Data science is an advanced computing solution platform that leverages numerous algorithms and tools to analyze big data. The data science platform is majorly used for various purposes such as data integration & exploration, data ideation, model deployment and development, and others. Besides, it further helps in simplifying and easing the process of application program interfaces and interactive applications to approve clients and operationalize results.
The global data science platforms market was worth USD 112.12 billion in 2022 and is expected to be worth around USD 501.03 billion by 2032, growing at a CAGR of 16.2% from 2023 to 2032
.jpg "The Global Data Science Platform Market 2022-2032 (USD Billion)")
The global data science platform market size is anticipated to reach over USD 178 Billion by 2025. This can be attributed to the rising need to extract insights from huge volumes of unstructured and structured data. Also, the increasing demand from enterprises and rising need to make business processes more efficient in boosting the global data science platform market growth.
However, the increasing stringency of government regulations and rules is expected to hamper the market growth. Moreover, the increasing need for big data security, reliability, and privacy concerns are expected to create lucrative opportunities for the market in the upcoming years.
Data Science Platform Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 501.03 billion |
| Growth Rate | CAGR of 16.2 % during 2022-2032 |
| Segment Covered | By Component, By Application, By Industry Vertical, By Organization Size, By Deployment , Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | ALTERYX INC., CLOUDERA INC., DATAROBOT INC., DOMINO DATA LAB INC., Databricks, IBM CORPORATION, Rexer Analytics, RAPIDMINER INC., RAPID INSIGHT, WOLFRAM |
Key Segment Of The Data Science Platform Market
By Component (USD Billion)
• Platform
• Services
By Application, (USD Billion)
• Marketing & Sales
• Logistics
• Finance and Accounting
• Customer Support
• Others
By Industry Vertical, (USD Billion)
• BFSI
• Retail and E-Commerce
• IT and Telecom
• Transportation
• Healthcare
• Manufacturing
• Others
By Organization Size, (USD Billion)
• Small and Medium-Sized Enterprises
• Large Enterprises
By Deployment Mode, (USD Billion)
• Cloud
• On-premises
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of data science platform market in 2032 was USD 501.03 billion
Asia-Pacific dominated the market for data science platform market and accounted for the largest revenue share.
The base year for the report is 2023 in data science platform market
Globally the data science platform market is experiencing major traction due to growing volumes of structured as well as unstructured data. Many organizations across numerous industry verticals are leveraging data science software and solutions to get insights from data to develop various business strategies and gain the competitive upper hand in the global market. The data science platform market has tremendous opportunities across emerging markets such as South America and Middle East & Africa. There are various markets in these regions that are still untapped and anticipated to provide lucrative opportunities for market growth in forthcoming years.
Platform Segment
Based on the platform segment, the market is divided into solutions and services. The services segment is further classified into professional services and managed services. In 2019, the solutions segment gathered the highest market revenue and it is anticipated to govern the data science platform market throughout the forecast period. However, the services segment is expected to gather the highest growth rate throughout the forecast period. The growth of this segment is primarily attributed to the growing deployment of the data science platform.
Application Segment
Based on the application, the market is segmented into logistics, marketing, sales, customer support, human resource, and others. The marketing segment dominated the market in 2019 and it is projected to maintain its position throughout the forecast period. However, the customer support segment is anticipated to experience the highest market growth in the forthcoming years.
Industry Vertical Segment
Based on industry vertical, the market is bifurcated into IT & Telecom, BFSI, retail, healthcare, government & defense, and others. In 2019, the BFSI segment gathered the highest market revenue and it is anticipated to dominate the data science platform market throughout the forecast period. The dominance of this industry is mainly attributed to the growing usage of data science platforms for risk assessment, marketing analytics, fraud analytics, and other purposes in banking processes. On the contrary, the IT & Telecom industry is expected to gather the highest growth rate throughout the forecast period.
The Asia-Pacific region is anticipated to gather the highest growth during the forecast period. The growth of this region is mainly accredited to the large customer base and developing infrastructure for industries such as healthcare, IT & Telecom, and other industries in this region. The North America region dominated the overall market in 2019 and it is expected to maintain its position throughout the forecast period 2020-2025. The dominance of this region mainly attributed to the presence of major market players such as IBM, Microsoft, Google, and others in this region.
.png "North America Data Science Platform Market, 2018-2025 (USD Billion)")
The major players of the global data science platform market are Microsoft, IBM, Google, MathWorks, Cloudera, Altair Engineering, SAS, Wolfram, Alteryx, and SAP. Moreover, the other potential players in the data science platform market are RapidMiner, Dataiku, Civis Analytics, Databricks, and Anaconda. The recognized companies are coming up with innovative and new entertainment technologies and solutions. For instance, in January 2019, Hortonworks, a data software company merged into Cloudera, a US-based Software Company. With this merger, the company announced the availability of Cloudera Data Science Workbench (CDSW) on the Hortonworks Data Platform (HDP), which would allow customers to enhance new data product delivery along with the security.