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

NEW YORK, Dec. 6, 2023 /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 data science platform market. North America will account for a significant share of the global market during the forecast period. The growth of the data science platform 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. 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

Global data science platform market - Five Forces
The global data science platform 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!

Global data science platform market – 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.

Global data science platform market - Segmentation Assessment

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.

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Global data science platform market – Market Dynamics
Key factor driving market growth

• The high generation of data volumes is a key factor driving the growth of the global data science platform market. 
• 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.

Leading trends influencing the market 

• The growing dependency on the internet is the primary trend in the global data science platform market. 
• With the penetration rate of the internet increasing, people tend to share their personal information on the platform, especially on social media.
• Companies are also offering storage services in the cloud, leading to the storage of critical information on the Web.
• Banks and payment card companies are also enabling customers to make transactions such as online transactions and payments using the Internet. 
• Optimization of capacity, reduction of lead time and cost, and increased profit through the development of IT infrastructure are key requirements in any organization. These can be brought about through business analytics.
• The solution enhances an organization's processes by improving quality and resource control, which, in turn, enhances the productivity and efficiency of the firm.
• The deployment of business analytics helps organizations in improving their efficiency and productivity. This helps them meet their business demands quickly and remain competitive. These benefits will drive market growth during the forecast period.

Major challenges hindering market growth

• Increasing threat from open-source data science platform vendors is a major challenge to the growth of the global data science platform market. 
• Vendors such as Pentaho and Jasper soft enable enterprises to use business analytics functionality free of cost.
• The market has many open-source vendors that also provide a range of data science tools and applications.
• In addition, a combination of multiple products from various open-source vendors can cover almost all the functionalities that on-premise or on-demand data science platform software vendors provide.
• Open-source vendors provide query, reporting, analysis, advanced analytics, and data warehouse generation platforms. This, in turn, has a negative impact on the market share of data science platform vendors.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this data science platform market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the data science platform market between 2023 and 2027
• Precise estimation of the size of the data science platform market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Data Science Platform Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of data science platform market vendors

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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

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SOURCE Technavio