New York, USA, Aug. 24, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global data science platform market is expected to generate a revenue of $224.3 billion by 2026, growing at a CAGR of 31.1% during the forecast period (2019-2026). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Application of data science and its analytical tools substantially help organizations to take better business decisions based on the deciphered data. Furthermore, the analytical tools also help organizations to predict the purchasing pattern of their customers, thus enabling them to focus on their product innovation and offerings accordingly. These factors are expected to bolster the growth of the market during the forecast period.
Restrains: Lack of skilled and experienced professionals are expected to impede the growth of the market during the forecast period.
Opportunities: Persistent technological advancements in the analytical tools are expected to create vital investment opportunities for the growth of the market during the forecast period.
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Segments of the Market
The report has divided the market into different segments based on type, end-use and region.
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Type: Service Sub-segment to be Most Profitable
The service sub-segment is expected to generate a revenue of $76.0 billion during the forecast period. Service type significantly helps to analyze the demands of the clients and subsequently aid in increasing customer satisfaction. These factors are expected to accelerate the growth of the sub-segment during the forecast period.
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End-Use: Banking, Financial Services and Insurance Sub-segment to Have the Highest Growth Rate
The banking, financial services and insurance sub-segment are expected to grow exponentially, surging at a CAGR of 29.4% during the forecast period. Data Science substantially helps companies to effectively monitor transactions and detect any kind of frauds in the sub-segment. This factor is expected to drive the growth of the sub-segment during the forecast period.
Region: North America Anticipated to Dominate the Market
Increasing adoption of analytical tools in the region is expected to fuel the growth of the market during the forecast period. Moreover, rising demand for IOT is further expected to drive the growth of the market in this region during the forecast period.
Key Players of the Market
1. Civis Analytics
2. Domino Data Lab Inc.
3. Databricks
4. Microsoft Corporation
5. Dataiku
6. Alphabet Inc. (Google)
7. Cloudera Inc.
8. Anaconda Inc.
9. Altair Engineering Inc.
10. IBM Corporation
For instance, in February 2021, ThoughtWorks, a global software consultancy firm, acquired Fourkind, a Finland-based management consulting and advisory service company, so as to maximize the ability of ThoughWorks to support and service various clients in countries like Finland and Netherlands.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships and collaborations to sustain the growth of the market. The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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