Press release
Rising Popularity of Cloud Solutions Fuel Demand for Data Science Platforms
In addition, the increasing data volume, and surging access to organizational data from various departments throughout business propels the industry growth.
Data science platforms are garnering worldwide popularity. The program offers open-source tools with computing resources scalability, and considerable flexibility. It is easy to align them with diverse data architectures. The platform offers version control and facilitates the data science team to collaborate on projects without losing completed work.
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The fast technical advances, growing volume of organization data, and decreasing cost of smart devices result in the surging generation of unstructured and unorganized data.
More than 80% of data collected by organizations is stored in unstructured papers, machine logs, social media posts, photographs, and other sources.
The rising expansion of data provides companies with chances to acquire new insights that fuel the demand for innovative tactics and processes. It thus fuels the industry expansion in the coming future.
Under the component segment, the data science industry is divided into services and platforms. Among these, the platforms category holds a substantial revenue share, of over 80%. It is led by medium and large-sized organizations that increasingly use data technologies. Thus, they are focusing on developing products that facilitate consistency and efficiency, due to implementation of data science platforms.
On-premises category holds the largest industry share in the data science platform industry, ascribing to rising deployment of data science solutions on-premises. The enterprises' application of on-premise deployment approach is highly regulated in verticals, including healthcare, BFSI, life sciences and manufacturing.
Moreover, numerous organizations with sufficient IT resources prefer to select on-promises deployment strategy. This strategy is most reliable as it facilitates high level of control and security maintenance.
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Large enterprises capture largest industry share, and it is projected to retain its dominance in the coming future, owing to rising popularity of cloud technologies, among these enterprises. A significant amount of data is collected by large organizations from a diversified consumer base. Data holds a greater prominence in measuring performance in large organizations.
These corporations require data science platforms for evaluating data from a range of sources, such as sensors, social media feeds, and webcams.
The companies operating in the industry are; IBM, SAS, Cloudera, Teradata, TIBCO Software Inc., The MathWorks, Inc., Amazon Web Services Inc., Microsoft, Google, and IBM.
Therefore, the rising popularity of cloud technologies fuels the demand for data science platforms.
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