Data Science Platform Market by Component [Solution/Platform and Services (Professional Services and Managed Services)], Deployment (On Premises and Cloud), Business Function (Marketing, Sales, Logistics, Finance & Accounting, Customer Support, and Others), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, IT and Telecom, Retail and Ecommerce, Healthcare, Government, Manufacturing, and Others): Global Market Size Estimates and Forecast (2022-2030)

BMIRE00026070 | Pages: 100 | Technology, Media and Telecommunications | Sep 2022 | Type: Global | Status: Published

The data science platform market crossed US$ 118.39 billion mark in 2022 and is expected to hit US$ 856.86 billion by 2030, recording a CAGR of 28.1% during the forecast period.

Data science platform market has been significantly growing with the increasing adoption of big data in supply chain management.

Firms like IT firms can access, store, and process huge amounts of data due to advances in information technologies. Organizations analyze data sets and generate significant insights to apply to their operations, demonstrating the importance of big data in several industries. Due to the broad adoption of digital technology, big data has emerged as a vital business competency for firms seeking to extract value from an ever-increasing volume of data to achieve a competitive advantage. Data science platform in logistics and supply chain management (LSCM) has gotten tremendous attention because of its complexity and the important role of LSCM in improving overall business performance. Businesses of all sizes recognize the importance of data, from financial services to automobile manufacturing, healthcare, and non-profits. Using a data science platform in a supply chain is becoming increasingly important to provide more meaningful insights. In many omnichannel operations, the retail sector streams tremendous data across its supply chains and customer touchpoints. Thus, increasing the adoption of big data in supply chain management drives the data science platform market growth. The solution/platform segment is expected to hold the major share in the data science platform market during the forecast period. A data science platform helps data scientists enhance their analysis by helping them run, track, reproduce, share and deploy analytical models faster, the platform segment is likely to dominate the segment share in data science platform market.

Within the report, the data science platform market is segmented into component, deployment, business function, organization size, industry, and geography. By component, the market is further segmented into solution/platform and services. On the basis of deployment, the data science platform market is bifurcated into on premises and cloud. By business function, the market is categorized into marketing, sales, logistics, finance & accounting, customer support, and others. On the basis of organization size, the data science platform market is bifurcated into small and medium enterprises and large enterprises. Based on industry, the market is divided into BFSI, IT and telecom, retail and Ecommerce, healthcare, government, manufacturing, and others. Geographically, the data science platform market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Growing databases across various industries empowered the growth of the data science platform market.

The rising digital solutions are exponentially growing data across several industries such as education, BFSI, retail, agriculture, healthcare, IT, and telecommunications. For example, artificial intelligence (AI) has revolutionized precision farming, risk management, and pest control in the agricultural sector. Data science platforms are used in the agriculture industry to examine large amounts of structured and unstructured data sets such as natural trends, advanced supply tracks, optimal crops, and risk assessment collected through sensors, smart machinery, GPS-equipped tractors, and soil sensors. Various data sources, such as YouTube videos, Snapchat, Instagram, Facebook, and WhatsApp chats, generate massive amounts of data. As a result of technological advancements in industries, smart applications, and social media platforms, the industrial revolution is predicted to create huge databases. Thus, the growing database across these industries is driving the growth of the data science platform market.

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Rising adoption in pharmaceutical industries is one of the major factors accelerating the data science platform market growth.

Data science platforms in pharmaceuticals can assist pharmaceutical organizations in lowering the cost and speeding up clinical trials by identifying and analyzing numerous data points, such as the participants' demographic and historical data, remote patient monitoring data, and past clinical trial events data. With the introduction of data science platforms in the pharmaceutical world and life sciences industry, the complex organization processes were streamlined, and the efficiency of the process was increased, contributing to the growth of the data science platform market.

Recent strategic developments in data science platform market

The data science platform market has undergone several significant developments, and a few of these have been mentioned below:

  • In July 2022, Polestar Solutions and Alteryx entered into a partnership to accelerate enterprise analytics and data science automation further.
  • In October 2021, Tredence partnered with Robert Bosch Center for Data Science and Artificial Intelligence (RBCDSAI) at IIT-Madras to propel innovation in AI and data science.
  • In January 2020, The Mastercard Center for inclusive growth and the rockefeller foundation launched as a platform for partnerships that will build the field of data science for social impact.

The data science platform market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Alteryx; Amazon Web Services, Inc.; Cloudera, Inc.; Google LLC; International Business Machines Corporation; MathWorks; Microsoft Corporation; SAS Institute; Teradata Corporation; and TIBCO Software Inc. are among the prominent players operating in the data science platform market.

Target audience for the report:

  • Big data solution providers
  • Data science platform providers
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of data science platforms
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the data science platform market has been segmented on the basis of:

  • Component:
    • Solution/Platform
    • Services
      • Professional Services
      • Managed Services
  • Deployment
    • On premises
    • Cloud
  • Application:
    • Marketing
    • Sales
    • Logistics
    • Finance & Accounting
    • Customer Support
    • Others
  • Organization Size:
    • Small and Medium Enterprises
    • Large Enterprises
  • Industry:
    • BFSI
    • IT and Telecom
    • Retail and Ecommerce
    • Healthcare
    • Government
    • Manufacturing
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies Profiled
    • Alteryx
    • Amazon Web Services, Inc.
    • Cloudera, Inc.
    • Google LLC
    • International Business Machines Corporation
    • MathWorks
    • Microsoft Corporation
    • SAS Institute
    • Teradata Corporation
    • TIBCO Software Inc.

Companies profiled

- Alteryx
- Amazon Web Services, Inc.
- Cloudera, Inc.
- Google LLC
- International Business Machines Corporation
- MathWorks
- Microsoft Corporation
- SAS Institute
- Teradata Corporation
- TIBCO Software Inc.

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