Data science platform market size to grow at a CAGR of 26.78% by 2027, North America will account for a significant share of the global market growth, Technavio

NEW YORK, March 1, 2024 /PRNewswire/ -- According to Technavio, the global data science platform market size is estimated to grow by USD 2,49,147.71 million from 2022 to 2027. The market is estimated to grow at a CAGR of 26.78% during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 37,419.53 million. By geography, the global data science platform market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global market. North America will account for a significant share of the global market during the forecast period. The growth of the market in North America is driven by the increase in data generation across various industries, such as the retail, BFSI, healthcare, and public sectors, due to the increase in digital transformation, such as digitalization of workspace, access via mobile apps and websites, online transactions, online purchases and sells, and virtualization of desktops. Request a sample report

Most banks in the US are leveraging data science technologies to gain a competitive edge over their competitors. Big data analytics services, which are one of the popular applications of data science, help firms achieve real-time marketing, integration of e-commerce platforms with payment processing, and facilitate the small loans and microloans market in the US. Thus, the increased adoption of big data analytics is expected to enhance the growth of the financial services spending market in North America, which in turn, is expected to, drive the growth of the market in the region. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, Request a sample report

The global market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details, buy the report!

Customer Landscape 
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Segment Overview
Technavio has segmented the market based on component (Platform and Services), and deployment (On-premise and Cloud). 

• The platform segment will account for a significant share of the global market during the forecast period. Data science platforms that are considered the best usually offer the flexibility of open-source tools and the scalability of elastic computer resources. Some of the best data science platforms include Alteryx Analytics, Microsoft Azure ML studio, and the RapidMiner platform. These platforms enable data-driven business decisions, and enterprises are investing in data science platforms and advanced analytics capabilities to improve business outcomes. Therefore, this will drive the growth of the platform segment during the forecast period. Download a Sample Report

The high generation of data volumes

Enterprise applications are generating large volumes of data, and this will keep continuing throughout the forecast period and beyond. Moreover, the increasing volume of data generated in organizations through various channels and sources has compelled organizations to implement big data analytics and save a significant amount of cost for organizations.Data science platforms and associated technologies have helped organizations transform unstructured and semi-structured data into structured and meaningful data. Big data analytics, a popular data science application, can be used for retrieving and analyzing data to discover significant weaknesses, develop indicator patterns to identify opportunities and threats; and optimize business decisions.As data volumes are growing, the demand for data analytics is also growing, which is expected to drive the growth of the market during the forecast period.

• The growing dependency on the internet is the primary trend in the global market. 
• Increasing threat from open-source vendors is a major challenge to the growth of the global market. Find more insights in a sample report!

Analyst Review

In today's rapidly evolving digital landscape, the market stands as a pivotal arena where innovation intersects with necessity. With the advent of Big Data, social media, and the Internet of Things (IoT), the volume and variety of data generated have reached unprecedented levels. This deluge includes multimedia files, structured data, unstructured data, machine-based data, and human-generated data alike, originating from diverse sources such as business data, machine data, and consumers through channels like smartphones and social media posts.

To effectively harness this data reservoir, organizations increasingly rely on sophisticated database systems, including traditional relational databases and those capable of handling unstructured documents, social media posts, and machine logs alongside images. Facilitating this process are data science platforms, comprehensive ecosystems equipped with data science tools and technologies that empower enterprises to extract insights and drive business problem solving and decision-making.

In adopting data-driven approaches, enterprises deploy data-intensive business strategies supported by advanced analytics techniques including streaming analytics, machine learning (ML), and predictive analytics. These platforms cater to diverse verticals such as BFSI, healthcare and life sciences, manufacturing, Retail and eCommerce, Telecom and IT, Media and Entertainment, Government and Defense, Transportation and Logistics, Energy and Utilities, travel and hospitality, and education and research.

Within this market, service offerings play a pivotal role. Professional services encompass support and maintenance, deployment and integration, and managed services, ensuring seamless implementation and operation. As organizations span organization size from large enterprise segment to small and medium-sized businesses (SMBs), deployment modes range from on-premises segment to cloud computing, catering to diverse needs and preferences.

Ultimately, the market serves as the bedrock for unlocking the full potential of data, driving innovation, and empowering enterprises to thrive in an increasingly data-centric world. By embracing best practices and leveraging cutting-edge technologies, organizations can effectively navigate this landscape, transforming data into a strategic asset that propels them towards success. Find more insights in a sample report!

Related Reports:

• The artificial intelligence platforms market size is expected to increase to USD 31,255.01 million from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 34.86%.
• The size of the DevOps platform market is expected to increase by USD 25,113.89. million from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 24.5%.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Component
7. Market Segmentation by Deployment
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio