The global data science platform market size is expected to reach USD 25.94 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.9% from 2020 to 2027. Technological advancements such as integration of Natural Language Processing (NLP) and Machine Learning (ML) are at a remarkably quick pace. Companies such as Microsoft Corporation today are shifting towards the adoption of high-level strategies to gain a competitive edge in the market. With rapid transformation, data has become a very critical asset for any organization. Thus, it has become essential for companies to look for data science teams to gain substantial insights from the gathered data.
Numerous
data science teams have grown out of their existing tools and are experiencing
a lack of collaboration and scalability as they become overpowered by
commonplace operational errands. To overcome this problem, companies are now
opting for data science platforms that are modular or open, collaborative,
scalable, multi-user, and support the entire pipeline of production. Factors
such as business optimization, model deployment, model sharing, model
management, scalability, reproducibility, and agility provided by these
platforms have substantially contributed to rapid adoption.
Data
science has become very critical for business today. As the number of tools,
models, and model creators is increasing, the need for a uniform data science
platform that can provide comprehensive solutions is increasing. To understand
which tool to use when and manage the complexity associated with managing a
vast quantity of data and gain flexibility, the adoption of these platforms is
increasing. These platforms are providing companies with an end-to-end process
of managing, deploying, and creating analytics models in a collaborative and
open environment.
Further,
the COVID-19 outbreak has also impacted the market tremendously. The emergence
of new data and data patterns has changed the market scenario. Apart from
changing data analysis models, it has provided a wide opportunity for data
scientists to make use of advanced tools and techniques to help businesses make
better decisions in such an environment that is uncertain, speedy, and lacks
data. Also, data science platforms have assisted several companies in harnessing
insights from the data and speed up the process of medical research.
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Data Science
Platform Market Report Highlights
- Increasing
demand for a platform that can optimize mundane operational tasks and
provide effective collaboration has driven the adoption
- The platform
segment held the largest revenue share in 2019 and is expected to continue
leading the market over the forecast period. This is due to benefits such
as reduced risk, improved customer satisfaction, and others provided by
the platform
- The North
America regional market is expected to hold a high revenue share over the
forecast period, majorly due to the increasing demand for advanced
technology platforms that can help to unlock critical insights from a vast
amount of data being generated every day
Data Science
Platform Market Segmentation
Grand View Research has
segmented the global data science platform market based on application,
component, vertical, and region:
Data Science
Platform Application Outlook (Revenue, USD Million, 2016 - 2027)
- Marketing & Sales
- Logistics
- Finance and Accounting
- Customer Support
- Others
Data Science
Platform Component Outlook (Revenue, USD Million, 2016 - 2027)
- Platform
- Services
Data Science
Platform Vertical Outlook (Revenue, USD Million, 2016 - 2027)
- IT & Telecommunication
- Healthcare
- BFSI
- Manufacturing
- Retail & E-commerce
- Energy and Utilities
- Government
- Others
Data Science
Platform Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- Germany
- France
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- The Middle East and Africa (MEA)
List of Key
Players of Data Science Platform Market
- Google LLC
- Microsoft Corporation
- IBM Corporation
- H2O.ai
- Oracle
- Alteryx, Inc.
- TIBCO Software Inc.
- SAS Institute Inc.
- SAP
- The MathWorks, Inc.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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