The global data science platform services market is in ascendency in recent years as the demand for the data science platform services has risen at a rapid rate due to the increasing reliance on machine learning in various fields.
Covid-19 Impact & Market Status
The pandemic has negatively affected almost all of the markets leading to huge losses and also hampered the supply chain thus creating worldwide market breakdown which made it very difficult for the all the industries to stay afloat especially the smaller ones. The global data science platform services market also faced huge losses.
This report gives a detailed view of the global data science platform services market with detailed study of the competitive environment, market dynamics, drivers, restraints, investment opportunities technology advancements, study of key segments’ performance, and emerging markets, and more such information to help the stakeholders and other market players in taking informed decisions in the market.
Platforms Segment Comprises The Largest Target Market Segment
The platforms segment of data science platform services is leading the global data science services market in revenue share and is predicted to remain at the top of the market during the forecast years because more large and medium-sized businesses are utilising data technologies. Businesses are concentrating on introducing technologies that can give them reproducibility and standardisation and data science plays a major role.
In the near future, it is projected that the data science platform services industry will grow. A few of the services offered by well-known businesses in the market are training, consultation, deployment, integration, maintenance, and support. More businesses are seeking for ways to integrate data science platforms into their working environments in order to benefit from increased productivity and efficiency as these platforms present significant growth prospects.
Marketing & Sales Segment Opening Up Varied Opportunities For Market Players
The marketing & sales segment is the foremost application for the data science platform services which is leading the global data science platform services market in revenue share and is predicted to remain at the top of the market during the forecast years because of the marketing and sales department's ability to use data science to gain deeper insights into the buyer's persona and allocate the marketing budget accordingly, for example, has led to the segment's greatest revenue share and increased return on investment (ROI). Along with this, aspects like lower financial risk brought on by accurate spending calculations, more predictable income production, and improved customer experience all help the platform become more popular in the market.
North America is A Transcendent Region
North America will remain atop the global data science platform services market in revenue share and is predicted to remain at the top of the market during the forecast years due to large businesses demanding data science platforms, technological advancements, and rising demand for data science platforms. North America is predicted to have the highest proportion of the global market for data science platforms. The widespread use of wearable technology in the area also makes huge amounts of health-related information accessible, opening up new possibilities for the development of a better, more knowledgeable healthcare system in the area. Additionally, the region's abundance of capital-intensive businesses is advantageous for the development of the data science platform.
The enormous volume of data has led to a greater demand for data science platform services.
Owing to benefits such as better customer insights, increased security, informed internal finances, streamlined manufacturing and other business operations, and better visibility to future trends, the data science platform services are experiencing rapid adoption. This is fostering remarkable progress of global data science platform services market.
A data science platform is a pre-packaged software programme that offers the capabilities necessary for a data science project's whole life cycle. Platforms for data science are essential tools for data scientists. It makes model creation, model distribution, and data exploration possible. It offers a large-scale computing infrastructure and makes data preparation and visualisation easier. Data science platforms offer a centralised platform that encourages user collaboration. Data science platforms act as a one-stop shop for data modelling since they include the APIs necessary for model creation and testing with little help from outside engineers.
The advantages such as optimized business processes, data driven insights, tangible outcomes, better business outcomes, scalable innovation across business value chain, ability to rapidly develop and deploy custom machine learning models, and more. This is scaling innovation to support the businesses. These factors encourage further adoption of data science platform services collectively influencing thumping growth of global data science platform services market.
The data science platform services market is on the rise due to healthy competition and high demand, and is predicted to grow approximately by USD 87.9 billion in 2029 at a CAGR of 33.8 percent during the forecast years 2022-2029.
Data science platforms support the development, training, scaling, and deployment of machine learning (ML) models and are required as the use of machine learning is increasing. Data science advancements are made possible by the right platforms and technology. Data science platform market expansion is projected to be fuelled by the development of big data technologies and the significance of gathering and utilising data for decision-making during the forecast period.
High investment costs, data privacy and security concerns, and reliability issues noted by the workforce, are however expected to restrain the global data science platform services market growth for data science platforms. Furthermore, throughout the projection period, the global data science platform services, is anticipated to have strong growth due to the use of cloud-based solutions and services and growing unexplored markets for data science platforms.
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The global data science platform services market is rising rapidly and there is healthy competition among the top players like IBM Corporation, The MathWorks Inc., Google LLC, Altair Engineering, Microsoft Corporation, Iterative, Arrikto, Spell, Tecton, Noogata, Explorium, dotData, Databand, Comet, Apheris, DataRobot, Dataiku, Domino Data Lab, SAP, Anaconda, Altair, H2O.ai, Snowflake, Databricks, RapidMiner, Alteryx, TIBCO, Teradata, Cloudera, MathWorks, AWS, and SAS among others.
Latest Innovations in the Global Data Science Platform Services Market: A Snapshot
- In order to improve the digital experience platform (DXP) with more in-depth analytics and unified data insights across its portfolio of products, Optimizely, a provider of solutions for DXPs, announced the launch of a data core service in September 2021. Companies would have a better grasp of their clients and the performance of their complete digital business with data core service.
Data Science Platform Services Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | USD 87.9 billion |
| Growth Rate | CAGR of 33.8 % during 2021-2029 |
| Segment Covered | Component, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | IBM Corporation, The MathWorks Inc., Google LLC, Altair Engineering, Microsoft Corporation, Iterative, Arrikto, Spell, Tecton, Noogata, Explorium, dotData, Databand, Comet, Apheris, DataRobot, Dataiku, Domino Data Lab, SAP, Anaconda, Altair, H2O.ai, Snowflake, Databricks, RapidMiner, Alteryx, TIBCO, Teradata, Cloudera, MathWorks, AWS, and SAS among others. |
Key Segments of the Global Data Science Platform Services Market
Component Overview, 2019-2029 (USD Billion)
- Platform
- Services
Application Overview, 2019-2029 (USD Billion)
- Marketing & Sales
- Logistics
- Finance and Accounting
- Customer Support
- Others
Regional Overview, 2019-2029 (USD Billion)
North America
- U.S
- 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 services market in 2029 was USD 87.9 billion.
The data science platform services market is growing at a CAGR of 33.8% over the forecast period.
The application of the data science platform services market marketing & sales, logistics, finance and accounting, customer support and other.
North America dominated the market for data science platform services market and accounted for the largest revenue share.
The top companies that hold the market share in data science platform services market are IBM Corporation, The MathWorks Inc., Google LLC, Altair Engineering, Microsoft Corporation, Iterative, Arrikto, Spell, Tecton, Noogata, Explorium, dotData, Databand, Comet, Apheris, DataRobot, Dataiku, Domino Data Lab, SAP, Anaconda & among others.