New York, USA, July 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global data science platform market is estimated to garner $224.3 billion by 2026 and grow at 31.1% CAGR over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Data Science Platform Market
Drivers: The rising adoption of analytical tools to take predictive decisions and the growing product development in analytical tools are some factors anticipated to drive the growth of the global data science platform market during the forecast period.
Opportunities: Growing demand for data science and analytical tools by businesses to update their processes and acquire new customers is the prime factor expected to create abundant growth opportunities for the global data science platform market during the analysis years. Moreover, usage of data science to build, access, and control an organization’s data and add meaningful insights is yet another factor to boost the market growth.
Restraints: Lack of domain expertise is the major factor to hamper the market growth.
Segments of the Data Science Platform Market
The report has divided the data science platform market into multiple segments based on type, end-use, and regional analysis.
Type: Services Sub-segment to be Have Significant Growth Rate
The services sub-segment is predicted to have a significant growth rate during the 2019-2026 forecast years due to the rising complexity in the operational field and increasing use of business intelligence (BI) tools. Services effectively understand the clients’ demands to solve tough challenges and enhance customer satisfaction. Moreover, the extensive usage of services to build effective business strategies is yet another factor to bolster the sub-segment’s growth by 2026.
End-use: Banking, Financial Services, and Insurance Sub-segment to be Highly Dominant
The banking, financial services, and insurance sub-segment of the global data science platform market is projected to hold a dominant market share due to the prominent role of data science in banking and insurance services. Data science helps in analyzing the data to provide better user experience and detecting fraud in banking and financial services. These factors are estimated to propel the sub-segment’s growth by 2026.
Region: Market in the North America Region to Have Better Growth Opportunities
The data science platform market in the North America region is anticipated to have better growth opportunities by 2026 due to the rising demand and utilization of Internet of Things (IoT). Moreover, the extensive utilization of cloud-based technologies for better data handling is also expected to surge the demand for data science, thus uplifting the market growth in the North America region.
Key Data Science Platform Market Players
Some key data science platform market players include
- Anaconda, Inc.
- Microsoft Corporation
- Alphabet Inc. (Google)
- IBM Corporation
- Dataiku
- Databricks
- Cloudera, Inc.
- Altair Engineering, Inc.
- Civis Analytics
- Domino Data Lab, Inc., among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in June 2022, Domino DataLabs, a machine learning operations and management software maker, announced its partnership with Snowflake, a cloud-computing data warehousing company, to introduce new capabilities in its Domino 5.2 platform and co-develop new Domino-Snowflake integrations. One of these products would be an end-to-end enterprise data science lifecycle solution on a single data deployment platform.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Data Science Platform Market:
- Global Data Science Platform Market to Foresee Positive Growth in the Near Future Owing to its Wide Range of Use in Various Industries
- Data Science Platform: A Centralized Flexible Platform and a Software Hub for Business
