A data science platform is a software application that includes a variety of technologies for the entire life cycle of a data science project and related projects. A data science platform is used to run, track, reproduce, and explore information from various sources with powerful tools. This framework is being widely used by industries today for data preparation, data exploration, model development, as well as model distribution, and data visualization.
Data science platforms can be categorized into open data science platforms and closed data science platforms. Open data science platforms enable data scientists to select the programming languages and packages per their choice. While closed data science platforms are the ones wherein data scientists have to use the vendor’s platform-specific programming language, GUI tools, and modeling packages. A substantial rise in the big data industry across the globe is primarily driving the growth of the data science platform market.
According to the research report, the global data science platform market size & share was valued at USD 95.31 billion in 2021 and is expected to reach USD 695.0 Billion By 2030, growing at a CAGR of 27.6% during the forecast period.
Data Science Platform Market: Growth Drivers
The growing advancements in technologies such as the Internet of things (IoT), Artificial Intelligence (AI), machine learning (ML), edge computing, and streaming analytics are driving the growth of the data science platform market. Increasing investment in research and development is fueling the market growth. The rising adoption of data science platforms due to their high flexibility to open source tools and scalability of computer resources is one of the key factors accelerating the market growth.
Further, the rising adoption of the data science platform industry in markets such as Brazil, African countries, and the Gulf Cooperation Council (GCC) countries has led to an increase in the data science platform market’s growth. Moreover, the increasing advancement of big data technology is expected to flourish the market growth during the forecast period. The rapid increase in data opens various opportunities for organizations to adopt new technologies, which also propels the growth of the data science platform market.
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Data Science Platform Market: Report Segmentation
- By component: The platform segment dominates the global market because industry players are introducing new data science and analytics platforms.
- By Deployment Model: The cloud segment is expected to register the highest CAGR over the forecast period owing to the faster access provided by cloud-based data science programs to business intelligence, enhanced collaboration, and efficient processing and reporting of data findings.
- By Business Function: The marketing segment is anticipated to record the highest CAGR during the forecast period due to the increased adoption of data science platforms in different industries to analyze the efficiency of their marketing initiatives, advertising advertisement, and campaigns.
- By Industry Vertical: The BFSI segment is expected to witness the largest share over the projected period as data science platforms are gaining acceptance among all verticals to improve profitability and reduce overall costs.
Geographical Overview: Data Science Platform Market
Based on geography, North America held the largest revenue share in the global data science platform market. The key factor contributing to the growth of the market in the region is the growing demand for IoT, cloud, and edge solutions. Many organizations in North America are adopting data discovery and Data Science platforms, which is driving the growth of the data science market in the region.
Furthermore, APAC is expected to hold the highest growth in the global data science market. Also, an increase in expenditure on big data technologies in nations such as India and China, growing digitalization, coupled with increasing demand for centrally managed systems, and rising adoption of IoT and AI in business operations are further expected to drive the market growth.
Read More Details: Data Science Platform Market Size Global Report, 2022 – 2030
Recent Developments:
- In February 2022, U.S. Bank, the fifth-largest banking institution in the United States, announced a partnership with Microsoft Corporation to use the Azure data science platform to analyze statistics and provide new products to customers.
- In February 2020, Oracle Corporation launched the Oracle Cloud Data Science Platform.
- In May 2021, Google updated Google Vertex AI, a new ML platform on Google Cloud, which makes all its cloud offerings available under one roof. Google Vertex AI helps developers to employ and maintain AI models.
Data Science Platform Market: By Component Outlook
- Platform
- Services
- Professional Services
- Support and maintenance
- Consulting
- Deployment and Integration
- Managed Services
Data Science Platform Market: By Deployment Model Outlook
- Cloud
- On-premise
Data Science Platform Market: By Business Function Outlook
- Marketing
- Sales
- Logistics
- Finance & Accounting
- Customer Support
- Others
Data Science Platform Market: By Industry Vertical Outlook
- BFSI
- Retail & e-commerce
- Telecom & IT
- Media & Entertainment
- Healthcare & Life Sciences
- Government & Defense
- Manufacturing
- Transportation & Logistics
- Energy & Utilities
- Others