Significant Growth Foreseen by Data Science as a Service Market During 2024
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As the amount of data is increasing due to the extensive use of Internet and information generated by the users of various applications, companies are finding it difficult to process all the data gathered. Also, hiring a data scientist would increase the cost for a company and rising demand for data scientists has resulted in scarcity of these resources. Cumulative impact of these factors is expected to drive the growth of data science as a service market during the coming years. Data science as a service helps companies by increasing the visibility of the data used for analytics, which can be easily utilized by the business solutions to quickly analyze and distribute the information within the organization. Furthermore, data science as a service simplifies the tasks involved in the analysis process by providing simplified tools designed for an employee with non-technical background. It focuses on business requirements rather than the complex statistical models to provide real-time data. Growing requirement for real-time data is also expected to increase the demand for data science as a service market. It can provide processing services throughout the organization by integrating with existing applications. Furthermore, requirements for insights related to customer behavior from the top management is expected to generate demand for data science as a service. As companies are trying to understand the customer requirements more thoroughly to develop customized products, data science as a service is expected to play a key role during the forecast period. It is helping the organizations to step up and move to a next level of service offerings by using the valuable insights.
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Using the cloud infrastructure, data science as a service is delivering the information by reducing the costs required for resources and infrastructure. Also, resources are utilized as and when they are required further reducing the costs for an organization. Growing service industries are completely reliant on customer feedback and behavior. Big Data technologies provide tremendous growth opportunities for data science as a service market as large amount of data must be processed using new tools and techniques within the cost and time constraints.
Major players in the data science as a service market include Amdocs Inc., N-iX, Infogix, Inc., Analyze Corporation and InData Labs.
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