The data science platform market was valued at US$3.916 billion in 2019. Data science platform is a complete software solution that consists of numerous business intelligent tools that include machine learning and other analytical tools that enable the organizations to plan the strategies by uncovering the actionable insights from the data and further plan the operations accordingly. The major factors that drive the data science platform market include the rising focus of the companies especially the SMEs towards the use of various BI tools due to the growing data-driven operations across the various industry verticals.
The inclination of the organizations towards the data-intensive business techniques further provides an impetus for the market to surge in the near future. Furthermore, the continuously growing businesses across the various industries verticals are further widening up the opportunities for the market to grow in the coming years on account of the burgeoning requirements for the use of numerous tools in order to supplement the workflow of growing data-based operations across the different departments. Additionally, the ease to pool the resources from one centralized location along with the swift deployment of analytics models that these platforms facilitate is further inclining the organizations towards their increased usage and thereby boosting the market growth throughout the forecast period. The market is projected to show rapid growth over the course of the next five years owing to the rapidly growing data-driven operations across the various industries as these tools have the ability to increase the ROIs expected by the companies. Booming expenditure on IT infrastructure across the various developed economies is also anticipated to be a key factor bolstering the market growth significantly. Moreover, the booming investments in big data and Industry 4.0 across industry verticals is further anticipated to propel the opportunities for the market to grow in the near future.
However, the growth of the data science platform may be restrained by the fact that the increasing concerns over the security and protection of the crucial data of the companies is further making the firms with low budgets reluctant towards the adoption of these tools. Also, the lack of skilled workforce coupled with the high initial investments are also some of the prime factors that further inhibit the market growth to some extent during the next five years.
The data science platform market has been segmented based on offering, deployment, end-user industry, and geography. By offering the market is segmented into solutions and services. By deployment, the market is segmented as cloud-based and on-premise. By the end-user industry, the market has been segmented to BFSI, communication and technology, retail, media and entertainment, manufacturing, and others. Geographically, the market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Solutions are anticipated to hold a significant market share
By offering, the solutions segment is anticipated to hold a notable share in the market throughout the forecast period due to the burgeoning adoption of these solutions across the SMEs. Furthermore, the inclination of organizations towards digitization and automation has further led to an increase in the data-driven operations which is positively driving the demand for these solutions across various industries including healthcare, retail, and BFSI among others. Moreover, the services segment is anticipated to show robust growth during the next five years due to the rising deployment of these solutions across the industries. Major market players provide technical know-how support services to its customers by way of assisting them in various projects where there is a rising demand for these solutions and consultancy services. Proper maintenance and working of system hardware also increasing the demand for services provided by the data science platform providers which is further supplementing the growth of this segment during the next five years.
Healthcare sector to show a notable growth
By the end-user industry, the healthcare segment is projected to show a notable growth during the forecast period owing to the growing adoption of data-driven operations across the healthcare sector. The rising penetration of BI and AI tools across the healthcare sector is also bolstering the growth of this segment over the coming years. Additionally, the rising investments in the healthcare sector to uplift the infrastructure across many developing countries is also anticipated to propel the opportunities for the market to grow in the coming years.
North America is projected to hold a noteworthy share in the market
Geographically, the North American region is anticipated to hold a significant market share owing to the early adoption of technology coupled with the presence of the state-of-art infrastructure. Furthermore, the presence of the key market players in the region is also a prime factor that further supports the significant share of the North America region throughout the forecast period. The Asia Pacific region is anticipated to show robust growth opportunities during the coming years owing to the rising number of SMEs and growing investments in the adoption of various BI solutions across the different industry verticals.
