New York, USA, Dec. 20, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global data science platform market is envisioned to generate a revenue of $224.3 billion and rise at a CAGR of 31.1% during the estimated timeframe from 2019-2026.
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As per our analysts, with the increasing adoption of data analytical tools to take predictive decisions, and to build, control, and assess data, the market is predicted to see prominent growth over the analysis period. Besides, the growing possibilities of these tools in providing information about imperceptible consumer purchasing patterns are predicted to foster the growth of the data science platform market during the forecast period. Moreover, the rising adoption of data science platforms in the emerging markets is further predicted to create huge growth opportunities for the market over the analysis timeframe. However, the lack of domain expertise and data breach may hinder the growth of the market over the estimated timeframe.
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Segments of the Data Science Platform Market
The report has divided the data science platform market into segments based on type, end-use, and region.
Type: Service Type Sub-Segment to be Most Productive
The service type sub-segment is expected to generate a revenue of $76.0 billion during the forecast timeframe. This is mainly because the service type helps in predicting the demand of clients which further helps in improving customer satisfaction. Moreover, the increasing complexity in the operational field and growing use of business intelligence tools is further predicted to foster the growth of the data science platform market sub-segment during the forecast period.
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End-Use: Banking, Financial Services, and Insurance Sub-Segment to be Most Productive
The banking, financial services, and insurance sub-segment are projected to rise at a CAGR of 29.4% over the estimated timeframe. This is mainly because data science in the banking, financial services, and insurance sector helps in providing a better experience to their customers. In addition, the possibility of detecting fraud in banking and finance services and helping policymakers in taking decisions and building strategies are expected to boost the growth of the data science platform market sub-segment during the analysis period.
Region: North America Region Expected to Have Wide Growth Opportunities
The North America region is expected to garner a revenue of $80.3 billion over the analysis timeframe. The increasing demand in implementation of the internet of things (IoT) and cloud in data science tools in fetching and handling data is further expected to bolster the growth of the market over the estimated period.
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Key Players of the Data Science Platform 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
These players are working on the development of new business strategies and tactics to acquire leading positions in the global industry.
For instance, in September 2021, Octo, a leading IT service management company especially delivering IoT-based services, has disclosed its partnership with Dataiku, an artificial intelligence, and machine learning company. With this partnership, Octo is able to collaborate with customers in providing effective solutions in various sectors such as defense, finance, health care, and many others.
In addition, the report also presents different aspects including SWOT analysis, the financial performance of the key players, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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