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Data Science Platform Market By Component (Platform, Services) By Deployment Mode (Cloud, On-premises) By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises) By Business Function (Marketing,Sales, Logistics,Finance and Accounting, Customer Support, Other Business Functions (HR and operations)) - Growth, Future Prospects, and Competitive Analysis, 2016 - 2028

Market Introduction of Data Science Platform Market

Data Science Platform is a technique used to efficiently and accurately achieve drilling operations along with back ream the essential pipe, side-lining different obstacles on the boring track without significant collateral harm to the subsurface ecosystems. The rising concerns about the need to reduce the environmental damage triggered by rising industrialization and urbanization worldwide due to the adoption of Data Science Platform for boring and drilling operations.

data-science-platform-market

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What is the Market Size of the Data Science Platform in terms of value?

In the upcoming years, the global market for data science platforms is anticipated to grow at a substantial CAGR of 27.30%. The market for data science platforms was estimated to be worth USD 94.7 billion in 2021 and was expected to be worth USD 403.014 billion by 2028. The demand for the Data Science Platform is anticipated to rise significantly in the upcoming years, and it is anticipated to create revenue potential for the major market participants of USD 308.31 billion between 2022 and 2028.                

Which is the key Deployment Mode segment in the Data Science Platform Market?

The On-premises segment registered a revenue share of over 55.0% of the total Data Science Platform in 2021. Enterprises generally use the Data Science Platform's on-premises deployment method in highly regulated healthcare, BFSI, life sciences, and manufacturing industries verticals. Furthermore, it is projected that large companies with sufficient IT resources will select the on-premises deployment strategy. On-premises deployment is the most dependable deployment technique, providing a corporation with high protection and control. Businesses must purchase a license or copy to employ cloud-based technologies. The overall market expansion would be accelerated over the projection period by increasing reliance on machine learning and increased enterprise propensity toward data-intensive business methods. Due to the surge in the use of cloud-based goods and services, it is anticipated that the market for data science platforms will grow more quickly than in other markets. The increased demand for analytical tools would further boost the market's growth throughout the anticipated timeframe.

Interesting Facts about Data Science Platform Industry

  • The top countries in the Data Science Platform market are the US, Mexico, Canada, UK, China, Germany, and France.
  • As firms grow, a greater demand for technologies can increase productivity and efficiency. The use of technologies like artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) is boosting the use of platforms and software worldwide, which is one of the key drivers fueling the market's expansion.
  • The main market restraints are employees' views of high investment costs, data privacy and security concerns, dependability issues, and market development restrictions for data science platforms. 
  • In terms of volume and value, the North America region dominated the global market for data science platforms in 2021, and it is anticipated that this dominance will last throughout the forecast period.
  • Healthcare and Life Sciences segment to witness high growth during the forecast period.

Who are the Top players/companies in the Data Science Platform market in terms of value?

The key players in the global Data Science Platform market in terms of value include IBM(US), Google(US), Microsoft(US), SAS(US), DotData (US), SAP (US), Spell (US), AWS(US), Cloudera (US), Comet (US), TIBCO (US), MathWorks (US), Alteryx (US), RapidMiner (US), Snowflake (US), Databricks (US), H2O.ai (US), Noogata (US), Tecton (US), Altair (US), and Iterative (US). To improve their production of the Data Science Platform and increase their chances of capturing a competitive market share worldwide, these leading companies are focusing on new product launches and technological innovation. Additionally, several regional and national firms are investing to diversify their product offerings and boost sales. For Instance, in 2021, updated by IBM 18.2.2 IBM SPSS Modeler. The latest upgrade includes a comprehensive, adaptable data mining workbench that makes it simple and painless for users to create precise prediction models without programming.

Who are the Top 10 Countries in the Data Science Platform Market?

The major countries in the global Data Science Platform market are China, India, Mexico, the U.S., Canada, the U.K., Germany, France, Japan, and Brazil. The United States is the major market for Data Science platforms, with a major volume share in the global market in 2021. Due to large corporations, technical expertise, and the region's growing demand for data science platforms. Besides, the Data Science Platform market in developing countries in South Asia and South East Asian countries is projected to witness major growth in the coming years.

Which is the key Vertical used in the Data Science Platform Market?

The data science platform gives different medical research groups access to historical, patient-level data from academic and commercial phase III clinical trials that can be widely shared, integrated, and analyzed. The pharmaceutical research and development sector would surely benefit from this large data set, which is a component of data science. Additionally, scientists may process hundreds of datasets at once and in bulk, freeing them up for activities of higher value.

