 2021.Q: What is the CAGR for the Data Science Platform market?
A: The Data Science Platform market is expected to grow at a CAGR of 25.7% during 2023-2032.Q: What are the segments covered in the Data Science Platform market report?
A: Market.US has segmented the Data Science Platform market by geography (North America, Europe, APAC, South America, and the Middle East and Africa). By Component, the market has been segmented into platform and services. By Application, the market has been further divided into marketing & sales, logistics, finance and accounting, customer support, and other applications. By End-User, the market has been further divided into it & telecommunication, healthcare, bfsi, manufacturing, retail & e-commerce, energy and utilities, government, and other end-users.Q: Which region is more attractive for vendors in the Data Science Platform market?
A: North America accounted for the largest revenue share of 38% among the others. Therefore, North America Data Science Platform market is expected to garner significant business opportunities for the vendors during the forecast period.Q: What are the key markets for Data Science Platform ?
A: Key markets for Data Science Platform are US, China, Japan, India, Brazil, Germany, UK, France, Italy, Spain, etc.Q: Which segment has the largest share in the Data Science Platform market?
A: In the Data Science Platform market, vendors should focus on grabbing business opportunities from the platforms component segment as it accounted for the largest market share in the base year.Q: Who are the key players in the Data Science Platform market?
Google LLC, Microsoft Corporation, IBM Corporation, ai, Oracle, Alteryx, Inc., TIBCO Software Inc., SAP, Other Key Players
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