Data Science Platform Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - ICT
Report Code - OMR-ICT-180
Format: PDF, PPT, and Excel
Data Science Platform Market to Accumulate a CAGR Growth of 29.5% During Forecast, Big Data to Play a Pivotal Role in Accelerating Market Growth
Data science platforms are software applications that provide access to many analytical and machine learning tools. It provides a unified platform for data scientists to work alongside one another on strategic thinking, data discovery, and the organization-wide dissemination of insights. In data science initiatives, multiple programs are typically employed, each tailored to a specific step of the data processing procedure.
The COVID-19 pandemic has stimulated market growth and is anticipated to offer numerous expansion opportunities throughout the forecast period. The development of creative approaches for data analysis platforms, the increasing prominence of data-centric applications, and the interest that shows businesses in adopting them are all encouraging developments. The interest in these systems is partly fueled by the integration of robotics and machine learning into the operations of large IT companies.
Key Takeaways of the Data Science Platform Market
By Component
In 2022, platforms dominated in terms of a percentage of total revenue. This is due to the widespread adoption of data technologies in business contexts. Companies are investing in products that facilitate consistency and repetition.
By Deployment
The category of cloud-based deployment currently occupies the largest share of the market for data science platforms and is anticipated to grow at the highest CAGR during the forecast duration. This is because cloud-based deployment enables real-time data transmission, which improves services and business operations.
By End User
Throughout the projection horizon, the IT and telecommunications industries will experience the highest increase in market share. This system will likely grow in prominence as the emphasis on customer service increases.
By Application
During the predicted period, the marketing and sales industry is anticipated to experience significant growth. Increased engagement with social media channels enables this platform to track the popularity of a product in real time and inform the creation of innovative advertisements.
By Region
North America is projected to have the greatest revenue share during the forecast period. It is anticipated that the presence of significant actors from various industries will stimulate market expansion. Increasing expenditures on innovative technologies also contribute to demand growth.
The Rising Flow of Data by Various Platforms will Augment Market Growth
IT administrators who assist a large team of data scientists in an enterprise setting are responsible for data governance and providing the necessary infrastructure and tools. The plethora of data mining applications and tools presents both opportunities and obstacles. Moreover, the cloud facilitates market adoption by incorporating data science platforms, with major corporations investing significantly in developing a cloud integration platform. With a little cloud computing, you can access an inexhaustible supply of computer resources.
Because they facilitate ML model training, development, scaling, and deployment, data science platforms are in high demand and essential to the growth of any modern organization. The proliferation of cutting-edge technologies such as artificial intelligence (AI), cloud computing, the Internet of Things (IoT), machine learning (ML), and analytical streaming may account for the expansion of the market.
Integration of Platforms within the Healthcare Sector to Advance Revenue Projections
Integration, dissemination, and evaluation of patient-level past information from industrial and scholarly phase III clinical studies for the benefit of numerous medical research organizations. Data science entails collecting and analyzing these exhaustive data sets, which is beneficial for pharmaceutical R&D. In addition, these cloud-based systems can be hosted as a single-tenant platform on Azure, GCP, AWS, or a private cloud. The utilization of information technology platforms is currently increasing.
Experts in medical science are concentrating on utilizing data from countries previously affected by the pandemic to obtain more precise results. This system consists of various predictive analytics and machine learning tools. This allows data scientists to collaborate independently on a project to establish methodologies independently, derive conclusions from data, and debate their findings, which facilitates collaboration. Projects in data science employ specialized tools designed for use at various stages of data modeling.
Global Data Science Platform Market Prominent Players
• SAS Institute Inc. (U.S.)
• The Mathworks Inc. (U.S.)
• Dataiku (U.S.)
• IBM Corporation (U.S.)
• Alteryx Inc. (U.S.)
• Oracle Corporation (U.S.)
• DataRobot Inc. (U.S.)
• Databricks (U.S.)
• TIBCO Software Inc. (U.S.)
• Google Inc. (U.S.)
• Microsoft Corporation (U.S.)
• Datarobot Inc (U.S.)
Report Scope for Data Science Platform Market
Component
• Platform
• Services
o Professional
o Managed
o Support & Maintenance
o Deployment & Integration
Deployment
• On-Premise
• Cloud
• Hybrid
Enterprise Size
• SMEs
• Large
End User
• IT & Telecommunication
• Healthcare
• BSFI
• Manufacturing
• Retail
• Others
Application
• Marketing & Sales
• Customer Support
• Financing & Accounting
• Others
Data Science Platform Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com