Data Science Platform Market Outlook, and Opportunity Analysis, 2020 - 2027

 

Data Science Platform Market

Data Science is mainly focuses on extracting knowledge from the data sets, which are generally large in size. Data science involves pre-processing of data that include removal of unwanted data and errors for analysis and presenting the findings for making informed decision in the organisation. The data science platform allows data scientists to plan future strategies and make informed decisions based on historical data. The data science platform provides a flexible environment that allows organisations to incorporate data-driven decisions into operational and customer-facing systems to improve business outcomes and the customer experience.

During the forecast period, the global Data Science Platform Market is expected to grow at a CAGR of 29.8%. (2020–2027). The increasing volume of data and gaining access to organisational data from various departments across the organisation are expected to drive the data science platform market. According to the International Data Corporation (IDC), the global datasphere was 33 zettabytes in 2018, and it is expected to increase to 175 zettabytes by 2025, creating a huge demand for data science platforms to handle the data.

North America is expected to have the largest market share in the global data science platform market in 2020 and to maintain its dominance throughout the forecast period. The growing demand for IoT applications and cloud storage generates a large volume of data, necessitating the use of advanced data handling tools in the North American market. According to Coherent Insights Market Analysis, the United States generated 6.9 zettabytes of data in 2018, with that figure expected to rise to 30.6 zettabytes by 2025.

Data Science Platform Market Divisions-

·        By Component:  Platform and Services

·        By Deployment Type: On-premise, and Cloud-based

·        Enterprise Size: SME’s and Large Enterprises

·        By Function: Marketing and Sales, Finance, Operations, and Others

·     By End-use Industry: Retail, Healthcare and Life Sciences, Banking, Financial Services, and Insurance (BFSI), Automotive, IT and Telecommunication, Construction, Aerospace, and Others

In 2019, the BFSI segment accounted for the largest share of the global market and is expected to maintain its dominance over the forecast period. In the finance industry, data science is used for risk analytics, which assists the company in making better strategic decisions, increasing customer trustworthiness, and ensuring the company's security. Furthermore, data science can be used for real-time consumer analytics. Organizations can learn from consumer behavior and make sound business decisions. Insurance companies, for example, are using consumer analytics to increase cross-selling.

Top Companies involved are ALTERYX, INC., Anaconda, Inc, BigML, Inc., DataRobot, Inc., Google, IBM, Microsoft, RapidMiner, Inc, RStudio, Inc., SAS Institute Inc., The MathWorks, Inc, and TIBCO Software Inc

Comments

Post a Comment

Popular posts from this blog

Security Robot Market is Estimated To Witness High Growth Owing To Increasing Demand for Enhanced Surveillance

Image
Security Robot Market The Security Robot Market is estimated to be valued at US$ 11.8 billion in 2022 and is expected to exhibit a CAGR of 12.87% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Security Robot Market encompasses advanced robotic technologies that are specifically designed and developed to enhance security and surveillance operations. These robots are equipped with features such as video surveillance, thermal imaging, facial recognition, and intrusion detection, among others. They are extensively used by security agencies and organizations across various sectors, including residential, commercial, industrial, and government, to enhance safety, reduce human intervention, and streamline security operations. Security robots offer real-time monitoring, remote control, and high accuracy, making them an ideal choice for surveillance in sensitive areas and remote locations. Market Dynamics:
Read more

The Ever-Evolving Landscape of the Scottish Whisky Market during the Forecast Period 2019-2027

Image
  Scottish Whisky Market The Scottish Whisky Market is a captivating landscape that has been evolving and transforming over the years. It is a world of tradition, craftsmanship, and heritage, where every drop of whisky tells a story. The history of Scottish whisky traces back centuries, with the earliest records dating back to the 15th century. Whisky production initially started in monasteries, where monks distilled spirits for medicinal purposes. Over time, whisky production moved from monastic settings to farms and then to commercial distilleries. This transition marked the beginning of an industry that would become synonymous with Scotland. Scottish Whisky Market Was Valued At US$ 4.97 Bn In 2018, And It Is Expected To Reach US$ 7.89 Bn By The End Of 2027, Exhibiting A CAGR Of 5.3% During The Forecast Period (2019 To 2027). One of the defining characteristics of the Scottish Whisky Market is its adherence to traditional production methods. Scotch whisky is made from malted b
Read more

Monochloroacetic Acid (MCAA) Market Is Estimated To Witness High Growth Owing To Increasing Demand for Surfactants and Herbicides

Image
Monochloroacetic Acid (MCAA) Market The Monochloroacetic Acid (MCAA) Market is estimated to be valued at USD 676.52 Million in 2022 and is expected to exhibit a CAGR of 7.03% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: The Monochloroacetic Acid (MCAA) Market is driven by the increasing demand for surfactants and herbicides in several industries such as agriculture, pharmaceuticals, textiles, and personal care. MCAA is extensively used in the production of surfactants, herbicides, and carboxymethyl cellulose (CMC), which are essential in various applications. These applications include detergents, agrochemicals, pharmaceuticals, dyes, and cosmetics, among others. The versatile properties of MCAA, such as its ability to act as a raw material in the production of herbicides and surfactants, make it highly desirable in the market. Market Dynamics: The Monochloroacetic Acid (MCAA) Market is driven by two k
Read more