USD 79.7 Billion Data Science Platform Market Worth by 2030, Top Impacting Factors, Analysis & Industry Predictions

Data science platform is a packaged software application that provides the tools for the entire life cycle of a data science project.

PORTLAND, PORTLAND, OR, UNITED STATE, December 6, 2023 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global data science platform market generated $4.7 billion in 2020 and is estimated to reach $79.7 billion by 2030, witnessing a CAGR of 33.6% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Advancements in big data technology, emphasis on collecting & using data for decision making, and a surge in reliance on machine learning drive the growth of the global data science platform market. However, high investment cost and issues related to data privacy, security, & reliability hinder the market growth. On the other hand, surge in adoption of cloud-based solutions & services present new opportunities in the coming years.

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A data science platform is a pre-packaged software application designed to encompass the entire life cycle of a data science project. It serves as an indispensable tool for data scientists by providing essential functionalities such as data exploration, model development, and model distribution. These platforms also facilitate data preparation and visualization, offering a robust computing infrastructure at a large scale. By centralizing operations, data science platforms promote collaboration among users, functioning as a comprehensive solution for data modeling. With embedded APIs, these platforms allow for efficient model production and testing, minimizing the need for external engineering support.

The growing reliance on machine learning underscores the necessity for data science platforms that address the requirements of building, training, scaling, and deploying machine learning (ML) models. The adoption of appropriate platforms and technologies is instrumental in achieving breakthroughs in the field of data science. Additionally, the continuous advancements in big data technology, coupled with the increasing significance of collecting and leveraging data for decision-making, are expected to drive the growth of the Data Science Platform Industry in the forecast period. Challenges such as high investment costs, concerns related to data privacy and security, and issues of reliability as perceived by employees act as impediments to the growth of the Data Science Platform Market. However, the market is poised for expansion with the anticipated adoption of cloud-based solutions and services, along with the exploration of untapped and emerging markets for data science platforms, providing substantial growth opportunities during the forecast period.

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Covid-19 Scenario:

➢ Various organizations adopted the work-from-home culture due to lockdown measures. This created the demand for data science platforms to manage critical information of organizations. This presented lucrative opportunities for market growth.

➢ Moreover, governments in numerous countries adopted data science to avail real-time data on coronavirus cases and gain actionable insights from the data.

The report offers detailed segmentation of the global data science platform market based on component, application, industry vertical, and region.

Based on components, the platform segment contributed to the highest share in 2020, accounting for more than three-fifths of the total market share. However, the services segment is projected to manifest the highest CAGR of 37.9% from 2021 to 2030.

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Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for around one-fourth of the global data science platform market. However, the healthcare segment is estimated to witness the largest CAGR of 36.8% during the forecast period.

Based on region, North America accounted for the highest share in 2020, contributing to around half of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 35.8% during the forecast period.

Key players in the industry

Leading players of the global data science platform industry analyzed in the research include Microsoft Corporation, SAS Institute, Inc., IBM Corporation, RapidMiner, Inc., SAP SE, Alteryx, Inc., Dataiku, The MathWorks, Inc., FICO, and Teradata.

These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.

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