Data Science Platform Market Overview
The global data science platform market size is slated to reach USD 115 billion by 2027. It is set to expand at 29% CAGR from 2020 to 2027 (forecast period), as per the report by Market Research Future (MRFR). MRFR prides itself on being a leading authority of trust and reliance due to its impeccable research on various topics across domains. The report contains a thorough analysis of the COVID-19 pandemic and its effects on the industry.
Market Scope
The global data science platform market is driven by urgent demand for analytical tools by all industry heads and awareness of relevance of data. Investments in research and development and push for digital technologies that can navigate growth strategies can augur favorably for the market. Advances in IoT, AI, and ML can positively impact the market.
Adoption of these platforms due to its compatibility with open source third-party tools to scale resource capability can drive market demand significantly. The software can encourage collaborations between teams without losing objective of company goals. Huge demand for data scientists for filtering through large sets of unstructured data and adoption of cloud databases can bolster the market demand. Active use of data science within the telecom sector to identify the right segment of customers for proper targeting can propel market growth.
But lack of professionals with desired skills and scarcity of data science programs can restrain market growth.
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COVID-19 Impact
The COVID-19 pandemic has affected the data science platform market owing to unpredictable changes in policies and laws. However, the use of patient data to predict outcomes of patients and success of patients through trials can be expedited through these platforms. Development of advanced algorithms and creation of new cycles for precise decision making can positively impact market growth
Segmentation Analysis
Marketing Function to Lead in Market Revenue
The marketing function is expected to contribute the most to the global data science platform market owing to rise of digital marketing and reliance on unstructured datasets to glean new insights. Low financial risk, prediction of revenue generation, and focus on customer experience can drive the segment growth.
BFSI Vertical to Dominate Data Science Platform Market Demand
The BFSI vertical is expected to dominate the market owing to assessment of risks in middle office functions. The huge demand for adherence to Know Your Customer (KYC) norms by banks and financial institutions to prevent frauds and extend business across corporations can bode well for the market.
Regional Analysis
North America to Capture Maximum Market Share
North America is estimated to capture maximum share of the global data science platform market due to focus on players in the region to improve the features. Moreover, the reliance on large datasets and funding raised by players to enhance capabilities of the platform can bode well for the market.
Competitive Analysis
Alteryx, Inc. (U.S.), Wolfram (U.S.), Data Robot Inc. (U.S.), RapidMiner Inc. (U.S.), Microsoft Corporation (U.S.), Dataiku (France), Sense Inc. (U.S.), Continuum Analytics, Inc. (U.S.), IBM Corporation (U.S.), Domino Data Lab (U.S.), and Google, Inc. (U.S.) are key players in the global data science platform market.
Industry News
ClosesLoop.ai, a US data science platform, has raised USD 34 million in funding in 2021. It plans to improve personalized forecasts delivered to patients based on the patient data and medical history.
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