Chicago, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The global DataOps Platform Market size is estimated to grow from USD 3.9 billion in 2023 to USD 10.9 billion by 2028, at a CAGR of 23.0% during the forecast period, according to a new report by MarketsandMarkets™. The DataOps platform is a transformational shift from traditional DevOps, with a core focus on improving communication, integration, and automation of data flow between data providers and data consumers. It embodies a comprehensive approach to data management that extends beyond technology, encompassing agile methodologies, automation, and collaboration among data professionals.
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DataOps Platform Market Dynamics:
Drivers:
- Increased data complexity and data volume.
- Rise in need to gain real-time insights.
- Increased demand for cloud solutions
- Extensive focus on data-driven insights.
Restraints:
- Data privacy and security concerns.
- Budget constraints due to high investment.
Opportunities:
- Need to bridge gap between data engineers and data analysts.
- Need for data teams to keep pace with rapidly changing requirements.
List of Key Players in DataOps Platform Market:
- Microsoft (US)
- IBM (US)
- Oracle (US)
- AWS (US)
- Informatica (US)
- Teradata (US)
- Wipro (India)
- Accenture (Ireland)
- SAS Institute (US)
- Hitachi Vantara (US)
- DataKitchen (US)
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The primary goal of DataOps is to enhance the quality, speed, and business value of data-related activities. By leveraging the principles of DataOps, organizations can streamline their data operations, foster cross-functional collaboration, and achieve better outcomes in terms of data-driven decision-making and overall operational efficiency.
Based on the offering, the market for DataOps platform is segmented into platform and services. The services segment is broadly segmented into professional and managed services. Professional services include consulting, deployment & integration, training, support & maintenance. Service providers in the DataOps platform market are expanding their offerings to provide customers with end-to-end solutions. These services aid organizations in accelerating their digital transformation journeys, optimizing data management processes, and improving operational efficiency while reducing costs. Consequently, services have become an integral part of the DataOps platform market and are expected to experience increased demand in the coming years. By leveraging these comprehensive services, businesses effectively navigate their DataOps journey, ensuring seamless integration, implementation, and ongoing support for their data management initiatives.
The DataOps platform market has been segmented based on vertical into BFSI, Healthcare & Life Sciences, Retail & eCommerce, Manufacturing, Government & Defense, Telecommunications, Transportation & Logistics, IT/ITeS, Media & Entertainment, other (Education, Energy and Utilities, and Travel and Hospitality). DataOps platform vendors must prioritize understanding the specific end-user requirements of each industry and tailor their solutions accordingly. The BFSI sector is a highly regulated environment and handles sensitive data, the utmost importance lies in providing a secure, reliable, and scalable platform for data processing. DataOps platforms for BFSI facilitate compliance with stringent data privacy regulations and ensure data quality throughout the entire data lifecycle. By embracing DataOps platform, financial institutions gain valuable insights into their operations, customer behavior, and market trends, empowering them to make informed and strategic decisions that drive business growth.
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The DataOps platform market is segmented into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. As the Asia Pacific region continues its journey of digital transformation, the adoption of DataOps platforms is rapidly gaining traction. Organizations in the region are increasingly realizing the significance of unlocking the potential of their data to drive innovation, enhance customer experiences, and gain a competitive edge in the market. DataOps platforms provide a comprehensive solution that equips businesses with the necessary tools to efficiently manage and leverage their valuable data assets. With a strong emphasis on harnessing the power of data, the Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period.
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