Data Science Platform Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2027


#7249

Transparency Market Research

$ 5795

The demand within the global data science platform market has been rising on account of advancements in the field of business analysis and research. The increasing need for data scientists across a range of industries is a manifestation of the market’s growth dynamics. Furthermore, availability of improved data analysis tools has also played a key role in the growth of the global data science platform market.

The total revenues within the data science platform market are projected to increase in the years to come. This is majorly due to the interest shown by multinational companies (MNCs) towards deploying data science tools and platforms.

  • Emergence of several data science start-ups, especially in the Asia Pacific region, has given a thrust to market growth. These start-ups are focusing on deploying artificial intelligence technologies to develop workflows and tools for businesses.
  • Popularity of data science tools such as Alteryx, DataRobot, Dataiku, Domino Data Lab, and Wolfram is a key trend within the global market. As new industries discover these effective tools, the market is projected to attract fresh revenues.
  • Government authorities and offices are extensively using data science platforms to draft policies, guidelines, and key agendas. This factor has also given a strong impetus to the growth of the global data science platform market.

The next few years are expected to witness the development of agile and utilitarian data science tools and platforms. Hence, it is legit to predict that the market vendors within this market would earn greater profits in the times to follow.

Global Data Science Platform Market: Overview

Up until recently, oil was considered the most valuable resource on earth for it powers the cars on our roads and airplanes in the sky and is an important source of generating electricity needed to operate industries and light up our homes. Not anymore. The most valuable resource these days is data. With the proliferation of smart mobile gadgets, popularity of Internet of Things (IoT), and cloud, organizations these days are staring at gazillions of data. Just like oil, the data is of no use as such, but hold out immense potential if tapped into properly. To do so, data science platforms come in handy.

A data science platform comprises of all the tools needed for carrying out the lifecycle of the data science project spanning various phases such data ideation, integration and exploration, model development, and model deployment. It enables data scientists to improve their analysis by running, tracking, reproducing, sharing, and deploying analytical models faster. Typically, such tasks need massive engineering for building and operating analytical models. This is where a data science platform can help by offering additional powerful tools to improve analysis, which in turn, allows framing of better strategies.

Global Data Science Platform Market: Trends and Opportunities

The market for data science platform is expected to see booming growth over the course of next few years on account of surging application of data analytics and big data for different business decisions and operations. Enterprises across the world are increasingly opting for methods for simpler use of data through big data technologies to promote their business and this is catalyzing demand for data science platforms.

The data science platforms help derive insights from raw data, reproduce data tables for descriptive statistics, and create segments depending upon date, module, and event type for root cause analysis through data visualization. The algorithm leveraged in a data science platform can also offer functionality for predictive modeling and a mechanism, which can bring in the predictive models into operations.

Depending upon the type, the global market for data science platform can be split into close platform and open platform. The key end users driving up demand in the market are pharmaceuticals and healthcare, BFSI, meteorology, logistics, and transportation.

Global Data Science Platform Market: Regional Outlook

Latin America, North America, Eastern Europe, Western Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East and Africa are some of the key regions in the global market for data science platform. The region which holds a dominant position among them at present is North America. Presence of numerous large data centers and swift development of data science platform products in the region have phenomenally boosted its market.

APEJ, powered by nations of Singapore, India, and Korea, the flourishing IT industry and growing number of data centers, is also emerging as an attractive data science platform market. Western Europe and Eastern Europe are other key regions.

Companies Mentioned in the Report

Domino Data Lab, Inc., Cloudera, Inc., IBM, Wolfram, and ANGOSS SOFTWARE CORPORATION are to name a few of the prominent participants in the global data science platform market. The report by Transparency Market Research throws light on their key strategies and services. It also studies their sales and revenues and possible growth trajectory. To that end, it makes use of analytical tools such as SWOT Analysis and Porter’s Five Forces.

MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.

The report provides the following information:

  • Tailwinds and headwinds molding the market’s trajectory
  • Market segments based on products, technology, and applications
  • Prospects of each segment
  • Overall current and possible future size of the market
  • Growth pace of the market
  • Competitive landscape and key players’ strategies

The main aim of the report is to:

  • Enable key stakeholder’s in the market bet right on it
  • Understand the opportunities and pitfalls awaiting them
  • Assess the overall growth scope in the near term
  • Strategize effectively with respect to production and distribution

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