The global data science platform market grew at a CAGR of around 30% during 2015-2020. A data science platform is a cohesive software framework that offers fundamental building blocks to create and incorporate data science solutions into business processes, infrastructure, and products. These solutions include integrating and exploring data, and coding, building, and deploying models through applications or reports. A data science platform makes the entire dataset available in a centralized location and enables effective team collaboration and communication. Consequently, organizations from different industry verticals are nowadays deploying data science platforms to expand tool flexibility, improve data connectivity, compute resource scalability, and support a centralized business administration for core operations.
One of the primary factors encouraging the adoption of data science platforms globally is the growing emphasis of companies on becoming agile and competitive in the changing marketplace dynamics. Data science platforms offer a consistent and integrated solution for building, managing and optimizing predictive models. In the healthcare sector, with the growing amount of data, from electronic medical records (EMR) and clinical databases to personal fitness trackers, medical professionals increasingly rely on these platforms to diagnose diseases faster, practice preventive medicine and explore new treatment options. Other factors influencing the market growth are the emerging trend of autonomous vehicles, the rising need to maximize logistics efficiency, and the growing entertainment industry. Apart from this, the increasing utilization of online banking services, along with the rising instances of cybersecurity, are anticipated to expand the usage of data science platforms in the banking, financial services, and insurance (BFSI) sector to detect fraudulent activities and prevent cyberattacks. Looking forward, IMARC Group expects the global data science platform market to continue its strong growth during the next five years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global data science platform market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, component, application and vertical.
Breakup by Component:
Breakup by Application:
Marketing and Sales
Finance and Accounting
Breakup by Vertical:
IT and Telecommunication
Retail and E-Commerce
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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.
Key questions answered in this report:
How has the global data science platform market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global data science platform market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the application?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global data science platform market and who are the key players?
What is the degree of competition in the industry?