Increasing focus of enterprises on ease of use methods for driving business to boost the data science platform market growth
MarketsandMarkets expects the global data science platform market to grow from USD 37.9 billion in 2019 to USD 140.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30% during the forecast period. Major growth factors for the market include the growing need to gain insights from voluminous data to gain a competitive advantage and enable data-driven decisions in enterprises.
Logistics industry vertical to grow at the highest CAGR during the forecast period
Based on business functions, the data science platform market is divided into Banking, Financial Services, and Insurance (BFSI), telecom and IT, retail and eCommerce, healthcare and life sciences, manufacturing, energy and utilities, media and entertainment, transportation and logistics, government, and others (travel and hospitality, education, and research). The logistics industry vertical would benefit from the technological and methodological advancements of big data. It is changing drastically due to internal and external pressures from the rising costs. ML has the potential to revolutionize the logistics industry vertical through determining the most important factors for the success of a supply network, while it also has the potential to learn in the process. The companies such as Google and Altair have launched AI-powered solutions that make the development of ML projects easier and assist in building and running ML applications.
Cloud segment to hold a higher market share during the forecast period
Organizations have been gradually recognizing the importance of data science platform and have started deploying it as per their needs in various business functions, such as supply chain, customer support, and sales and marketing. The cloud-based data science platform is a cost-effective and efficient way of managing data science platform issues across organizations. The availability of easy deployment options and minimal requirements of capital and time are expected to facilitate the growth of the cloud segment among global enterprises.
Asia Pacific to grow at the highest CAGR during the forecast period
The growth in APAC can be attributed to the focus of countries such as China, India, and Japan on the enhanced management of data to enable data-based business decisions and enhance business processes. The commercialization of big data, AI, and IoT technologies and the need for further advancements to leverage these technologies to the best are expected to drive the adoption of data science platform and services in the region. APAC constitutes major economies, such as China, India, and Japan, which are expected to register high growth in the data science platform market. The verticals such as healthcare and life sciences, manufacturing, and retail and eCommerce are expected to rapidly adopt data science platform and services in the region. Tremendous technological adoption over the last few decades and ongoing innovations by companies such as Cloudera, Zaloni, and Temenos have helped the market to grow significantly in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the data science platform market.
- By Company – Tier 1–22%, Tier 2–30%, and Tier 3–48%
- By Designation – C-Level–30%, Managers–45%, and Others–25%
- By Region – North America–15%, Europe–20%, and APAC–40%, and RoW -25%
The data science platform market comprises major solution providers, such as IBM Corporation (US), Microsoft Corporation (US), Alphabet Inc. (Google) (US), Altair Engineering, Inc. (US), Alteryx, Inc. (US), MathWorks (Australia), SAS Institute Inc. (US), RapidMiner, Inc. (US), Cloudera, Inc. (US), Anaconda, Inc. (US), Wolfram (US), Dataiku (US), Civis Analytics (US), H2O.ai. (US), Domino Data Lab, Inc. (US), RStudio, Inc. (US), Rapid Insight (US), DataRobot, Inc. (US), Rexer Analytics (US), SAP (Germany), and Databricks (US). The study includes an in-depth competitive analysis of these key players in the data science platform market, along with their company profiles, recent developments, and key market strategies.
The data science platform market’s revenue is classified primarily into revenues from platform and services. Services’ revenue is associated with training and consulting integration and deployment, and support and maintenance services. The market is also segmented on the basis of components, deployment modes, industry verticals, organization size, business functions, and regions.
Key benefits of the report
- The report would help the market leaders/new entrants in the market with the information on the closest approximations of the revenue numbers for the overall data science platform market and its subsegments.
- It would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.