The Data Science Platform Market was valued at USD 31.05 billion in 2019 and is expected to reach USD 230.80 billion by 2025, at a CAGR of 39.7% over the forecast period 2020 - 2025. The data science platform comprised of a software hub around which all the types of data science work takes place, which usually includes integrating and exploring data from various sources, coding and building models that leverage that data, deploying those models into production, and serving up results, either through model-powered applications or reports. The quality of the data science platform depends on the best practices that have been refined through decades of software engineering. It comprises resources that are aligned with any data architecture. The combination of these features allows the business model to centralize data science work and complete it in a data-driven economy.
- Most of the enterprises are embracing revered data science platforms to ingest data from various sources. These data science platforms have aided enterprises to address the business queries with the help of actionable insights delivered as a result of data science platform solutions. This has led enterprises to enhance and maximize their Return on Investment (ROI).
- According to a report by Data Science Central, only 22% of companies are engaged in data science work. Other companies are including bigger analytics budgets with an established data science roadmap by looking at the reproducibility of the work being done. Platforms that allow data scientists to build and deploy algorithms are increasingly important as businesses look to operationalize their data faster than ever before, by utilizing engines for creating machine-learning solutions.
- Data science is moving from the edge to the core of the business platforms, simplifying the use of interactive apps and application program interfaces to operationalize outcomes and authorize users. It helps the organizations to prepare data, build models and operationalize analytics.
Scope of the Report
Data science platform renders real-time data streaming and added advanced data pipelines which will support redefine big data into various categories such as actionable and fast data. A huge jump in data volume is the driving force for the data science platform. This movement of Data volume will continue to evolve, facilitating a great level of association across data scientists, data engineers, business analysts, and developers in various fields of business.
Key Market Trends
Healthcare Sector to Dominate the Market over the Forecast Period
- Although Health care is a very delicate segment, with individual pieces of data having life-or-death importance, many organizations fail to aggregate data effectively to gain insights into broader care processes. Drawing conclusions and making decisions based on data and efficiently using medical knowledge to improve safety and quality is not possible without a comprehensive data science strategy.
- Data science is also used for improving diagnostic accuracy and efficiency. Deep learning is being used to read imaging data such as x-rays, CT scans, and analyze it to reduce diagnostic failure rates. Being able to collect, structure and process a high volume of data and further make sense of it, to gain a deeper understanding of the human body is the critical objective for thousands of data scientists and machine learning experts all over the world.
- Despite vast amounts of health data at hand, the diagnostic failure rates are still relatively high. Employing this health data to the data science platform will help in increasing the accuracy and efficiency of diagnostics. Using smart devices, such as scales and pedometer, personal health coaches are provided with an opportunity to gain more profound insights into the patient’s health and adjust the schedules along the way. Moreover, the self-learning algorithm is continually improved as it sources more patient data from the system and integrates it in the data science platform.
North America to Appear as one of the Leading Region in the Data Science Platform Market
- North America is expected to hold the largest share of the data science platform market, due to the presence of large enterprises, technical experts, and growing demand for data science platform in this region. With about 1.2 billion clinical documents being produced in the United States annually, healthcare practitioners and doctors have a significant amount of data to base their research upon. Moreover, vast volumes of health-related information are made accessible through widespread adoption of wearable tech in the region, thus offering new opportunities for the better, more informed healthcare system of the region.
- Further, the presence of many capital-intensive industries across this region proves to be beneficial for the growth of the data science platform. With the growing awareness of the benefits of these platforms, enterprises continue to integrate it into their existing operating system to enable them to gain a competitive advantage in the marketplace of the region.
- With businesses turning to big data to guide their decisions, the need for a data analytics talent pool has grown along with the presence of some of the major industry players such as Google Inc., Microsoft Corporation, IBM Corporation, Cloudera Inc., leveraging powerful machine learning and data science technologies that can turn data into actionable insights.
Data Science Platform Market is moderately competitive and consists of numerous players. In terms of market share, some of the influential players currently control the market. These major players with a leading share in the market are converging on expanding their customer base across foreign countries. These firms are leveraging on strategic collaborative initiatives to grow their market share and improve and increase their profitability.
- April 2019 - Alteryx Inc. announced that it has acquired ClearStory Data. The acquisition creates a natural extension to the Alteryx technology center, needed to support the organization’s rapid growth as a leader in the data science and analytics market. ClearStory Data will help Alteryx to continue to be a leading innovator of a code-free platform for citizen data scientists and a code-friendly one for trained statisticians while meeting the business demands.
- March 2018 - IBM Corporation announced a new cloud offering called Cloud Private Data that’s designed to help organizations utilize data science and machine learning techniques to generate insight from data, and then engineer AI products that put those insights into the use.
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