The latest report by IMARC Group, titled “Data Science Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global data science platform market reached a value of US$ 6.8 Billion in 2021. A data science platform is a software technology that is used to extract and explore information from various sources and understand consumer behavior to formulate informed decisions. The software enables data scientists to develop techniques, offer insights from information, and provide experiences through a venture inside a solitary situation. It is the fundamental building block for creating and incorporating data science solutions into business processes, infrastructure and products. Currently, data science platforms are deployed to expand the flexibility of tools, improve data connectivity, compute resource scalability, and support centralized business administration for core operations across various organizations.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Data Science Platform Market Trends:
The market is primarily driven by the increasing application of data science platforms in various industries, ranging from telecom and IT, BFSI to healthcare and transportation industries. For instance, with the rising amount of data from clinical databases and electronic medical records (EMR) to personal fitness trackers, medical professionals rely on data science platforms to diagnose diseases faster, practice preventive medicine and explore new treatment options. Moreover, the increasing need to extract in-depth insights from the large amount of data that is generated daily is also fueling the market growth. Besides this, enterprises are shifting toward easy-to-use methods, such as data-intensive business strategies, to drive business and gain competitive advantages. Along with this, rapid digitization and the growing adoption of cloud-based solutions by small and medium organizations are propelling the demand for data science platforms. In addition to this, automation in businesses is increasing big data and complex business processes, thereby facilitating the market growth. Furthermore, the emerging trend of autonomous vehicles and the need for maximum logistics efficiency, are also positively influencing the market growth. Looking forward, the market is expected to grow at a CAGR of 32.64% during the forecast period (2022-2027).
- Based on the component, the market has been segmented into software and services.
- On the basis of the application, the market has been classified into marketing and sales, logistics, finance and accounting, customer support, and others.
- The market has been categorized based on the vertical into IT and telecommunication, healthcare, BFSI, manufacturing, retail and e-commerce, and others.
- Region-wise, the market has been divided 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.
- The competitive landscape of the market has been examined, with some of the key players being Alteryx Inc., Cloudera Inc., Dataiku Inc., Google LLC (Alphabet Inc.), H2O.ai Inc., International Business Machines Corporation, Microsoft Corporation, RapidMiner Inc., SAP SE, SAS Institute Inc., The MathWorks Inc., and TIBCO Software Inc.
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