Advancements in big data technology, emphasis on collecting & using data for decision making, and a surge in reliance on machine learning drive the growth of the global data science platform market. However, high investment cost and issues related to data privacy, security, & reliability hinder the market growth. On the other hand, surge in adoption of cloud-based solutions & services present new opportunities in the coming years.
The global data science platform market generated USD 4.7 billion in 2020 and is estimated to reach USD 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 importance of collecting and using data for better decision making and advancements in big data technology drive the market growth. However, data security & high investment costs and reliability issues observed by the employees hamper the market growth. In addition, targeting untapped and emerging market for data science platforms and adoption of cloud-based solutions and services are expected to provide lucrative opportunities for market growth during forecast period.
Key players in the data science platform market:
Microsoft Corporation, SAS Institute, Inc., IBM Corporation, RapidMiner, Inc., SAP SE, Alteryx, Inc., Dataiku, The MathWorks, Inc., FICO, and Teradata.
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Segmental review of the data science platform market:
The report offers detailed segmentation of the global data science platform market based on component, application, industry vertical, and region.
On the basis of component, the platform segment dominated the data science platform market share in 2020 and is expected to maintain its dominance in the forecast period. This is due to the increase in adoption of data science platforms in small and medium enterprises (SMEs). Companies move toward digitization and automation, which accelerate big data and lead to more complex business processes. To deal with these complexities, companies need cutting-edge technologies that enable them to gain real-time insights across vast data pools. The data science platform helps them streamline business processes and gain new customers. However, the services segment is expected to witness highest growth rate during the forecast period.
As per the application, marketing & Sales segment dominated the global market in 2020. This is attributed to the fact that marketing and sales departments of the companies can get more insights into the buyer’s persona and spend by generating more Return on Investment. The data science platform is rapidly being used in marketing for channel optimization, lead targeting, customer segmentation, and advanced lead scoring.
Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for around one-fourth of the global data science platform market. However, the healthcare segment is estimated to witness the largest CAGR of 36.8% during the forecast period.
Based on region, North America accounted for the highest share in 2020, contributing to around half of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 35.8% during the forecast period.
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