Data Science Platform Market Worth USD 79.7 Billion by 2030, Top Impacting Factors, Growth Analysis and Industry Predictions

According to the report published by Allied Market Research, the global data science platform market generated $4.7 billion in 2020 and is estimated to reach $79.7 billion by 2030, witnessing a CAGR of 33.6% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

The global data science platform market is experiencing growth propelled by advancements in big data technology, a focus on utilizing data for decision-making, and an increasing dependence on machine learning. Despite these positive factors, challenges such as high investment costs and concerns related to data privacy, security, and reliability are impeding market expansion. Conversely, the rising adoption of cloud-based solutions and services is poised to create new opportunities in the foreseeable future.

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A data science platform is a pre-packaged software application designed to encompass the entire life cycle of a data science project. It serves as an indispensable tool for data scientists by providing essential functionalities such as data exploration, model development, and model distribution. These platforms also facilitate data preparation and visualization, offering a robust computing infrastructure at a large scale. By centralizing operations, data science platforms promote collaboration among users, functioning as a comprehensive solution for data modeling. With embedded APIs, these platforms allow for efficient model production and testing, minimizing the need for external engineering support.

The growing reliance on machine learning underscores the necessity for data science platforms that address the requirements of building, training, scaling, and deploying machine learning (ML) models. The adoption of appropriate platforms and technologies is instrumental in achieving breakthroughs in the field of data science. Additionally, the continuous advancements in big data technology, coupled with the increasing significance of collecting and leveraging data for decision-making, are expected to drive the growth of the Data Science Platform Industry in the forecast period. Challenges such as high investment costs, concerns related to data privacy and security, and issues of reliability as perceived by employees act as impediments to the growth of the Data Science Platform Market. However, the market is poised for expansion with the anticipated adoption of cloud-based solutions and services, along with the exploration of untapped and emerging markets for data science platforms, providing substantial growth opportunities during the forecast period.

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Covid-19 Scenario:

➢ Various organizations adopted the work-from-home culture due to lockdown measures. This created the demand for data science platforms to manage critical information of organizations. This presented lucrative opportunities for market growth.

➢ Moreover, governments in numerous countries adopted data science to avail real-time data on coronavirus cases and gain actionable insights from the data.

The global data science platform market is extensively segmented in the report, considering factors such as component, application, industry vertical, and region.

In 2020, the platform segment played a predominant role, contributing the largest share-more than three-fifths-of the total market. Nevertheless, the services segment is anticipated to exhibit the most substantial Compound Annual Growth Rate (CAGR) of 37.9% from 2021 to 2030.

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In 2020, the BFSI sector dominated the global data science platform market, representing approximately 25% of the market share based on industry verticals. Nevertheless, the healthcare segment is anticipated to experience the most significant Compound Annual Growth Rate (CAGR) of 36.8% throughout the forecast period.

In terms of geographical distribution, North America held the largest share in 2020, contributing to approximately 50% of the overall market share and is expected to maintain its leading position until 2030. Conversely, the Asia-Pacific region is forecasted to exhibit the highest CAGR of 35.8% during the forecast period.

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Key players in the industry

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.

These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

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