Key Developments
Competitive Insights
Prominent key market players in the data science platform market include Microsoft, Google, IBM, and Rapidminer Inc among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the data science platform market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Segmentation
By Offering
By Deployment
By End-User Industry
By Geography
The inclination of the organizations towards the data-intensive business techniques further provides an impetus for the market to surge in the near future. Furthermore, the continuously growing businesses across the various industries verticals are further widening up the opportunities for the market to grow in the coming years on account of the burgeoning requirements for the use of numerous tools in order to supplement the workflow of growing data-based operations across the different departments. Additionally, the ease to pool the resources from one centralized location along with the swift deployment of analytics models that these platforms facilitate is further inclining the organizations towards their increased usage and thereby boosting the market growth throughout the forecast period. The market is projected to show rapid growth over the course of the next five years owing to the rapidly growing data-driven operations across the various industries as these tools have the ability to increase the ROIs expected by the companies. Booming expenditure on IT infrastructure across the various developed economies is also anticipated to be a key factor bolstering the market growth significantly. Moreover, the booming investments in big data and Industry 4.0 across industry verticals is further anticipated to propel the opportunities for the market to grow in the near future.
However, the growth of the data science platform may be restrained by the fact that the increasing concerns over the security and protection of the crucial data of the companies is further making the firms with low budgets reluctant towards the adoption of these tools. Also, the lack of skilled workforce coupled with the high initial investments are also some of the prime factors that further inhibit the market growth to some extent during the next five years.
The data science platform market has been segmented based on offering, deployment, end-user industry, and geography. By offering the market is segmented into solutions and services. By deployment, the market is segmented as cloud-based and on-premise. By the end-user industry, the market has been segmented to BFSI, communication and technology, retail, media and entertainment, manufacturing, and others. Geographically, the market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Solutions are anticipated to hold a significant market share
By offering, the solutions segment is anticipated to hold a notable share in the market throughout the forecast period due to the burgeoning adoption of these solutions across the SMEs. Furthermore, the inclination of organizations towards digitization and automation has further led to an increase in the data-driven operations which is positively driving the demand for these solutions across various industries including healthcare, retail, and BFSI among others. Moreover, the services segment is anticipated to show robust growth during the next five years due to the rising deployment of these solutions across the industries. Major market players provide technical know-how support services to its customers by way of assisting them in various projects where there is a rising demand for these solutions and consultancy services. Proper maintenance and working of system hardware also increasing the demand for services provided by the data science platform providers which is further supplementing the growth of this segment during the next five years.
Healthcare sector to show a notable growth
By the end-user industry, the healthcare segment is projected to show a notable growth during the forecast period owing to the growing adoption of data-driven operations across the healthcare sector. The rising penetration of BI and AI tools across the healthcare sector is also bolstering the growth of this segment over the coming years. Additionally, the rising investments in the healthcare sector to uplift the infrastructure across many developing countries is also anticipated to propel the opportunities for the market to grow in the coming years.
North America is projected to hold a noteworthy share in the market
Geographically, the North American region is anticipated to hold a significant market share owing to the early adoption of technology coupled with the presence of the state-of-art infrastructure. Furthermore, the presence of the key market players in the region is also a prime factor that further supports the significant share of the North America region throughout the forecast period. The Asia Pacific region is anticipated to show robust growth opportunities during the coming years owing to the rising number of SMEs and growing investments in the adoption of various BI solutions across the different industry verticals.
Key Developments
- April 2020, Comet ML Inc., a provider of self-hosted and cloud-based machine learning platforms based out of the United States announced an investment of US$4.5 million with an aim to build a new and highly efficient platform.
- February 2020, Oracle announced the launch of its new Oracle Cloud Data Science Platform services.
- April 2019, Alteryx Inc., a leading computer software company announced the acquisition of ClearStory Data Inc., with an aim to support its growth in the data science and analytics market.
Competitive Insights
Prominent key market players in the data science platform market include Microsoft, Google, IBM, and Rapidminer Inc among others. These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the data science platform market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Segmentation
By Offering
- Solutions
- Services
By Deployment
- Cloud
- On-premise
By End-User Industry
- BFSI
- Communication and Technology
- Retail
- Media and Entertainment
- Manufacturing
- Healthcare
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Data Science Platform Market Analysis, By Offering
6. Data Science Platform Market Analysis, By Deployment
7. Data Science Platform Market Analysis, By End-User Industry
8. Data Science Platform Market Analysis, By Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
- Microsoft
- IBM
- Oracle
- SAS Institute Inc.
- Cloudera, Inc.
- RapidMiner, Inc.
- Domino Data Lab, Inc.
- Alteryx Inc.
- Dataiku
Methodology
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