Press release
Data Science Platform Market Growth to Display CAGR of 33.6%
Data Science Platform Market
Advancements in big data technology, emphasis on collecting & using data for decision making, and a surge in reliance on machine learning drive the growth of the global data science platform market. However, high investment cost and issues related to data privacy, security, & reliability hinder the market growth. On the other hand, surge in adoption of cloud-based solutions & services present new opportunities in the coming years.
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The report offers detailed segmentation of the global data science platform market based on component, application, industry vertical, and region.
Based on components, the platform segment contributed to the highest share in 2020, accounting for more than three-fifths of the total market share. However, the services segment is projected to manifest the highest CAGR of 37.9% from 2021 to 2030.
Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for around one-fourth of the global data science platform market. However, the healthcare segment is estimated to witness the largest CAGR of 36.8% during the forecast period.
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Based on region, North America accounted for the highest share in 2020, contributing to around half of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 35.8% during the forecast period.
Leading players of the global data science platform industry analyzed in the research include Microsoft Corporation, SAS Institute, Inc., IBM Corporation, RapidMiner, Inc., SAP SE, Alteryx, Inc., Dataiku, The MathWorks, Inc., FICO, and Teradata.
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KEY FINDINGS OF THE STUDY -
• By component, in 2020 the platform segment dominated the Data science platform market size. However, the services segment is expected to exhibit significant growth during Data science platform market forecast period.
• By industry vertical, the BFSI generated the highest revenue in 2020 of Data science platform market share. However, the manufacturing segment is expected to exhibit significant growth during the forecast period.
• As per the application, marketing & Sales segment dominated the global market
• Region wise, the Data science platform industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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The COVID-19 have positively impacted the growth of the market and COVID-19 will surely provide numerous opportunities for the market to grow in the forecasted period. These opportunities include a surge in demand for Data science platform in enterprises due to remote work initiatives, increase in healthcare applications, and introduction of innovative Data science platform solutions.
The advantages of data science platform have become more obvious during the COVID-19 pandemic. The overall lockdown has constrained organizations to move toward digitalization for the arrangement of work from home officers to their employee. The effect of the COVID-19 pandemic is altogether driving the interest for data science platforms as the main technology companies are integrating automation and intelligence into their organizations.
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