The global data science platform market is expected to witness significant growth by 2026, due to the growing adoption of data analytical tools across organizations. Based on type, the service type sub-segment is expected to be the most productive. Regionally, the North America region is expected to hold the maximum share of the market.
New York, USA, Feb. 22, 2023 (GLOBE NEWSWIRE) — According to a report published by Research Dive, the global data science platform market is anticipated to garner $224.3 billion, growing at a healthy CAGR of 31.1% during the forecast timeframe from 2019 to 2026.
As per our analysts, with the rising adoption of data analytical tools across organizations, the data science platform market is predicted to experience a remarkable growth during the estimated period. Moreover, the increasing use of data analytics tools provides vast possibilities for learning the unobserved consumer purchasing pattern which is expected to create huge growth opportunities for the market over the forecast period. However, the lack of domain expertise and data breach may hamper the growth of the market throughout the analysis period.
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Segments of the Data Science Platform Market
The report has divided the market into segments based on type, end-use, and region.
Type: Service Type Sub-Segment to be Most Productive
The service type sub-segment is expected to generate a revenue of $76.0 billion throughout the forecast timeframe. This is mainly because service type helps to improve customer satisfaction by helping clients to solve the toughest challenges. Moreover, the growing complexity in the operational field and the increasing use of business Intelligence (BI) tools are expected to foster the growth of the market during the analysis period.
End-Use: Banking, Financial Services, and Insurance to be Most Profitable
The banking, financial services, and insurance sub-segment are predicted to grow at a CAGR of 29.4% during the analysis period. The increasing implementation of data science in the banking, financial services, and insurance sectors to check fraudulence, add value to the clients, and provide a better experience to their customers are expected to augment the growth of the market over the estimated period.
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North America Region to Hold the Largest Share of the Market
The North America region of the data science platform market is predicted to generate a revenue of $80.3 billion during the forecast timeframe. The growing demand for the internet of things (IoT) and cloud for data fetching and handling is expected to thrive the regional growth of the market throughout the analysis timeframe.
Key Players of the Market
The major players of the data science platform market include
- Cloudera Inc.
- Civis Analytics
- Anaconda Inc.
- IBM Corporation
- Domino Data Lab Inc.
- Altair Engineering Inc.
- Alphabet Inc. (Google)
- Microsoft Corporation
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
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For instance, in October 2021, Databricks, a leading data, and AI company announced its acquisition of 8080 Labs, a cutting-edge German startup. With this acquisition, Databricks aimed to broaden the accessibility of its lakehouse platform to a wider audience of citizen data scientists and data team personas. This would further enable the democratization of data and AI throughout the enterprise.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Data Science Platform Market:
- Data Science Platform: A Centralized Flexible Platform and a Software Hub for Business
- Global Data Science Platform Market to Foresee Positive Growth in the Near Future Owing to its Wide Range of Use in Various Industries
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