Data Science Platform Market Size & Share Estimated to Reach USD 695.0 Billion by 2030, Growing at 27.6% CAGR Annually: Polaris Market Research

NEW YORK, Nov. 28, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Data Science Platform Market Share, Size, Trends, Industry Analysis Report, By Business Function (Marketing, Sales, Logistics, Finance & Accounting, Customer Support, Others), By Deployment Model; By Component; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030" in its research database.

According to the recent research study, the global data science platform market size & share was valued at USD 95.31 billion in 2021 and is expected to reach around USD 695.0 Billion by 2030, growing at a CAGR of 27.6% during the forecast period.

What is Data Science Platform? How Big is Size & Share of Data Science Platform Market?

• Overview

Data science platform is software that provides access to a variety of tools and data sources for machine learning and advanced analytics. These platforms enable data scientists to develop strategies, explore data, and distribute that data throughout an enterprise in a single platform. Data science projects include different tools required for each stage of the modeling process. Therefore, it is necessary to have a centralized location where teams can collaborate on those projects.

This software helps to delegate various low-value tasks, reduce engineering effort, enhance cooperation among data scientists, and improves business productivity. The data science platform market size is majorly driven by the growing big data industry worldwide. The huge development of advanced technologies such as Artificial Intelligence (AI), streaming analytics, and the Internet of things (IoT), and streaming analytics is supporting the growth of big data.

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Key Highlights of the Report

• Market value data for each segment and sub-segment
• Analysis by geography with consumption of the product/service in the region
• Competitive landscape, which incorporates the extensive company profiles
• The current as well as the future outlook of the industry with respect to recent developments
• In-depth analysis of market perspectives through Porter's five forces analysis
• Dynamics scenario, along with growth opportunities market
• Key strategic initiatives taken by major players

Some of the Top Players in the Global Market Are:

• Altair
• Alteryx
• Anaconda
• AWS
• Cloudera
• Databricks
• Google
• IBM
• Mathworks
• Microsoft
• Rapidminer
• SAS
• Snowflake
• Teradata
• Tibco

For Additional List of Players and Detail Information, Download a Report PDF Brochure

Growth Driving Factors

• Rising technological development pushes market

The increasing investment in research and development and rising technological development are unticking the data science platform market sales. Rising demand for cloud-based data science platforms, along with increased adoption of data science platform in countries like Brazil, African countries, and the Gulf Cooperation Council (GCC) countries, has been accelerating the data science platform industry demand. An increased volume of data generated by various enterprises is another key factor propelling market development. For instance, as per estimation by Seagate, the storage solutions provider, the volume of data created worldwide will grow to 175 ZB by 2025.

Moreover, the growing adoption of cloud-based solutions and services is expected to create growth opportunities in the data science platform market. In addition, the rapid demand for IoT is due to the rising adoption of connected devices, including smart meters, smart cars, and machine-to-machine (M2M) communications.

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Recent Developments

In February 2020, Oracle Corporation unveiled the Oracle Cloud Data Science Platform which aids organizations collaboratively build, train, deploy, and manage machine learning models to ensure the success of data science projects

Segmental Analysis

• Platform segment accounts for the largest data science platform market share

Based on component, the platform segment held the highest revenue share because major players are launching novel data science and analytics platforms. Also, the growing adoption of data technology across small and large businesses also fuels the segment growth. For instance, in April 2021, Subex Ltd., the analytics solutions provider, introduced HyperSense an augmented analytics program.

Further, the services segment is expected to experience growth over the projected period owing to the rising adoption of various services by various prominent companies to integrate technology into their existing environment.

• Cloud segment is likely to witness major CAGR during the anticipated period

On the basis of deployment model, the cloud segment is anticipated to generate the highest CAGR in data science platform market over the foreseen period. This growth can be attributed to the advantages offered by cloud-based data science programs to businesses, such as speedy access to business intelligence, better collaboration, and efficient processing and reporting of data findings.

• Market segment is estimated to record the largest CAGR during the upcoming period

In terms of business function data science platform market segmentation, the marketing segment is projected to account for the major CAGR over the study period attributing to a surge in the adoption of data science platforms across various sectors in order to track the efficiency of their marketing initiatives and analyze advertisement, and campaigns. Further, the customer support segment is estimated to show a significant growth rate throughout the forecast period.

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Data Science Platform Market: Report Scope

Geographic Overview

• North America dominates the market

Based on geography, the data science platform market in North America witnesses the highest revenue share owing to the rising demand for advanced technologies, including IoT, cloud, and edge solutions. The increasing amount of data generation is one of the major reasons behind the rising demand for advanced technologies, which is boosting regional growth. Additionally, rising investment in BFSI and visualization technologies bolsters the market growth in the region.

Moreover, APAC is expected to see the growth because of the factors such as increasing investment in big data technologies in nations such as India and China. Also, increased mobile data traffic and growing applications of IoT and AI in enterprises are other factors fueling regional expansion.

Browse the Detail Report "Data Science Platform Market Share, Size, Trends, Industry Analysis Report, By Business Function (Marketing, Sales, Logistics, Finance & Accounting, Customer Support, Others), By Deployment Model; By Component; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/data-science-platform-market

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Polaris Market Research has segmented the data science platform market report on the basis of component, deployment model, business function, industry vertical, and region:

By Component Outlook

• Platform
• Services
• Professional Services
• Managed Services
• Support and maintenance
• Consulting
• Deployment and Integration

By Deployment Model Outlook

• Cloud
• On-premise

By Business Function Outlook

• Marketing
• Sales
• Logistics
• Finance & Accounting
• Customer Support
• Others

By Industry Vertical Outlook

• BFSI
• Retail & eCommerce
• Telecom & IT
• Media & Entertainment
• Healthcare & Life Sciences
• Government & Defense
• Manufacturing
• Transportation & Logistics
• Energy & Utilities
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

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SOURCE Polaris Market Research