Data science refers to the field of next generation computing, where certain tools and algorithms are applied to the big data for deep analysis. Data science platform is the integration of mathematical programming, statistics, various problem solving techniques, data filtering methods, and other algorithms. Various organizations deploy data science platform to extract valuable insights out of the huge structured and unstructured raw data present within their ecosystem.
The integration between big data and big data analytic helps enterprises to capture the untapped advantage of data being generated from various departments such as sales, marketing and HR. This further helps enterprises in enhancing their operational efficiencies, and predicting business inconsistency for faster product development cycle. The global data science platform market is gaining interest of enterprises due to rapid advancement in big data technologies globally, need for ease of use technological methods to drive business effectiveness, and demand for big data analysis to gain deeper insights into consumer buying patterns.
GLOBAL DATA SCIENCE PLATFORM MARKET BY BUSINESS FUNCTION $M (2013–2023)
The global data science platform market is expected to witness a CAGR of 39.3% during the forecast period, to reach $1,95,677.5 million by 2023. The significant growth will be led by increasing demand for effective big data analysis to gain deeper consumer insights, reading consumers’ buying behavior and purchasing patterns.
Huge spending on big data and analytics, and rapid advancement in artificial intelligence (AI) are some of the key trends observed in the global data science platform market. Moreover, the global data science platform market is expected to witness rapid growth, owing to the continuous development of data driven technologies in today’s complex IT infrastructure.
With lucrative opportunities of rapid business growth through data science, industries such as fintech are redefining their traditional approach of using data to drive their business, such as one to one consumer interaction and social media analysis.
The global data science platform market is being driven by factors such as global rapid advancement in big data technologies, demand for big data analysis to gain deeper insights into consumer buying patterns, and need for ease of use technological methods to drive business effectiveness.
The evolution of internet of things (IoT) and related connected technologies has generated massive amount of data through every device such as smartphones, routers, and switches. Rapid advancement in big data analytics has made organizations realize the benefits of dealing with the structured and unstructured data to produce actionable insights, which are valuable for business continuity.
Globally, companies are considering ease of use business analysis platforms that can capture big data, effectively. Data science platform integrating with a company’s own website or internal systems, provides businesses with a wealth of information. Further, data science platform is opening immense possibilities of discovering unnoticed consumer patterns about their buying behavior. These patterns can be helpful for organizations to leverage key insights to make their businesses more efficient, target the right potential customers and offer them the better services.
Tapping the increasing inclination of enterprises toward data accelerated business strategies, and end to end implementation of data science platform for greater RoI are some major opportunities for the growth of global data science platform market. Funding and huge investments in the advancement of big data and related technologies by public and private sector is further expected to boost the growth of global data science platform market.
The intensity of rivalry in the global data science platform market is moderate. With the emergence of new data science technologies, vendors are either enhancing their products in line with the changing end user requirements or aggressively engaging into organic and inorganic growth strategies in the global market.
The global data science platform market consists of some major players which are offering technologically advanced data science platform services. However, due to growing data complexities each day, several new players have also entered the market providing consumer specific data science solutions. Some of the key players in the data science platform ecosystem are Microsoft Corporation, Goggle, Inc., IBM Corporation, Wolfram, DataRobot Inc., Sense Inc., RapidMiner Inc., Domino Data Lab, and, Alteryx, Inc.
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