Pune, India, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The global data science platform market size was valued at USD 64.14 billion in 2021. The market is projected to grow from USD 81.47 billion in 2022 to USD 484.17 billion by 2029, exhibiting a CAGR of 29.0% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Data Science Platform Market Forecast, 2022-2029.”
Key Industry Development:
In order to provide a professional service of integrated risk solutions, particularly around Asset Liability Management (ALM), and support other industries including banking and finance, SAS Institute acquired Kamakura Corporation.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 29.0% |
| 2029 Value Projection | USD 484.17 Billion |
| Base Year | 2021 |
| Data Science Platform Market Size in 2021 | USD 64.14 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 153 |
| Segments covered | Deployment, Enterprise Type, Application, Industry and Geography |
| Data Science Platform Market Growth Drivers | Increasing Use of Data Science Software in Healthcare to Boost Market Throughout the Forecast Period |
Increased Demand for Data Science Platforms from Several Organizations to Fuel Market Growth
As the COVID-19 pandemic affected daily life, individuals and organizations had to reevaluate their plans and objectives. It has been demonstrated that these advancements fuel innovation and technical advancement. Developing, marketing, selling, and providing support for comprehensive and integrated solutions have cost businesses time and money. Due to the COVID-19 pandemic, sales saw significant rise with an increase in growth rate in 2020.
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Drivers and Restraints:
Increasing Use of Data Science Software in Healthcare to Boost Market Throughout the Forecast Period
The huge amounts of organized, fragmented, and unstructured data generated by healthcare systems are easier to analyses, manage, and assimilate with the aid of this platform. Additionally, it supports a number of medical research communities that extensively integrate, exchange, and assess historical and patient-level data from commercial and academic phase III clinical trials. An extensive data set like this supports pharmaceutical research and development and is a component of data science.
Segments:
Quick Access to Data to Fuel Cloud-based Platform Demand
Based on deployment, the market is bifurcated into cloud and on premise. Cloud holds the highest data science platform market share and is also expected to grow at the highest CAGR during the forecast period.
Rapidly Growing Data to Boost Large Enterprises in Investing in the Platform
Based on enterprise type, the market is classified into large enterprises and small & medium enterprises. Large enterprises segment is expected to gain maximum revenue share during the forecast period.
Continuously Changing Customer Behavior to Boost Marketing Segment CAGR
Based on application, the market is split into customer support, business operation, marketing, finance & accounting, logistics, and others. Marketing is expected to witness rapid growth rate during the forecast period.
Growing Focus on Customer Support to Boost Platform Demand in BFSI
Based on industry, the market is divided into BFSI, IT & telecom, healthcare, retail, manufacturing, transportation, and others. BFSI and IT & telecom are expected to gain maximum segment share during the forecast period.
In terms of region, the market is divided into five key regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.
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Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Regional Insights:
North America to Lead Backed by Rising Expenditures on Advanced Technologies
During the projected period, North America is anticipated to account for the majority of revenue. Key players from a variety of sectors are present, which is anticipated to fuel market expansion. Increasing expenditures on cutting-edge technologies are also driving the data science platform market.
During the projection period, the Asia Pacific region is anticipated to have substantial expansion. It is anticipated that big data analytics technologies would spread quickly across industries.
The Middle East and Africa's manufacturing sector's rising productivity is anticipated to increase business opportunities for platform software vendors. Over the past few years, manufacturing has emerged as a crucial economic indicator for MEA nations.
Competitive Landscape:
Acquisitions Initiated by Key Companies to Promote Market Growth
The leading data science platform players constantly opt for efficient strategies to bolster their brand value as well as promote the global data science platform market growth. One such efficient strategy is acquiring competitive companies and further securing a profit for both the companies.
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List of Key Players Covered in Data Science Platform Market Report:
- IBM Corporation (U.S.)
- SAS Institute Inc. (U.S.)
- Dataiku (U.S.)
- TIBCO Software Inc. (U.S.)
- Databricks (U.S.)
- The Mathworks Inc. (U.S.)
- Alteryx Inc. (U.S.)
- DataRobot Inc. (U.S.)
- Microsoft Corporation (U.S.)
- Oracle Corporation (U.S.)
Major Table of Contents:
- Global Data Science Platform Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Application
- Customer Support
- Business Operation
- Marketing
- Finance & Accounting
- Logistics
- Others
- By Industry (USD)
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Transportation
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Data Science Platform Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Application
- Customer Support
- Business Operation
- Marketing
- Finance & Accounting
- Logistics
- Others
- By Industry (USD)
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Transportation
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Data Science Platform Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Application
- Customer Support
- Business Operation
- Marketing
- Finance & Accounting
- Logistics
- Others
- By Industry (USD)
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Transportation
- Others
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
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