The Data Science Platform by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Data Science Platform , The data science platform market size has grown exponentially in recent years. It will grow from $94.73 billion in 2023 to $122.82 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to demand for predictive analytics, regulatory compliance requirements, open source ecosystem growth, increasing data complexity, focus on data governance and privacy..
The data science platform market size is expected to see exponential growth in the next few years. It will grow to $361.44 billion in 2028 at a compound annual growth rate (CAGR) of 31.0%. The growth in the forecast period can be attributed to exponential growth in unstructured data, natural language processing (nlp) advancements, cross-functional collaboration platforms, democratization of data science.. Major trends in the forecast period include hybrid and multi-cloud deployments, integration with business intelligence , exponential increase in data science applications, continuous model monitoring and management, hyperautomation and process integration, collaborative model development and versioning..
The increase in demand for big data analytics is expected to propel the growth of the data science platform market during the forecast period. Big data analytics employs advanced analytic techniques to analyze a mixture of structured, semi-structured, and unstructured data collected by businesses and entities. Data science is the practice of extracting important information from data using advanced analytics techniques and scientific principles for enterprise decisions, strategic planning, and other purposes. For instance, according to Techjury, a US-based software company, the big data analytics sector is projected to reach $77 billion by 2023. Therefore, the increasing demand for big data analytics drives the data science platform market growth.
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The data science platform market covered in this report is segmented –
1) By Type: Solutions, Services
2) By Deployment: Cloud-Based, On-Premise
3) By End User: BFSI, Telecommunication, Transportation And Logistics, Healthcare, Manufacturing, Other End Users
The adoption of analytic apps is shaping the data science platform market. Major data science companies that use applications are focusing on adopting analytics applications that will help them better understand consumer behavior. Data analytic apps can tell users if the app is detected, compare downloads and in-app purchases, monitor, and evaluate KPIs, and give users in-app analytics insights, among other things. For instance, in May 2021, InCorta, Inc., a US-based company that provides data analytics software launched the Incorta Mobile app. The Incorta Mobile App allows Incorta users to access, evaluate, and analyze business information from anywhere, at any time, with the ability to drill down into particular transaction details.
The data science platform market report table of contents includes:
- Executive Summary
- Data Science Platform Market Characteristics
- Data Science Platform Market Trends And Strategies
- Data Science Platform Market – Macro Economic Scenario
- Global Data Science Platform Market Size and Growth
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- Global Data Science Platform Market Competitive Benchmarking
- Global Data Science Platform Market Competitive Dashboard
- Key Mergers And Acquisitions In The Data Science Platform Market
- Data Science Platform Market Future Outlook and Potential Analysis
- Appendix
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