Press release
Data Science Platform Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Data Science Platform Market Size
The burgeoning need for big data analytics is set to fuel the expansion of the data science platform market in the projected period. Big data analytics employs sophisticated analytical methods to scrutinize an array of structured, semi-structured, and unstructured data gathered by corporations and organizations. Data science involves extracting crucial information from data utilizing state-of-the-art analytics techniques and scientific principles for corporate decisions, strategic planning, and other applications. For instance, as per Techjury, a software company based in the U.S., the big data analytics sector is estimated to hit $77 billion by 2023. Thus, the escalating demand for big data analytics is a significant driver for the growth of the data science platform market.
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What is the projected compound annual growth rate (CAGR) of the data science platform market from 2025 to 2034, and what factors influence it?
The market size for data science platforms has seen rapid expansion over recent years. Its size is projected to increase from $120.49 billion in 2024 to $154.79 billion in 2025, which equates to a compound annual growth rate (CAGR) of 28.5%. This notable growth during the historical period is credited to factors including the increased demand for predictive analytics, the necessity for regulatory compliance, the expansion of the open-source ecosystem, the escalating complexity of data, and a heightened emphasis on data governance and privacy.
In the coming years, the data science platform market is anticipated to experience remarkable growth, increasing to $485.95 billion by 2029 with a compound annual growth rate (CAGR) of 33.1%. This growth during the forecast period can be ascribed to a tremendous increase in unstructured data, breakthroughs in natural language processing (NLP), cross-functional collaboration platforms, and the widespread accessibility of data science. The period is also expected to witness dominant trends such as hybrid and multi-cloud implementations, incorporation with business intelligence, a surge of data science applications, constant monitoring and management of models, hyper-automation, process integration, collaborative model development, and versioning.
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How are the latest trends influencing the growth of the data science platform market?
The data science platform market is being transformed by the rising use of analytic applications. Leading data science firms are employing these apps to gain a deeper understanding of customer behaviors. These analytics applications grant insights into app detection, comparison of downloads and in-app purchases, and allow users to track and assess KPIs, and provide in-app analytics insights, among other utilities. For example, in June 2022, DataRobot AI Cloud, a firm based in the US that delivers automated machine learning solutions, introduced a new offering on the Google Cloud Marketplace. This move enables firms such as American Family Mutual Insurance, Randstad North America, and Rentokil Initial to operate DataRobot's AI Cloud alongside their own applications and data on Google Cloud. This integration facilitates customers to make use of Google Cloud's extensive services including BigQuery and Vertex AI to efficiently build, train, and deploy models, underscoring the increasing need for hybrid multi-cloud platforms that break down data divisions and augment AI skills.
What are the major segments of the data science platform market and their role in driving growth?
The data science platform market covered in this report is segmented -
1) By Type: Solutions, Services
2) By Deployment: Cloud-Based, On-Premise
3) By End User: BFSI, Telecommunication, Transportation And Logistics, Healthcare, Manufacturing, Other End Users
Subsegments:
1) By Solutions: Data Preparation And Cleaning Tools, Machine Learning And AI Tools, Data Visualization Tools, Model Deployment And Monitoring Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Which regions are key players in the growth of the data science platform market?
North America was the largest region in the data science platform market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data science platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the key firms paving the way for growth in the data science platform market?
Major companies operating in the data science platform market include Microsoft Corporation, Google LLC, International Business Machines Corporation (IBM), Oracle Corporation, Alteryx Inc., SAP SE, Teradata Corporation, TIBCO Software Inc., RapidMiner Inc., MathWorks Inc., SAS Institute Inc., Wolfram Research Inc., Dataiku Inc., Fair Isaac Corporation (FICO), Altair Engineering Inc., DataRobot Inc., Apheris AI GmbH, Anaconda Inc., Amazon Web Services Inc. (AWS), Cloudera Inc., Databricks Inc., Snowflake Inc., accenture* PLC, OpenText Corporation, Splunk Inc., NVIDIA Corporation, Sumo Logic Inc., Sisense Inc., VMware Inc., Ernst & Young (EY), Domino Data Lab Inc., WNS Global Services Pvt. Ltd., BRIDGEi2i Analytics Solutions Pvt. Ltd.
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What Is Covered In The Data Science Platform Global Market Report?
•Market Size Forecast: Examine the data science platform market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the data science platform market for a structured understanding.
•Key Players Overview: Analyze major players in the data science platform market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the data science platform market.
•Segment Contributions: Evaluate how different segments drive overall growth in the data science platform market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the data science platform market.
•Industry Challenges: Identify potential risks and obstacles affecting the data science platform market.
•Competitive Landscape: Review strategic developments in the data science platform market, including expansions, agreements, and new product launches.
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