The global data science platform market is predicted to reach $708.8 billion by 2030, growing at a CAGR of 25.40% between 2021 and 2030. This growth can be majorly attributed to the rising concerns among major commercial organizations about analyzing a large volume of data, to quantify the risk associated with every strategic effort.
Moreover, factors such as an increase in dependence on machine learning and a rise in focus on data-intensive business strategies will drive the overall market development throughout the projected period. Furthermore, an increase in the usage of cloud-based solutions and services and the rise in demand for analytical tools will have a positive impact on the market growth in the coming years.
Furthermore, data science platforms are becoming increasingly popular, due to their numerous advantages. The program provides open-source tools with great computing resource flexibility and scalability. It is very straightforward to integrate with various data structures. In addition, the platform enables version control, allowing the data science team to collaborate on projects without risking losing recently completed work. As a result of such advantages, the market will grow significantly in the future.
The marketing & sales category accounted for the highest revenue in the market in 2021. The marketing department may gain additional insights into a buyer's persona and spend the marketing budget properly thanks to many benefits provided by data science platforms, such as increased return on investment. Along with this, characteristics such as reduced financial risk by using accurate expenditure calculations, improved customer experience, and more predictable income production are projected to fuel the industry growth in the coming years.
Whereas, the logistics sector is expected to grow at a significant growth rate during the forecast period. This can be attributed to the surging adoption of data science technologies, in order to optimize supply chain processes. The platform generates insights from data collected from transportation, inventory, and other processes, and then it helps identify patterns that will impact the entire supply chain. This has led to the market growth in this category over the forecast period.
Data science analytical tools assist organizations in making predicted decisions. Also, these assist users in the creation, evaluation, and control of data. Data science and its analytical tools are critical in making business choices in this digital era. Organizations employ structured and unstructured data to get valuable insights, which can then be used to make choices. The data science platform also helps in updating business operations and gaining new consumers. As a result, it becomes popular among organizations, which further drives the market.
Furthermore, the adoption of these platforms in developing markets is at an early stage and is mostly unexplored, creating a tremendous growth opportunity for market players in the next few years.
Some of the major players operating in the data science platform market are IBM, Google, Microsoft, SAS, Amazon Web Services Inc., The MathWorks Inc., Cloudera Inc., TIBCO Software Inc., Teradata, and Alteryx Inc.