Global data science platform market research report: by business function (marketing, sales, logistics, human resources), deployment (on-demand, on-premises), vertical (BFSI, healthcare, retail, IT, transportation) – Forecast till 2027

Market Overview

A framework that consists of the life cycle of data science and its related projects is termed a data science platform. All the tools required to execute the process of the data science project spread across different stages like integration, ideation, and implementation are present in the data science platform. In addition, it enables the organizations to analyze their status in terms of tracking, shares, and much more. However, all these jobs involve a lot of effort, both mechanically and technically. Therefore, the platform tends to provide a competitive race to the teams to work even more effectively.

The data science platform has been helping companies to build models and operationalize analytical data. In addition, the platform has also been aiding high-end collaborations with business analysts, data scientists, developers, and even data engineers. As a result, the market has been witnessing tremendous growth over the past few years.

COVID-19 Analysis

COVID-19 has brought some severe consequences to all businesses around the globe. There is hardly any organization that the scary clutches of the pandemic have spared. The Data Science Platform Market Research Report prepared by the industry experts results from a thorough study and Data Science Platform Market Analysis. The qualitative and quantitative aspects of the DSP Market and the current Data Science Platform Industry scenarios have been discussed in the reports, keeping because of the pandemic's effects on the industry.

 While no one is certain about the end of the pandemic, the businesses need to ensure that the working pattern is changed according to recent times to make the smooth running of the business possible. The losses that the companies had to face need to be overcome too. The steps discussing all these details are included in the exclusive report.

Market Dynamics

Growth

The data science platform is expected to grow considerably over the coming forecast period. The market is expecting a CAGR of 29% during the forecast period. Also, the market valuation is expected to reach USD 115 billion during the forecast period.

Drivers

There are primary factors that have been causing the increased growth of the market. This is:

An increase in the demand for analytical tools is one of the major factors driving the growth of the Data Science Platform Market to a great extent. It helps the users shape, control, and measure the data and helps in the formation of strategies for their organizations.

Restrains

The major restraint causing the hampered growth of the Data Science Platform Business is the lack of professionals with desired skills for the data science platform market. Data scientists are the ones who are skilled enough to tackle all such areas, and this lack of human resources with much-needed skills would also affect the growth of the Data Science Platform Business during the forecast period.

Regulatory implications

Regulatory implications tend to produce a direct effect on the growth of the Global Data Science Platform Market. However, the rules and laws differ from region to region, but the focus is mainly on the privacy and security of the data. Data is one of the significant assets that an organization has, and it would demand high-end protection of its data. Any breach can cause them enormous losses. While the laws focus on ensuring that there is no such breach, stringency in the laws is indeed the need of the hour.

Companies have also been taking good care of such laws to maintain the standards in the DSP Market.

Segmentation Overview

The data science platform market can be divided into the following:

• Based on the business functions


• Based on the deployment model


• Based on the industry verticals


• Based on the business functions

Based on the business functions, the Data Science Platform Industry can further be segmented into the following:

• Marketing


• Sales


• Human resource


• Operations


• Risk management


• Logistics

Based on the deployment

Based on the deployment, the Market Segments are as follows:

• On-demand


• On-premise

Based on the industry vertical

Based on the industry vertical, the Market can further be divided into the following:

• Retail


• BFSI


• IT


• Healthcare


• Energy and utilities


• Transportation


• Government


• Defense

Regional analysis

The data science platform market can be divided into the following segments according to the regions.

• Europe


• North America


• Asia Pacific


• Rest of the world

The region that holds the maximum share in North America is attributed to the increased capital investments in the region. Therefore, the data science platform is being looked at as the platform that helps the companies to have a competitive edge among the other organizations in the Global Data Science Platform Market.

They are projected to witness the highest growth in Asia pacific. Factors like growth in industrialization and increased digitization are responsible for the fast growth. Also, support from the government in the region has been bringing growth in the Data Science Platform Business.

Competitive landscape

The Data Science Platform Market Top Players are Microsoft Corporation (U.S.), Continuum Analytics, Inc. (U.S.), IBM Corporation (U.S.), Alteryx, Inc. (U.S.), Google, Inc. (U.S.), Dataiku (France), Wolfram (U.S.), .), Domino Data Lab (U.S.), Data Robot Inc. (U.S.), RapidMiner Inc. (U.S ) and Sense Inc. (U.S.).

All the Market Top Players have focused on bringing growth to the market by introducing various technological advancements that improve the quality and take care of the cost. In addition, various collaborations, mergers, and acquisitions between the players have helped the market reach heights of success. They have also been helping the newcomers understand the depth of the market and help them flourish.

Recent Developments

• Here are some of the recent developments in the data science platform market:


• Microsoft Machine learning Server 9.4 was released by Microsoft in July 2019 to provide a platform for Python function libraries and data science. It also has updates available for R and Python with the extra support of CDH 6.1 and Spark 2.4


• IBM data science and business analytics platform was launched by IBM in August 2019, including IBM decision optimization for the private cloud. Also, IBM SPSS Modeler, formerly called IBM performance management advanced, was another significant step towards introducing the latest technology in the Data Science Platform Market Segments.


• Google launched the AI Platform in April 2019. This platform makes the task of ML projects easier. It contains a toolchain that is integrated and assists in the formation and running of ML applications.


• The companies have focused on bringing the most recent technology to provide a high-quality product at pocket-friendly costs.


• Technologies like TFX and TPUs are a few of the technologies that come under Google's AL and have resulted in significant advancement in the technology in the market.

Report Overview

The industry experts' exclusive Data Science Platform Market Research Report has every element that an organization would require to run as efficiently and smoothly as possible. The report contains discussion points like an overview of the market and the Data Science Platform Market Analysis based on comparing the pre and post covid times. It also has the industry's market dynamics explained well, including the points like growth, drivers, and the restraints hampering the market's growth. The regulatory implications of the market have also been discussed in detail.

The market segmentation based on the business functions, deployment, industry verticals, and regions has also been discussed. The major players in the market with the strategies they have been implementing to get to the top have also been part of the report. The recent advancements in the market, which have also been discussed, helps the companies to stay up to date in the market and follow the implantation of such technologies in their respective companies.