According to a new market research report “Global Data Science Platform Market Size, Share, Development, Growth and Demand Forecast to 2023- Industry Insights by Business Function (Logistics, Marketing, Sales, Customer Support, Human Resource, and Others), by Deployment Type (On-Premise, On-Demand), by Industry Vertical (BFSI, Health and Life Sciences, IT and Telecom, Retail and Consumer Goods, Media and Entertainment, Transportation and Logistics, and Others) by Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and Latin America)” published by P&S Market Research, the global data science platform market is projected to reach $1,95,677.5 million by 2023, growing at a CAGR of 39.3% during 2017 - 2023.
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Global Data Science Platform market worth $1,95,677.5 million in 2016
The study reveals that the global data science platform market is likely to grow from $19,447.0 million in 2016 to $1,95,677.5 million by 2023. Due to significant growth in technologies such as IoT and advancement in big data analytics, the global data science platform market in gaining traction.
Insights on market segments
As per the findings of the research, based on business functions, logistics led the global data science platform market in 2016. Among deployment types, on-premise deployment witnessed the higher growth in demand of data science platform in 2016. Among the industry verticals, demand for data science platform from healthcare industry is expected to generate largest revenue for the global data science platform market during the forecast period, however, the demand is expected to grow at the fastest rate from transportation and logistics industry in the coming years.
The market is expected to witness the fastest growth in Asia-Pacific during forecast period
Geographically, North America has been the largest market for data science platform, whereas Asia-Pacific is expected to witness highest growth among all regions due to growth of digitalization, smart city initiatives by various governments, increase in foreign direct investment (FDI) for smart technologies, and adoption of big data analytics at a significant growth rate in the region. Further, due to the growing economic prosperity of Asia and improving technology infrastructure, the region has high tendency to adopt data science platform solution at a rapid scale in near future.
Logistics has been the largest business function using data science platform
The logistics business function held the largest market during 2013-2026. Data science in logistics is gaining significant interest from enterprises and corporates to address number of critical business queries that deliver valuable insights to the top management and help in maximizing return on investment (RoI). Factors driving the growth of data science platform market in logistics include higher customer satisfaction, seamless global expansion, robust transport network, and effective delivery system.
Advancement in big data technologies bolsters the global data science platform market growth
The factors driving the growth of the global data science platform market includes 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.
The entire platform of data science consists of tasks such as linkage between various databases, data assembly, and data analytics. 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. Apart from this, data science platform serves its customers with comprehensive consumers buying patterns, and overall product and service customer experience.
The evolution of internet of things (IoT) and related connected technologies generates massive amount of data through 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.
Various enterprises have started adopting data science platform for ease of use methods to improve their decision-making ability as well as to get deeper insights into various consumer buying patterns and their behavior toward a product or service. Due to data-centric nature of industries such as banking, retail and consumer goods, IT and telecom, and healthcare and life sciences, they are getting more inclined towards the adoption of data science business strategies through end to end data science platform implementation. Globally, banking, financial services and insurance (BFSI) has been the largest user of data science platform, and IT and telecom industry is expected to lead significant growth in demand during the forecast period.
Increasing inclination of enterprises toward data accelerated business strategies, and end to end implementation of data science platform for greater RoI are some of the major opportunities for the growth of global data science platform market. Various 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.
Moderate competition among players in the global data science platform market
The research states that the global data science platform market is moderately competitive with players continuously upgrading their offerings according to the market dynamics. Some of the key players in the data science platform ecosystem offering various product and services are Microsoft Corporation, Goggle, Inc., IBM Corporation, Wolfram, DataRobot Inc., Sense Inc., RapidMiner Inc., Domino Data Lab, and, Alteryx, Inc.
Most of the vendors prevailing in the global data science platform market are actively participating in organic and inorganic strategies. Many of them are entering in strategic partnership to help the companies in digital transformation, while others are enhancing their offerings for higher personalized end user experience.
GLOBAL DATA SCIENCE PLATFORM MARKET SEGMENTATION
By Business Function
By Deployment Type
By Industry Vertical