Data Science Platform Market Grows with Demand for Advanced Analytics for Improved Decision-Making

Data Science Platform Market expands as businesses leverage platforms for data-driven insights and decision-making.

AUSTIN, TEXAS, UNITED STATES, May 22, 2024 /EINPresswire.com/ -- Market Scope and Overview

The Data Science Platform Market size was valued at USD 103.91 Billion in 2023, and is expected to reach USD 615.39 Billion by 2031, growing at a staggering CAGR of 24.9% over the forecast period 2024-2031 according to an SNS Insider report.

The burgeoning need for data-driven insights is a key driver propelling the Data Science Platform Market. In today's digital age, consumers are highly informed and businesses face fierce competition. To stay ahead of the curve, organizations are actively adopting data science tools and best practices to tackle complex business challenges. Data science empowers them to make informed decisions based on real-world scenarios and predict future outcomes with greater accuracy.

Furthermore, the emergence of advanced technologies like Big Data, Machine Learning (ML), Internet of Things (IoT), and Cloud computing is accelerating the shift towards data-centric decision making. Businesses are increasingly relying on data analysis, both historical and real-time, to make strategic choices rather than solely on expert opinions.

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Some of the Major Key Players Studied in this Report are:

➤ Microsoft Corporation
➤ SAS Institute
➤ Fair Issac Corporation (FICO)
➤ International Business Machines Corporation (IBM Corporation)
➤ SAP SE
➤ Teradata Corporation
➤ Altreyx
➤ Dataiku SAS
➤ Rapidminer
➤ The MathWorks
➤ Other Players

Geopolitical Tensions and Economic Slowdown Pose Potential Challenges

The ongoing Russia-Ukraine war has disrupted global supply chains and impacted the tech industry. Shortages of critical components and raw materials could potentially hinder the production of data science platforms. Additionally, rising inflation and economic slowdown might lead to budget constraints, impacting the discretionary spending of organizations on data science solutions.

However, the long-term growth prospects of the Data Science Platform Market remain positive. The increasing adoption of Big Data analytics across industries, particularly in the Asia Pacific region, will continue to propel market expansion. Governments in China, South Korea, and India are actively investing in data analytics tools, recognizing their vast potential across various applications.

Regional Development

North America is expected to maintain its dominance in terms of revenue share throughout the forecast period. The presence of leading players across diverse industries in the region fosters market growth. Additionally, substantial investments in advanced technologies fuel the demand for data science solutions. The well-established presence of key market players in North America further strengthens the region's position. Both Canada and the US are continuously investing in cutting-edge solutions that leverage data to enhance business decision-making capabilities.

The Asia Pacific region is anticipated to witness a remarkable growth rate during the forecast period. The adoption of Big Data analytics tools is expected to surge across various industries. Governments in China, South Korea, India and others are actively investing in data analytics tools, recognizing their applicability across diverse use cases. This, coupled with a growing pool of tech talent and rising internet penetration, positions the Asia Pacific region as a lucrative market for data science platforms.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Component:

➤ Platform
➤ Services

On The Basis of Application:

➤ Marketing & Sales
➤ Logistics
➤ Finance and Accounting
➤ Customer Support
➤ Others

On The Basis of Industry Vertical:

➤ BFSI
➤ Retail and E-Commerce
➤ IT and Telecom
➤ Transportation
➤ Healthcare
➤ Manufacturing
➤ Others

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Recent Developments

➤ In January 2024: Databricks, a software company, unveiled a groundbreaking business intelligence platform specifically designed for telecom carriers and network service providers (NSPs). This platform empowers these entities to gain a holistic understanding of their networks, operations, and customer interactions while ensuring data privacy and intellectual property protection.

➤ In October 2023: Good Data Corporation, a provider of AI-powered data analytics platforms, launched its latest platform catering to ML, AI, and Business Intelligence (BI) workflows. This platform incorporates various generative AI features, such as a virtual assistant that offers data summaries and accelerates data discovery, development, and decision-making processes for users.

Key Takeaways

➤ Make informed business decisions by delving into the segmentation analysis, highlighting the dominant segments and their contributing factors.

➤ Evaluate the potential impact of global events and economic trends on the Data Science Platform Market.

➤ Explore the high-growth potential of the Asia Pacific region and devise strategies to tap into this burgeoning market.

The future trajectory of the Data Science Platform Market hinges on continuous technological advancements and the availability of skilled professionals. The integration of Artificial Intelligence (AI) and automation into data science platforms will further streamline data analysis processes and enhance user experience. Additionally, the development of user-friendly platforms will democratize data science, making it accessible to a wider range of businesses.

However, the scarcity of data scientists with the necessary skills and expertise could potentially impede market growth. To address this challenge, there is a growing need for educational initiatives and training programs to bridge the talent gap and empower a future generation of data science professionals.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Data Science Platform Market Segmentation, by Component
8.1. Platform
8.2. Services

9. Data Science Platform Market Segmentation, by Application
9.1. Marketing & Sales
9.2. Logistics
9.3. Finance and Accounting
9.4. Customer Support
9.5. Others

10. Data Science Platform Market Segmentation, by Industry Vertical
10.1. BFSI
10.2. Retail and E-Commerce
10.3. IT and Telecom
10.4. Transportation
10.5. Healthcare
10.6. Manufacturing
10.7. Others

11. Regional Analysis
11.1. Introduction
11.2. North America
11.3. Europe
11.4. Asia-Pacific
11.5. The Middle East & Africa
11.6. Latin America

12. Company Profile

13. Competitive Landscape
13.1. Competitive Benchmarking
13.2. Market Share Analysis
13.3. Recent Developments

14. USE Cases and Best Practices

15. Conclusion

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