Global Data Science Platform Market Research Report

Dublin, April 22, 2022 (GLOBE NEWSWIRE) — The “Data Science Platform Market with COVID-19 Impact Analysis by Component (Platform and Services), Business Function (Marketing, Sales, Logistics and customer support), deployment mode, organization The “Size, Vertical and Region – Global Forecast to 2026” report has been added to from ResearchAndMarkets.com offer.

The data science platform market size is expected to grow from USD 95.3 billion in 2021 to USD 322.9 billion in 2026, at a compound annual growth rate (CAGR) of 27.7% during the period forecast.

Data science platform industry is driven by amazing growth of big data, however, increasing adoption of cloud-based solutions, increasing application of data science platform data in various industries and the growing need to extract deep insights from big data to gain competitiveness. advantage.

On the basis of components, the service segment is expected to grow at a higher CAGR during the forecast period
The services segment of the data science platform market is further segmented into professional services (consulting, support & maintenance, deployment & integration) and managed services. This section discusses the market size and growth rate of each Services sub-segment based on type (for selected sub-segments) and region.

Based on mode of deployment, on-premises segment is segmented to accommodate larger market size during the forecast period

Most companies, primarily in highly regulated industry sectors, such as BFSI, healthcare and life sciences, and manufacturing, are opting for the data science platform on-premises deployment model. Large enterprises with sufficient IT resources should opt for the on-premises deployment model.

On-premises is the most trusted mode of deployment that a business can count on for a high level of control and security. Businesses need to purchase the license or a copy to deploy the cloud-based platform. If an organization uses on-premises storage, it may also need IT staff to maintain and manage the servers.

On the basis of business function, the Finance and Accounting segment is expected to grow at a higher CAGR during the forecast period

Financial services firms and banks, for example, are using financial data science: Forward-thinking banks and FinTechs are improving customer service by evaluating transactional and behavioral data using various data science methods. Data science is already being used by some of the world’s largest banks to acquire insights into previous customer purchases, engagements, and accounts that matter most to them.

Investment items, insurance coverage, bank accounts and mortgages are now the most common notices they receive. Data science also provides insight into how a product is selling or to whom it is selling, enabling financial services organizations and banks to create consumer products, policies and investment instruments that will sell. well in the future.

Based on organization size, large enterprise segment to accommodate larger market size over the forecast period

The adoption of data science platform by large enterprises is high due to the growing cloud adoption, and the trend is expected to continue during the forecast period. Large companies accumulate huge amounts of data which can be attributed to the large customer base. In large enterprises, data plays a major role in evaluating the overall performance of organizations.

Large companies leverage the data science platform from various sources, for example social media feeds or sensors and cameras, each record should be processed in a way that preserves its relationship with other data and its sequence in time.

APAC is expected to grow at a higher CAGR during the forecast period

Asia-Pacific (APAC) has continuously presented lucrative market opportunities for data science platform solutions and service providers with notable increase in data science platform in its developed countries and Emerging., Japan, China, and India have displayed numerous growth opportunities in the Data Science Platform Market.

Due to a rapidly proliferating technology-backed economic structure, APAC is expected to become the fastest growing region in demand for data science platform software and services over the period. forecast.

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  • Increased digitalization and emerging technologies, such as Big Data, Ml, Analytics, Iot and Ai, to drive the market growth
  • BFSI Vertical will account for the largest market share during the forecast period
  • North America will account for the largest market share in 2021
  • Marketing business function and BFSI industry vertical to account for largest shares of data science platform market in 2021

Market dynamics

Drivers

  • Amazing Big Data Growth
  • Growing adoption of cloud-based solutions
  • Growing application of data science platform in various industries
  • Growing need to extract deep insights from big data to gain competitive advantage

Constraints

  • Lack of clarity on the business problem
  • Strict government rules and regulations

Opportunities

  • Higher propensity of companies to adopt data-intensive business strategies
  • Growing adoption of advanced technologies

Challenges

  • Lack of sufficiently skilled labor
  • Data privacy, security and reliability issues

Use case

  • Banking, financial services and insurance: Use case 1: Cba uses the capabilities of H2O Ai Cloud to drive better results for customers and the community at higher pace and scale
  • Telecommunications and Information Technology: Use Case 2: At&T uses H2O.Ai to address a wide range of use cases, from marketing and sales to network uptime and maintenance
  • Retail and Consumer Goods: Use Case 3: Azure Databricks Delivers a Unified Data Analytics Platform to Reckitt to Improve Cost Optimization
  • Government and Defense: Use Case 4: Project Odyssey uses Sas software for data integration and intelligent data mining of large ballistic and criminal datasets
  • Media and Entertainment: Use Case 5: Comcast Uses H2O Ai Cloud to Improve Customer Experience
  • Manufacturing: Use case 6: Engie Digital uses Amazon Sagemaker for predictive maintenance in power plants
  • Health and life sciences
  • Use Case 7: Nursing Department Uses Tibco’s Data Science Software to Power the Training Process
  • Transport and logistics: use case 8: Transport for London uses Rapidminer to improve the performance of the road network
  • Energy and Utilities: Use Case 9: Blue River Analytics uses Tibco’s data science to save time, reduce costs and increase productivity

Regulatory implications

  • General Data Protection Regulation
  • Health Insurance Portability and Accountability Act
  • Payment Card Industry Data Security Standard
  • Sarbanes-Oxley Act of 2002
  • Soc 2 Type Ii Compliance
  • ISO/IEC 27001
  • The Gramm-Leach-Bliley Law

Company Profiles

Main actors

  • IBM
  • Google
  • Microsoft
  • mathworks
  • SAS
  • Cloudera
  • Teradata
  • Tibco
  • AWS
  • Alteryx
  • rapid miner
  • Databrick
  • Snowflake
  • H2O.Ai
  • Anaconda
  • Altair

SME/Start-up

  • Sap
  • Domino Data Lab
  • Dataiku
  • data crawler
  • Apheris
  • Comet
  • data band
  • Stitch data
  • Explorer
  • Noogata
  • Tecton
  • Spell
  • Arrikto
  • Iterative

For more information on this report visit https://www.researchandmarkets.com/r/hpn29f

  • Report Author Expects Global Data Science Platforms Market


About Perry Perrie

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