Global Data Science Platform Market Expected to Reach $79.7 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Data Science Platform Market," The global data science platform market was valued at $4.7 billion in 2020, and is estimated to reach $79.7 billion by 2030, growing at a CAGR of 33.6% from 2021 to 2030.

The importance of collecting and using data for better decision making and advancements in big data technology drive the market growth. However, data security & high investment costs and reliability issues observed by the employees hamper the market growth. In addition, targeting untapped and emerging market for data science platforms and adoption of cloud-based solutions and services are expected to provide lucrative opportunities for market growth during forecast period.

On the basis of component, the platform segment dominated the data science platform market share in 2020 and is expected to maintain its dominance in the forecast period. This is due to the increase in adoption of data science platforms in small and medium enterprises (SMEs). Companies move toward digitization and automation, which accelerate big data and lead to more complex business processes. To deal with these complexities, companies need cutting-edge technologies that enable them to gain real-time insights across vast data pools. The data science platform helps them streamline business processes and gain new customers. However, the services segment is expected to witness highest growth rate during the forecast period.

As per the application, marketing & Sales segment dominated the global market in 2020. This is attributed to the fact that marketing and sales departments of the companies can get more insights into the buyer’s persona and spend by generating more Return on Investment. The data science platform is rapidly being used in marketing for channel optimization, lead targeting, customer segmentation, and advanced lead scoring.

However, customer support segment is expected to witness highest growth rate during the forecast period owing to the upsurge in usage of customer service analytics to collect and analyze customer feedback to discover valuable insights.

Region wise, North America dominated the data science platform market in 2020. Growth of the market in this region is attributed to several factors, such as rapid digitalization along with the surge in government funding on innovative technologies, increase in number of IoT devices, and growth in technical base.

The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has caused a great deal of difficulties across the world. During the COVID-19 pandemic, Data science platform are playing a vital role in data management and smooth running of many sectors such as BFSI, Healthcare and Manufacturing.

The COVID-19 have positively impacted the growth of the market and COVID-19 will surely provide numerous opportunities for the market to grow in the forecasted period. These opportunities include a surge in demand for Data science platform in enterprises due to remote work initiatives, increase in healthcare applications, and introduction of innovative Data science platform solutions.

The advantages of data science platform have become more obvious during the COVID-19 pandemic. The overall lockdown has constrained organizations to move toward digitalization for the arrangement of work from home officers to their employee. The effect of the COVID-19 pandemic is altogether driving the interest for data science platforms as the main technology companies are integrating automation and intelligence into their organizations.                              

Key Findings of the Study

• By component, in 2020 the platform segment dominated the Data science platform market size. However, the services segment is expected to exhibit significant growth during Data science platform market forecast period.
• By industry vertical, the BFSI generated the highest revenue in 2020 of Data science platform market share. However, the manufacturing segment is expected to exhibit significant growth during the forecast period.
• As per the application, marketing & Sales segment dominated the global market
• Region wise, the Data science platform industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

Some of the key Data science platform industry players profiled in the report include Microsoft Corporation, IBM Corporation, SAS Institute, Inc., SAP SE, RapidMiner, Inc., Dataiku, Alteryx, Inc., FICO, The MathWorks, Inc., and Teradata. This study includes market trends, Data science platform market analysis, and future estimations to determine the imminent investment pockets.