Valued at $19,447.0 million in 2016, the global data science platform market is expected to reach $195,677.5 million by 2023, exhibiting a CAGR of 39.3% during 2017–2023. The market is primarily driven by the growth in adoption of advanced technologies, such as the internet of things (IoT) and big data analytics, in industries across the world.
Insights into the market segments
On the basis of deployment type, the data science platform market observed faster growth in the on-premises category during the historical period. Among business functions, logistics dominated the market in 2016. Of the various industry verticals, the healthcare industry is expected to generate the highest revenue and the transportation and logistics industry is expected to demonstrate the highest CAGR during the forecast period.
Market to demonstrate the fastest growth in Asia-Pacific (APAC)
North America has been the largest data science platform market globally, on account of the rapid adoption of the technology in the region. However, with growth in infrastructure and economy, APAC holds a high potential for the adoption of these platforms in the near future.
During the forecast period, the data science platform market is expected to register the highest CAGR in APAC, due to rapid digitization, increase in foreign direct investments (FDIs) in smart technologies, smart city initiatives by the government, and high adoption of big data analytics in the region.
Logistics witnessing high deployment of data science platforms
Data science platforms are witnessing a strong demand from the logistics industry, with increasing interest of small-scale and medium-scale organizations on the technology. This can be attributed to the fact that the technology is quite efficient in resolving multifaceted business queries to offer valuable insights, thus helping the company increase return on investment (ROI). Moreover, increased focus on customer satisfaction, business expansion, transport network, and effective delivery system is driving the growth of the data science platform market in this business function category.
Advancements in big data technologies contributing to market growth
Technologies such as artificial intelligence (AI), IoT, and big data analytics are increasingly being adopted, as they enable industries to simplify large sets of data. Also, the deployment of such advanced technologies in organizations helps in reducing manual tasks and mitigating the risk of errors.
Increasing inclination of enterprises toward data-focused technologies and end-to-end implementation of data science platforms for greater ROI are some of the key factors boosting the growth of the data science platform market. Besides, increasing investments by both private and public sectors are expected to support the market growth in the coming years.
Data science platform assists its user with comprehensive consumer buying patterns and overall product and service experience. The platform is responsible for data assembly and data analytics, as well as establishing relation between various databases. This helps businesses to obtain valuable insights, which further help them to increase their efficiency by taking required measures with respect to product development and operations.
Moreover, organizations across the globe have started adopting data science platforms to enhance their decision-making capabilities in addition to developing a deeper understanding of their consumers. Industries such as banking, retail, consumer goods, IT and telecom, and healthcare and life sciences are data-centric and, therefore, getting more inclined toward these platforms. Globally, banking, financial services and insurance (BFSI) has been the largest user of data science platform, and IT and telecom industry is expected to display the considerable growth in the demand during the historical period.
Moderate competition among market players
The global data science platform market is moderately competitive, with players more focused toward upgrading their technologies and providing on-demand offerings to businesses. Some of the key players in the market are Microsoft Corporation, Google Inc., IBM Corporation, Wolfram Research, DataRobot Inc., Sense Inc., RapidMiner Inc., Domino Data Lab, and Alteryx Inc.
Technology providers in the data science platform market are devising business strategies to attract more customers and increase their market share. While some companies are entering into strategic partnerships to help industries transform their business, some are upgrading their offerings to provide a more personalized consumer experience.
GLOBAL DATA SCIENCE PLATFORM MARKET SEGMENTATION
Market Segmentation by Business Function
Market Segmentation by Deployment Type
Market Segmentation by Industry Vertical
Market Segmentation by Geography