Data Science Platform Market Analysis Report By Application, By Component, By Vertical, By Region And Segment Forecasts From 2020 To 2027

Synopsis

With reference to the report published, the global data science platform market size was prized by USD 3.93 billion in 2019. It is estimated to witness a 26.9% CAGR from 2020 to 2027.

Drivers

By way of increasing funds for research & development, technical improvements are speedily happening. Since the projects are increasing, the demand for the tools which can augment their effectiveness as well as the production is increasing. Improvements like the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) are the positions that are increasing the acceptance of the software and data science platform. By way of daily increasing data, the sophisticated tools for data management are considerably contributing to the expansion of the market.

Now a day, the implementation of data science platforms is rising fast. The software offers greater suppleness to open-source tools, along with the scalability of computerized resources. Furthermore, it can effortlessly adjust to a variety of data structural designs. Except for this, the data science platform allows version management, which authorizes the data science faction to work together on the projects with no loss of the job that has recently been finished. These profits are considerably encouraging the progress of the data science platform market.

Effect of Covid-19

The ongoing COVID-19 pandemic has influenced each business. In addition, the pandemic has upset the business of data science. Owing to speedy transformations, in online shopping or the patterns of traffic, the previously used standards for segmentation or forecasting are fading. The supply chain is disturbed due to the locked borders. Hence, at present, the companies are concentrating on placing long, medium, and short term data-driven procedures, to create well-versed decisions.

Component Insight

In 2019, the platforms segment retained the biggest share of the revenue, which was more than 84%. The reason behind this is the increasing acceptance of data technology from medium and large size enterprises. On the basis of components, the data science platform market is classified into services and platforms. Companies are concentrating on organizing the products which can offer them reproducibility and standardization. This can be attained by means of installing the data science platforms.

The services section is expected to go up in the anticipated period. Services offered by the major companies in the market consist of support, integration, consulting, maintenance, deployment, training, and others.

By way of the data science platforms presenting considerable openings for development, new companies are seeking ways to put together data science platforms in their operational setting, to increase output and good organization. Therefore, these services are being extensively accepted to incorporate the technology, efficiently, into their existing background.

Application Insight

The sales and marketing sector retained the prime share of the revenue in 2019 with more than 33%. On the basis of application, the data science platform market is segmented into finance & accounting, marketing & sales, customer support, logistics plus others. The biggest revenue share of the marketing & sales sector is caused by the variety of compensations presented, for instance by means of data science, the marketing & sales division can obtain additional insights into the customer's personal expenditure as well as marketing budget, thus, creating extra Return on Investment (ROI). Despite this, factors like abridged economic threat owing to the exact estimation of expenditure, more expected generation of revenue, and better client experience, add to the acceptance of the data science platform, within the section.

The logistics subdivision is utilizing the data science platform to optimize the procedure of the supply chain. It facilitates in making insights from data composed from shipping, stock, and the whole thing amid them and after that helps to recognize the pattern which will affect the complete supply chain. To take out the larger worth from data, the finance & accounting segment is furthermore utilizing the data science platform. CFOs, accounting companies, and others are utilizing knowledge to augment their ability of data governance as well as for analytics.

Vertical Insight

The BFSI section held the prime share of the revenue in 2019 with more than 19%. The data science platform market is classified into government, e-commerce & retail, BFSI, IT & telecommunication, energy & utilities, manufacturing, healthcare, and others, on the source of the verticals.

The healthcare segment is projected to grow up, all through the forecast period. One of the important functions of this platform is checkup imaging. Considerable direction on enhancing the healthcare administration is encouraging the speedy acceptance of the technology, within the sector.

To augment the efficiency and production, the IT & telecommunication division is moreover implementing the data science platform. The platform facilitates abolishing the routine procedures and offers deeper insights into composing records. The manufacturing sector is moreover expected to develop in the projected future, by the reason of the increasing implementation of the data science platform, to foster process effectiveness. Model-driven judgment, prepared by leveraging machine learning expertise, adds to the speedy acceptance of tools in the e-commerce as well as a retail segment.

Regional Insight

In 2019, the European data science platform market seized the subsequent maximum share. Since the data-driven digital alteration is increasing, a better number of companies, within the region, are implementing the technology to impel the development. The Asia Pacific market is projected to record the maximum CAGR, during the period of the forecast. Asking price of the acquirement, enhanced value of the period, in addition to the retention of the customers, is the factors, pushing this expansion.

North America held the biggest revenue share of the market in 2019. By the reason of, an increasing concentration on these platforms, additional progression took placed, by the major participants of the market, within the region. For example, a technology company, Oracle Corporation, declared the introduction of a cloud-centric data science platform, in February 2020. The potentials of new-fangled platforms comprise model catalogs, the ability to reproduce, guidelines for team security, common projects, and audit facility.

Companies

The market participants are concentrating on working together, to build on sophisticated technologies, to furnish requirements of the customers. Such a technology company, IBM Corporation, teamed up with Anaconda Inc., a source of python data science platform, in June 2020. The combined attempts were made to make things easier for the implementation of open-source technologies, sourced on artificial intelligence. This would assist companies to fill up the skill difference between artificial intelligence and data science.

Some of the companies for the data science platform market are:

• The Math Works, Inc.
• SAS Institute Inc.
• Alteryx, Inc.
• H2O.ai
• Microsoft Corporation
• SAP
• TIBCO Software Inc.
• Oracle
• IBM Corporation
• Google LLC

Report Scope

Segments Covered in the Report

This report provides forecasts for revenue growth at the global, regional, and country levels and analyses of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global data science platform market report based on application, component, vertical, and region:

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Marketing & Sales
    • Logistics
    • Finance and Accounting
    • Customer Support
    • Others

• Component Outlook (Revenue, USD Million, 2016 - 2027)
    • Platform
    • Services

• Vertical Outlook (Revenue, USD Million, 2016 - 2027)
    • IT & Telecommunication
    • Healthcare
    • BFSI
    • Manufacturing
    • Retail & E-commerce
    • Energy and Utilities
    • Government
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • The U.K.
        • France
    • The Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • The Middle East and Africa (MEA)