Press release
Data Science Platform Market to Reach $183,688 Million by 2023
Data Science Platform Market - AMR
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Data science platform solutions include analytics and performance management, business intelligence and analytics tools, analytic data management and integration platform, and advanced & predictive analytics software solutions. Moreover, the service segment includes consulting, designing & integration, risk assessment, and training.
Rise in data collection; realization of the importance of data science platform by the organizations; and the advancement of different technologies, such as big data analytics, Internet of Things, and artificial intelligence, drive the market growth. However, lack of skilled workforce and growth in concern of data security and protection are anticipated to hamper the market growth during the forecast period.
Dominating Market Players Profiled in the Report
•Microsoft Corporation
•IBM Corporation
•SAS Institute Inc.
•SAP SE
•RapidMiner Inc.
•Dataiku SAS
•Alteryx Inc
•Fair Issac Corporation (FICO)
•MathWorks, Inc
•Teradata Inc.
The service segment is projected to grow at a CAGR of around 47% during the forecast period. Increase in competition and a rise in the need of consultancy and outsourcing services are anticipated to boost this segment growth during the forecast period.
The others segment dominated the market in 2016, followed by Banking, Financial Services, and Insurance (BFSI) segment. Furthermore, these segments collectively accounted for around 54% share of the overall market revenue in 2016. The manufacturing sector is expected to register the highest CAGR of around 43%, owing to the implementation of new technology, such as intelligent robots, 3D printing, drones, and artificial intelligence.
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The global data science platform market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as strategic collaborations and acquisitions.
Key Findings of the Data Science Platform Market:
•The solutions segment dominated the market in 2016.
•The manufacturing segment is expected to register the highest CAGR during the forecast period.
•North America was the highest contributor to the overall data science platform market size in 2016; however, in terms of growth, Asia-Pacific is estimated to show the highest growth rate.
•The U.S. led in terms of expenditure, on data science platform solutions and services, in 2016.
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Top executives have realized that the use of data science platform is extremely important and data analytics is going to shift the competitive landscape globally. Hence, organizations look at data science investments as ROI-based valuation, wherein they allocate budget for existing strategies and decide whether to invest in data acquisition, in developing a complex model or in both.
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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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