Press release
Data Science Platform Market to Witness Substantial Growth due to Increasing Demand for Advanced Analytics and Data-Driven Decision Making across Industries
Data Science Platform Market 2023
According to SNS Insider, the value of the Data Science Platform Market was USD 7.97 billion in 2022. It is projected to reach USD 46.56 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.67% from 2023 to 2030.
A data science platform is a software or cloud-based solution that provides an integrated environment for performing various tasks and processes involved in the field of data science. It offers a comprehensive set of tools, frameworks, and resources to support the entire data science workflow, from data collection and preparation to model development, evaluation, and deployment.
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Key players included are:
• Microsoft Corporation
• Sas Institute
• Fair Issac Corporation (FICO)
• International Business Machines Corporation (IBM Corporation)
• Sap SE
• Teradata Corporation
• Altreyx
• Dataiku SAS
• Rapidminer
• The MathWorks
• Others
Market Analysis:
The data science platform market is experiencing significant growth, primarily fueled by the expanding big data industry worldwide. This surge in big data can be attributed to the widespread adoption of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), edge computing, and streaming analytics, among others. Artificial Intelligence, with its ability to analyze vast amounts of data and derive meaningful insights, has become a driving force behind the big data industry.
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Impact of Recession:
A recession can have varying impacts on the data science platform market. While decreased spending and delayed adoption may pose challenges, the market can also experience consolidation, a shift in market priorities, and increased focus on ROI. Additionally, recessions can drive innovation and adaptation, leading to the emergence of new platforms. Overall, the market's response to a recession depends on the ability of platform providers to adapt to changing market dynamics and deliver value to businesses in challenging times.
Segmentation Analysis:
The platform segment and BFSI segment are poised to dominate the data science platform market due to their unique requirements and the benefits they derive from advanced analytics capabilities. Data science platforms offer these segments the necessary tools to extract value from complex data sets, drive innovation, and gain a competitive edge. As the data science field continues to evolve, it is expected that the platform and BFSI segments will maintain their leadership positions, driving the growth and development of the overall market.
Segmentation and Sub-Segmentation included are:
On The Basis of Component:
• Platform
• Services
On The Basis of Application:
• Marketing & Sales
• Logistics
• Finance and Accounting
• Customer Support
• Others
On The Basis of Industry Vertical:
• BFSI
• Retail and E-Commerce
• IT and Telecom
• Transportation
• Healthcare
• Manufacturing
• Others
Regional Status & Analysis:
North America's leadership in the global data science platform market can be attributed to the region's escalating demand for IoT, cloud, and edge solutions. The rapid growth in data generation necessitates the deployment of advanced technologies for efficient data processing and analysis. As organizations increasingly recognize the value of data-driven decision-making, the demand for comprehensive data science platforms will continue to thrive, solidifying North America's position as the primary revenue contributor in this burgeoning market.
Conclusion:
The market is poised for significant growth and innovation in the coming years. The market will witness advancements in analytics capabilities, cloud-based solutions, democratization of data science, integration with open-source ecosystems, and enhanced data governance and security.
Frequently Asked Questions:
• What is the projected outlook for data science platform market growth?
- The global market is projected to reach a valuation of USD 46.56 billion by the year 2030.
• What are the major factors influencing the data science platform market?
- The market is experiencing robust growth due to the ever-expanding big data industry.
• Who are the leading players in the data science platform market?
- Microsoft Corporation, International business machines corporation (IBM Corporation), Sas institute inc., Fair Issac Corporation (fico), Sap SE, Dataiku sas, Rapidminer inc
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Table of Contents - Major Key Points:
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Data Science Platform Market Segmentation, by Component
9. Data Science Platform Market Segmentation, by Application
10. Data Science Platform Market Segmentation, by Industry Vertical
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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Our staff is dedicated to giving our clients reliable information, and with expertise working in the majority of industrial sectors, we're proud to be recognized as one of the world's top market research firms. We can quickly design and implement pertinent research programs, including surveys and focus groups, and we have the resources and competence to deal with clients in practically any company sector.
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