Furthermore, diagnostic failure rates continue to be rather high despite the availability of massive volumes of health data. Using this health data on the data science platform will make diagnostics more accurate and effective. These benefits are attained by extracting and analyzing the biological samples from more than 1,000 patients utilizing powerful machine learning algorithms.

What are the Major Driving Factors for Data Science Platform Market?

Rapid technological growth is taking place due to increased research and development spending. As organizations grow, there is a greater need for technologies that can increase productivity and efficiency. The use of platforms and software is rising due to the prevalence of technologies like machine learning (ML), artificial intelligence (AI), and the internet of things (IoT). As data quantities rise daily, modern data handling systems and solutions are crucial to the growth of enterprises. As the usage of machine learning grows, data science platforms that assist the creation, training, scaling, and deployment of ML models are necessary. Modern data science is made possible with the appropriate platforms and tools. Machine learning and artificial intelligence also drive advancements in data science and data management. The development of big data technologies and the importance of obtaining and using data for decision-making are expected to fuel the growth of the data science platform industry throughout the forecast period.

What are the Major Restraints for Data Science Platform Market?

The employees' views of high investment costs, data privacy and security concerns, dependability issues, and market development restrictions for data science platforms are the main market restraints anticipated to impede the market growth. Some of the advanced analytics techniques that firms use today are streaming analytics, machine learning, and predictive analytics. These techniques are challenging and necessitate a high level of analytical proficiency. Business skills and the associated training are also required to foster a culture of data-driven decision-making. Consequently, a lack of skilled workers may be one of the biggest issues facing the bulk of corporate end users.

Which Region Dominated the World Data Science Platform Market?

In 2021, North America dominated the global Data Science Platform market and accounted for a major market revenue share value. Due to large corporations, technical expertise, and the region's growing demand for data science platforms. Given that over 1.2 billion clinical papers are produced annually in the United States, healthcare professionals and physicians can access a sizable amount of data for their research. Huge amounts of health-related information are also easily accessible thanks to the area's widespread usage of wearable technology, creating new opportunities to grow an advanced, informed healthcare system.

The region's plethora of firms with high capital requirements are also helpful for creating the data science platform. As the benefits of these platforms become more widely known, businesses seek to integrate them into their current operating systems to acquire a competitive edge in the local market.

Segmentation of Global Data Science Platform Market-

Global Data Science Platform Market – By Component

  • Platform
  • Services

Global Data Science Platform Market – By Deployment Mode

  • Cloud
  • On-premises

Global Data Science Platform Market – By Organization Size

  • Small and Medium-Sized Enterprises
  • Large Enterprises

Global Data Science Platform Market – By Business Function

  • Marketing
  • Sales
  • Logistics
  • Finance and Accounting
  • Customer Support
  • Other Business Functions (HR and operations)

Global Data Science Platform Market – By Vertical

  • BFSI
  • Retail and eCommerce
  • Telecom and IT
  • Media and Entertainment
  • Healthcare and Life Sciences
  • Government and Defense
  • Manufacturing
  • Transportation and Logistics
  • Energy and Utilities
  • Other Verticals (travel and hospitality, and education and research).

Global Data Science Platform Market – By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-east Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East and Africa

Frequently asked questions about the global Data Science Platform market

Many businesses throughout the world started work-from-home policies for their staff during the COVID-19 pandemic, which increased demand for data science systems to manage organizations’ vital information and opened up lucrative market opportunities. Additionally, governments from many nations have embraced data science to update real-time coronavirus data and derive useful insights from the data.

North America accounted for the highest share in the global Data Science Platform market.

The need for technologies that can boost businesses' productivity and efficiency is increasing as they expand. Technologies like artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) are everywhere, and their acceptance is accelerating the use of platforms and software are the major factors driving the growth of the market.

Rotary steerable system had a major share in 2021 with around 70% of the market revenue share. Besides, it is also projected to witness the fastest growth.

The healthcare and life sciences segment had a major share in the global market.

Data Science Platform Market Scope

Report Attribute Details
Market Value in 2021 94.7 billion
Market Value in 2028 USD 403.014 billion
CAGR 27.30%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Choose License Type
Budget Buying
Executive Summary - Brief Global Market Size - Current & Forecast
Regional Market Size - North America
Country Market Size - US
Company Profile – 1
Trusted By
Godaddy
Published Date:  Aug 2022
Category:  Technology & Media
Report ID:   60613
Report Format:   PDF
Pages:   120
Rating:    4.1 (30)
Delivery Time: 24 Hours to 48 Hours   
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