The data science platforms market is expected to reach US$ 106.74 billion in 2023 and US$ 1,362.09 billion in 2033. Demand is anticipated to grow at a CAGR of 29% throughout the anticipated time frame.
The rate of technological improvement has accelerated due to increased funding for research and development. As a result, as there are more businesses, there is an increasing demand for technology that boosts production and efficiency.
To enhance consumer experiences, develop cutting-edge products and services, and gain a competitive advantage, businesses are investing a lot of money in data science platforms. Businesses are also investing in data science platforms to develop customized experiences, understand customer behavior and trends, and increase customer loyalty.
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The firms have made it known that they want to continuously undertake model-driven campaigns in a number of their functional areas, including sales, operations, human resources, and manufacturing. Many end users’ workforces are lacking in fundamental technical knowledge and skills, which limits the market’s expansion. The industry’s expansion is hampered by a lack of reliable technology, worries about data security and privacy, strict laws and regulations from the government, and high investment costs.
Key Takeaways from the Data Science Platform Market Report:
- By 2033, the United States is likely to rule the data science platform market, with a CAGR of 24.8%.
- The data science platform market increased at a 25.2% CAGR between 2016 and 2022, citing FMI’s study.
- The data science platform market was expanding, with a value of US$ 82.74 billion in 2022.
- The expansion in China is anticipated to expand at an adequate CAGR of 28.9% by 2033. China’s market is likely to generate a share of US$ 78.65 billion by 2033.
- Japan’s data science platform market is expected to expand significantly, with a CAGR of 8.6% by 2033.
- Between 2023 and 2033, the data science platform sector is likely to increase in India with a size of US$ 10.26 billion.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 11% by 2033.
- Based on deployment, the cloud-based segment led the market share in 2022 and continues to dominate the sector during the forecast period.
- Based on enterprise type, large enterprises are projected to lead the market by 2033.
Key Strategies in the Industry
There exists a thriving startup ecosystem in the worldwide market. Customers may anticipate innovative solutions from over a hundred startups. Such a market is likely to foster fierce rivalry, forcing existing businesses to constantly update and make improvements to their product offerings.
- In February 2022, Dataiku partnered with Polestar Solutions, an APAC company, to strengthen its position in the Indian market. Asian and Pacific organizations can now use an “Everyday AI” platform thanks to Dataiku.
- Databricks made additional contributions to data sharing in June 2022, including a new analytical marketplace, secure data cooperation, and automatic cost optimization.
Major Key players:
- IBM Corporation
- Dataiku
- DataRobot Inc.
- TIBCO Software Inc.
- Databricks
- The Mathworks Inc.
- SAS Institute Inc.
- Microsoft Corporation
- Alteryx Inc.
- Oracle Corporation
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Data Science Platform Market Segmentation:
By Deployment:
- Cloud
- On-premise
By Application:
- Business Operation
- Marketing
- Finance & Accounting
- Logistics
- Customer Support
- Others
By Enterprise Type:
- Large Enterprises
- Small and Medium Enterprises
By Industry:
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Transportation
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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