Global Data Science Platform Market to Reach US$ 119.9 Billion by 2032, Propelled by Accelerating Demand for Big Data Analytics

April 28, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Data Science Platform Market Report by Component (Software, Services), Application (Marketing and Sales, Logistics, Finance and Accounting, Customer Support, and Others), Vertical (IT and Telecommunication, Healthcare, BFSI, Manufacturing, Retail and E-Commerce, and Others), and Region 2024-2032”, the global data science platform market size reached US$ 11.8 Billion in 2023. A data science platform refers to a software ecosystem that offers a comprehensive and cohesive setting for creating, testing, deploying, and managing data science workflows, models, and applications. These platforms facilitate centralization for data scientists, engineers, and analysts to work collaboratively on data-related projects, and include features for data acquisition, pre-processing, exploratory data analysis, modeling, visualization, and deployment. These platforms are characterized by their flexibility to handle a variety of data types, sources, and formats, inbuilt automation tools, and robust security to protect sensitive data. Data acquisition from diverse sources, building and testing machine learning models, and deploying models to production environments or integrating them with other applications are some common functions of a data science platform. As a result, they play an important role in streamlining and standardizing data processing and modeling workflows, enabling team collaboration, and improving scalability, flexibility, and data security.

Global Data Science Platform Market Trends:

The global market is majorly driven by the accelerating demand for big data analytics to effectively manage and analyze their data. This can be attributed to the increasing volumes of data across various small and large-scale organizations. In line with this, continual advancements in machine learning (ML) and artificial intelligence (AI) technologies resulting in an increasing demand for data science platforms that can support these technologies are providing an impetus to the market. Moreover, a considerable rise in the adoption of cloud-based solutions to facilitate business operations with greater flexibility and scalability as well as lower costs is also resulting in a higher product uptake across several end-use industries. Besides this, the increasing need for data-driven decision making is resulting in the adoption of improved infrastructure to collect, store, and analyze data, which, in turn, is driving the market. Apart from this, the rising concerns regarding data security and privacy are also creating a positive outlook for the market. Some of the other factors contributing to the market growth include rapid urbanization, the advent of Industry 4.0, inflating disposable income levels, rising trend of cloud computing and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 119.9 Billion by 2032, exhibiting a CAGR of 28.5% during 2024-2032.

Market Summary:

  • Based on the component, the market has been segmented into software and services. Among these, software represents the largest market segment. 
  • On the basis of the application, the market has been divided into marketing and sales, logistics, finance and accounting, customer support, and others. Among these, marketing and sales accounts for the dominant market share. 
  • Based on the vertical, the market has been categorized into IT and telecommunication, healthcare, BFSI, manufacturing, retail and e-commerce, and others. Between these, BFSI accounts for the biggest segment in the market. 
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa. At present, North America holds the leading position in the market. 
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Alteryx Inc., Cloudera Inc., Dataiku Inc., Google LLC (Alphabet Inc.), Inc., International Business Machines Corporation, Microsoft Corporation, RapidMiner Inc., SAP SE, SAS Institute Inc., The MathWorks Inc., and TIBCO Software Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage  Component, Application, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Alteryx Inc., Cloudera Inc., Dataiku Inc., Google LLC (Alphabet Inc.), Inc., International Business Machines Corporation, Microsoft Corporation, RapidMiner Inc., SAP SE, SAS Institute Inc., The MathWorks Inc. and TIBCO Software Inc.
Customization Scope 10% Free Customization
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Global Data Science Platform Market to Reach US$ 119.9 Billion by 2032, Propelled by Accelerating Demand for Big Data Analytics
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