Rising need to extract insights from huge volumes of unstructured and structured data is the major factor driving the demand for the data science platform market
The global data science platform market size is anticipated to reach over USD 178 billion by 2025. Data science is a method of data analysis and unify statistics that leverages advanced technologies such as machine learning and artificial intelligence to mine the insights from large data sources. The data science platforms deliver the scalability of elastic compute resources and also offer the flexibility of open-source tools that allows data scientists to stay updated with constantly evolving technologies.
The existing and future data science platform market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the data science platform market opportunities throughout the forecast period. Factors such as 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 data security, reliability, and privacy concerns are expected to create lucrative opportunities for the market in the upcoming years.
The report also highlights numerous aspects of the global data science platform industry by evaluating the market through value chain analysis. Besides, the data science platform market report covers various qualitative aspects of the data science platform industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market competitiveness along with company profiling of local as well as global vendors.
The data science platform market has strong competition among the pre-established and new emerging players. Also, the data science platform industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on industry vertical, the market is bifurcated into government & defense, retail, healthcare, IT & Telecom, BFSI, 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 projected to gather the major 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.
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.
Segment Overview of Global Data science platform market
Platform Overview, 2018-2025 (USD Billion)
- Managed Services
- Professional Services
Application Overview, 2018-2025 (USD Billion)
- customer support
- Human resource
Industry vertical Overview, 2018-2025 (USD Billion)
- IT & Telecom
- Government & Defense
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America