Data Science Platform Market Overview:
Data science platform incorporates Market a set of new generation technologies and architecture that are especially designed as a framework of the entire data science project. It consists of tools that are required to execute the life cycle of the data science project, which consists of different phases such as data ideation, integration & exploration; model development, and model deployment. In the present scenario, it has become a critical investment choice that has significantly contributed to the growth of the smart and digital industry.
The report does not consider open source platforms such as R and Python and it only evaluates commercial data science platform vendors. Furthermore, the market is classified based on type into solutions and services. The market is also classified based on end user into banking, financial services, and insurance (BFSI); telecommunication; transportation & logistics; healthcare; manufacturing, and others. The market is analyzed based on four regions-North America, Europe, Asia-Pacific, and LAMEA.
Adoption of the data science platform in emerging markets, including Brazil, the Gulf Cooperation Council (GCC) countries, and African countries is at a nascent stage, unlike that in developed markets such as North America and Europe. However, the potential impact of enhanced analytics solutions and services on business activities has increased in the region. Furthermore, the relative importance of collection of data in most of the local economies and the need to extract actionable insights from the data are anticipated to fuel the demand for data science platform services and solutions.
This report includes a study of the data science platform market with respect to growth prospects and restraints based on the regional analysis. The study includes Porters five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
The data science platform ecosystem comprises solutions and service providers such as Microsoft Corporation, International Business Machines Corporation, SAS Institute, Inc., SAP SE, RapidMiner, Inc., Dataiku SAS, Alteryx, Inc, Fair Issac Corporation, MathWorks, Inc, and Teradata, Inc.
Top Impacting Factors
The key impacting factors of the data science platform market include data explosion, realization of importance of data science by organizations, increase in data collection & analysis from mobile devices, advancement of big data technologies, growing concern of data security & protection, and high initial investments. These factors have significantly contributed to the growth of the data science platform market and are anticipated to impact the market growth during the forecast period.
Top Impacting Factors
The revenue of the global data science platform market is projected to grow by 7.4 times from 2017 to 2023, owing to increasing expenditure on data science solutions and services.
Top Investment Pockets
The figure provided below signifies the growth potential of the data science platform market based on various segments that include BFSI, telecommunication, transportation & logistics, healthcare, manufacturing, and others. The manufacturing segment is projected to grow at the highest CAGR of 42.5% during the forecast period, owing to an increase in the need for enhanced data analytical solutions due to the rise of 3D printing, Internet of things (IoT), and artificial intelligence.
Key Investment Pockets
Top Winning Strategies
Top Winning Strategies
Collaboration was the most prominent strategy that accounted for 49.5% of the total strategies adopted by key operating companies. It was followed by product portfolio expansion and product launch, which accounted for 15.2% and 13.1% of the shares, respectively. The growing demand for advanced data management solutions such as predictive and descriptive analytics solutions has influenced operating companies to collaborate with different organizations. This has driven the growth of the global data science platform market.
1. Data Explosion
Data is growing in an exponential manner. About 90% of the data that currently exists in the world has been created in the past few years. The massive increase in data creates opportunities for organizations to gain new insights, for which the demand for new techniques and methods has also increased. This in turn plays a very crucial role to drive the data science platform market.
2. Realization of Importance of Data Science Platform by Organizations
Data science platforms help organizations to be proactive and predictive. It allows them to take actions to optimize outcomes rather than being reactive. Many organizations and start-ups have been benefitted using data science platforms. Some examples include PayPal using Big Data analytics to detect fraud, the pharma industry building better medicines at a faster pace using data science tools, and many retail companies customizing individual customer preferences and building products that meet their expectations using data analysis. Organizations have become data driven and are investing in infrastructure, people, and processes to initiate a data science journey.
3. Adoption of Cloud-based Solutions and Services
Cloud-computing, an exciting and nascent, yet the fastest-growing technology in the data science platform industry, enables significant value addition to prominent players. For instance, the innovative cloud model allows data scientists to perform complex analyses by linking significantly large volumes of data. This in turn enables companies to reduce non-productive time, operational costs, uncertainty, and risks. Furthermore, the adoption of cloud-based solutions and services is anticipated to drive the industry.
4. Target Untapped and Emerging Markets
Data science platform industry has created the opportunity to transform in all sectors. There are many untapped markets such as telecom industry, video analysis, etc., which has a promising future. Emerging markets such as Latin America, the Middle East, and Africa are expected to present significant growth opportunities for prominent players. Along with this data science platform, there is an opportunity of growth for other technologies such as Internet of Things (IoT), Artificial Intelligence (AI), machine learning, etc.
- This study provides an in-depth analysis of the global data science platform market, along with the current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities, along with their impact analysis on the data science platform market size has been provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers that operate in the industry.
- The quantitative analysis of the global data science market from 2017 to 2023 has been provided to determine the market potential.
Data Science Platform Market Key Market Segments
- The data science platform market is segmented based on type, end user, and geography.
By End User
- Transportation and Logistics
- Others (retail, education, government, energy, and utilities)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players Profiled in the Report
- Microsoft Corporation
- IBM Corporation
- SAS Institute, Inc.
- SAP SE
- RapidMiner, Inc.
- Dataiku SAS
- Alteryx, Inc
- Fair Issac Corporation (FICO)
- MathWorks, Inc
- Teradata, Inc.