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

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