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Global Data Science Platform Market: Market Segments: By Business Function (Logistics, Marketing, Sales, Customer Support, Human Resource and Others); By Deployment Type (On-Premise and On-Demand);By End-User(BFSI, Healthcare and Life Sciences, IT and Telecom, Retail and Consumer Goods, Media and Entertainment, Transportation and Logistics, and Others); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Data science framework comprises the software center in which all aspects of data science work take place, including the incorporation and exploration of data from different sources, coding, and models of construction. It also leverages the data, deploys models into development, and through model-powered applications or reports, it serves outcomes. It helps data scientists to uncover actionable insights from data within a single environment, prepare a strategy, and communicate the collected ideas within an organization. Data science includes several work names, ranging from analytics officer, actuary, to research scientist, through numerous industries and organizations. All four phases of the data science production line are assisted by the Data Science platform: data planning, model creation, DevOps, and business delivery. It is focused on open access to data, consistent metadata, good corporate governance, automated machine learning and model building, operationalized model management, and tools that measure and improve its impact on business.
Global Data Science Platform Market to surpass USD 805.7 million by 2030 from USD 36.57 million in 2018 at a CAGR of 29.4% throughout the forecast period. The growing demand for the public cloud, the adoption of artificial intelligence, the exponential growth of applications for the Internet of Things (IoT) and machine learning, the revolution and increase in demand for big data, etc., are the factors that are expected to drive the industry demand for data science platforms. In addition, the relative importance of data collection in most local economies and the need to gain actionable data insights are expected to fuel demand for services and solutions for the data science platforms market. These platforms attract the attention of organizations that aim to increase business performance and decrease human interference. The implementation of such data-driven solutions thus supports the development of the demand for data science platforms.
Global Data Science Platform Market is segmented by Business Function into Logistics, Marketing, Sales, Customer Support, Human Resource and Others. The greater market share in 2018 was accounted for by the Sales segment and is expected to maintain the dominance throughout the forecast period owing to the ability of to organizations prepare data, build models and operationalize analytics. Digitalization and automation are gradually moving towards enterprises, which are growing big data and contributing to complicated business processes. Organizations need innovative technology that helps to gain real-time insights into a large pool of data to cope with these complexities. The data science platform helps them streamline business processes and attract new customers.
The Global Data Science platform market is segmented by End-User into BFSI, Healthcare and Life Sciences, IT and Telecom, Retail and Consumer Goods, Media and Entertainment, Transportation and Logistics, and Others. The Healthcare and Life science segment is estimated to dominate the market in terms of revenue in 2018 owing to an increase in the need for enhanced data analytical solutions due to the rise of 3D printing, the Internet of things (IoT), and artificial intelligence. The data science platform offers several communities in medical research that can widely exchange, incorporate and interpret historical, patient-level data from phase III clinical trials in academia and industry. Such a rich data collection is part of data science and undoubtedly will help the pharmaceutical research and development segment.
The increasing focus of companies on ease-of-use methods to drive business and the need to obtain in-depth insights from voluminous data to gain a competitive edge are key growth drivers for the industry. Companies are increasingly inclined towards data-intensive business strategies and increasing adoption of advanced technology to generate many opportunities for data science platform vendors. The market for data science platforms is primarily driven by the rapid growth of big data technology, growing demand for technologies to increase operational performance, and increasing acceptance of big data analytics to gain insights into customer purchasing behavior and buying trends.
Data science is opening up huge opportunities to learn unnoticed trends of customer buying. These trends allow businesses to understand key insights to help their company run effectively, target potential customers, and deliver better services. In addition, business analytics tools are being embraced by businesses that can deliver effective results from a broad collection of data, which in turn is fueling the growth of the market for data science platforms. Funding and enormous investments by the public and private sectors in the production of big data and related technologies are expected to fuel the growth of the data science platform market.
Lack of technological reliability, stringent government rules and regulations, data protection and privacy concerns and enormous investment requirements are key factors hindering the growth of the data science platform industry. Users of this technology will need to upgrade their platform on a regular basis to make it effective with advanced data resources and technologies, which is a key challenge for market growth. In the data science platform industry, data explosion, lack of domain knowledge and lack of analytical capabilities are few challenges.
Global Data Science Platform Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Global Data Science Platform Market in Asia Pacific held the largest market share of XX.X% in the year 2018due to large enterprises, technical experts, and growing demand for data science platform in this region. Whereas in the APAC region a huge amount of data is produced by the growing demand for cloud, IoT, and edge solutions, growing the need for advanced data processing technologies. This need for data processing is boosting demand in the APAC region for the data science platform. In addition, major tech companies' investments are also expected to fuel business growth across the region.
Global Data Science Platform market, which is highly competitive, consists of several major players such as Microsoft Corporation, Google Inc., IBM Corporation holds a substantial market share in the Global Data Science Platform market. Other players analyzed in this report are Alphabet Inc. (Google) (US), Altair Engineering, Inc. (US), Alteryx, Inc. (US), MathWorks (Australia), SAS Institute Inc. (US), RapidMiner, Inc. (US), Cloudera, Inc. (US), Anaconda, Inc. (US), Wolfram (US), Dataiku (US), Civis Analytics (US), H2O.ai. (US), Domino Data Lab, Inc. (US), RStudio, Inc. (US), Rapid Insight (US), DataRobot, Inc. (US), Rexer Analytics (US), SAP (Germany), and Databricks (US).
Recently, various developments have been taking place in the market. For instance, In July 2019, Microsoft released Microsoft Machine Learning Server 9.4. This platform provides Python function libraries and R for ML and data science. It also contains updates for R and Python engines with additional Spark 2.4 and CDH 6.1 support.
Global Data Science PlatformMarket is further segmented by region into:
Global Data Science PlatformMarket Segments:
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