Press release
Data Science Platform Market to reach $224.3 billion by 2026 at 31.1% CAGR
Data Science Platform Market
Data science is the preparation, extraction, visualization, and maintenance of information. Data science uses scientific methods and processes to draw the outcomes from the data. With the help of data science tools and practices one can recognize the data patterns. The person dealing with data science tools and practices uses meaningful insights from the data to assist the companies to take the necessary decision. Basically, data science helps the system to function smarter and can take autonomous decisions based on historical data.
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Capabilities of Data Science Platforms
As per the blog published by Research Dive, the prime data science platforms provide the flexibility of open source tools and the scalability of adaptable compute resources. A quality data science platform incorporates best practices that have been refined and developed over years of software engineering. Version control is one of those best practices, which allows the data science team to collaborate on projects without losing already done work. In addition, a good data science platform will line up data architecture of any type. Also, to better facilitate the collaboration, a data science platform also helps the data scientists to unburden low-value tasks, such as running reports, reproducing past results, and scheduling jobs.
Data Science Platform, by Type
oService
oSolution
Data Science Platform, by End Use
oTelecommunication
oBFSI
oHealthcare
oTransport and Logistics
oManufacturing
oOthers
Data Science Platform, by Region
North Region
o U.S
o Canada
Europe
o UK
o Germany
o France
o Italy
o Rest of Europe
Asia-Pacific
o China
o India
o Japan
o South Korea
o Australia
o Rest of Asia Pacific
LAMEA
o Middle East
o Africa
o Rest of LAMEA
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Forecast Analysis of Data Science Platform Market
Global market for data science platform is projected to witness a significant growth during the forecast period from 2019 to 2026. Several factors such as adoption of artificial intelligence, increasing demand for public cloud, explosive growth of Internet of Things (IoT) applications, machine learning, rise and revolution in demand of big data are expected to drive the demand for data science platform market growth.
Lack of domain expertise and data breach are some of the major restrains for the growth of data science platform market. Data science is a novel field to many and there are a number of professionals that are not that experienced in the respective field to handle the complex issues. Hence, the availability of domain expertise in the respective field is considered to be the major restrains of the data science platform.
Increasing adoption of data analytical tools is giving significant uplift to the growth of the global market in the near future. As per the Research Dive report statistics, the global data science platform market is anticipated to grow at 31.1% CAGR and will reach up to $224.3 billion during the period of forecast. The report highlights prominent players operating in the global market. Some of them are Alphabet Inc. (Google), Databricks, Domino Data Lab, Inc., Civis Analytics, Dataiku, Cloudera, Inc., IBM Corporation, Anaconda, Inc., Microsoft Corporation., and Altair Engineering, Inc. These players are adopting several strategies such as collaborations, product development, and are also initiating R&D activities to stand strong in the global market.
Key Market players holding the major share
o Microsoft Corporation
o Databricks
o Alphabet Inc. (Google)
o Domino Data Lab, Inc.
o Dataiku
o Civis Analytics
o Cloudera, Inc.
o Anaconda, Inc.
o IBM Corporation
o Altair Engineering, Inc.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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