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Data Science Platform Market Expansion Continues, with Forecast Valuation of $485.95 Billion by 2029
Data Science Platform
Data Science Platform Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the market size of data science platforms has witnessed a significant expansion. It is forecasted to increase from $120.49 billion in 2024 to $154.79 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 28.5%. Factors such as the surge in demand for predictive analytics, regulation compliance needs, expansion of the open-source ecosystem, increasing complexities in data, and a growing emphasis on data governance and privacy have contributed to the growth experienced during the historical period.
Data Science Platform Market Size Forecast: What's the Projected Valuation by 2029?
The market size of the data science platform is predicted to experience an explosive growth in the forthcoming years. With a compound annual growth rate (CAGR) of 33.1%, this market will expand to $485.95 billion by 2029. The expected growth during the forecast period is due to factors such as the surge in unstructured data, advancements in natural language processing (NLP), the emergence of cross-functional collaboration platforms, and the spread of data science. Key trends predicted for the period include integration with business intelligence, the utilization of hybrid and multi-cloud deployments, a substantial rise in data science applications, ongoing monitoring and management of models, widespread adoption of process integration and hyper-automation, and collaboration in model development and versioning.
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What Are the Drivers Transforming the Data Science Platform Market?
The expected surge in need for big data analytics is likely to drive the expansion of the data science platform market during the forecast period. Advanced analytic techniques are employed in big data analytics to examine a combination of structured, semi-structured, and unstructured data gathered by companies and organizations. The field of data science involves using advanced analytics and scientific principles to extract valuable details from data for various applications such as business decisions, strategic planning, and more. For example, Techjury, a US-based software company, has estimated that the big data analytics industry will touch $77 billion by 2023. Consequently, the growing need for big data analytics is fuelling the growth of the data science platform market.
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What Long-Term Trends Will Define the Future of the Data Science Platform Market?
The data science platform market is being transformed by the rise of analytic applications. Big-ticket data science firms using these applications are focusing on incorporating analytic apps to better grasp consumer behavior. This encompasses detection of app usage, comparison of downloads and in-app purchases, tracking and evaluating KPIs, and providing users with in-app analytics insights. For example, DataRobot AI Cloud, a US-based firm specializing in automated machine learning, launched Google Cloud Marketplace in June 2022. The new Marketplace allows clients such as American Family Mutual Insurance, Randstad North America, and Rentokil Initial to operate its AI Cloud alongside their applications and data on Google Cloud. This merge enables customers to use Google Cloud's broad series of services, like BigQuery and Vertex AI, to create, train, and efficiently implement models, meeting the increasing need for hybrid multi-cloud platforms that resolve data silos and boost AI abilities.
Which Segments in the Data Science Platform Market Offer the Most Profit Potential?
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 Firms Dominate the Data Science Platform Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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
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