Data Science and Machine Learning Platforms Market Size to Reach USD 466.3 Billion by 2032 | CAGR: 17.4% | DataHorizzon Research

Fort Collins, Colorado, Sept. 21, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Data Science and Machine Learning Platforms Market Size, Growth, Share, Statistics Report, By Component (Platform, Services, Consulting, others), By Deployment Mode (Cloud-based, On-premise), By Industry Vertical, By Application, By Region Forecasts, 2023-2032."     

According to DataHorizzon Research, The data science and machine learning platform market was estimated to be valued at USD 94.2 Billion in 2023 to reach USD 466.3 Billion by 2032 with a CAGR of 17.4%. The report comprehensively analyzes the market conditions at global and regional levels in the communications sector. It also highlights the collaborative strategies between key players and their overall impact on the global market.

Machine learning is a branch of computer science that uses data and algorithms to learn without being explicitly programmed and employs statistical methods for classification, prediction, and discovering key insights to make important decisions in businesses and applications. It has 4 types of algorithms: supervised, unsupervised, semi-supervised, and reinforcement. 

Consumer insights are used by organizations to tailor their products or services according to customers’ requirements and expectations. The consumer data can be obtained from different sources, like service data, product and service reviews, market research, and purchase history. Data Science and ML Platforms help businesses derive meaningful conclusions from this data, develop marketing plans, and enhance product offerings. This factor contributes to the growth of the data science and ML platform market.

Additionally, the predictive analytics in businesses is also promoting the market growth. Predictive analytics enable businesses with data-driven decisions and forecast future trends. It helps businesses take advantage of opportunities or respond to challenges before they occur. Predictive analytics is useful in sales forecasting to predict demand and adjust prices on that basis to forecast future cash flow, machine malfunctions, and others. Data science and ML platforms are used to develop these predictive models, which is another factor augmenting the market growth.

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Report Snapshot:

Segmentation Overview:

The global data science and machine learning platforms market has been segmented as component, deployment, vertical, application, and region. The platform segment accounted for a significant market share in 2022, attributed to the demand for customized components in end-users. By deployment, the cloud segment growth is anticipated to the rise in the use of business analytics and data processing.

North America is the leading region for data science and machine learning platforms owing to the rise in the use of machine learning algorithms. The inclination towards automation is projected to drive the use of machine learning platforms in the forthcoming years. On the other hand, Asia Pacific is a fast-growing market, and the growth is attributed to the rising adoption of big data, location analytics, and the emergence of technological startups in the region.

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Data Science and Machine Learning Platforms Market Report Highlights:

• The global data science and machine learning platforms market is projected to value USD 466.3 billion by 2032.

• The significance of artificial intelligence for data science in the healthcare and automotive industries drives the need for data science and machine learning platforms in these sectors.

• By component, the platform segment accounted for a significant share in 2022 and is anticipated to account for a significant market share in the forthcoming years.

• Cloud deployments offer significant growth to the industry and are expected to dominate the corporate domain in the following years.

• North America is at the forefront of data science and machine learning platforms. Technological advancements and numerous machine learning and data science applications in the learning industry have encouraged its adoption. On the other hand, Asia Pacific is a fast-growing market due to the region's digitalization wave.

• Some of the prominent players in the data science and machine learning platforms market report include IBM, Google, H2O.ai, Microsoft, Alteryx, Oracle, AWS, TIBCO Software Inc., SAS Institute Inc., Mathworks, Cloudera, and RapidMiner.

Key Developments and Trends in the Industry:

• In 2023, predictive analytics and forecasting using data science and machine learning approach has become a norm in the research industry. It harnesses business potential to adapt rapidly to the changing landscape in the industry.

• Companies are adapting to customer analytics using machine learning models that enable them to offer personalized experiences and meet individual preferences and needs. 

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Data Science and Machine Learning Platform Market Report Segmentation:

Data Science and Machine Learning Platform Market, By Component (2023-2032)

• Platform
• Services
• Consulting
• Deployment & Integration
• Others

Data Science and Machine Learning Platform Market, By Deployment Mode (2023-2032)

• Cloud-based
• On-premise

Data Science and Machine Learning Platform Market, By Industry Vertical (2023-2032)

• IT & Telecommunication
• Healthcare
• BFSI
• Manufacturing
• Retail
• Energy & Utilities
• Defense
• Other

Data Science and Machine Learning Platform Market, By Application (2023-2032)

• Marketing
• Sales
• Finance
• Logistics
• Others

Data Science and Machine Learning Platform Market, By Region (2023-2032)

• North America
  • U.S.
  • Canada

• Europe
  • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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