Data Science Platform Market Share, Size, Trends, Industry Analysis Report, By Business Function (Marketing, Sales, Logistics, Finance & Accounting, Customer Support, Others), By Deployment Model; By Component; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 116
- Format: PDF
- Report ID: PM2435
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global data science platform market was valued at USD 95.31 billion in 2021 and is expected to grow at a CAGR of 27.6% during the forecast period. The growth of the industry is primarily driven by a substantial rise in the big data industry across the globe. Big data is on the rise due to the huge penetration of advanced technologies such as the Internet of things (IoT), Artificial Intelligence (AI), edge computing, and streaming analytics, among others.
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Penetration of such technologies has led to a considerable increase in information generation from various industries, thus, fueling the growth of the global industry. In addition, the factors such as the upsurge in demand for cloud-based data science platforms and emerging adoption of the industry in markets such as Brazil, African countries, and the Gulf Cooperation Council (GCC) countries have fueled the growth of the data science platform market.
For instance, according to the 2021 ISG “Provider Lens Analytics Services and Analytics Platforms and Solutions” report for Brazil, companies in the country have started utilizing data science solutions to enhance decision-making, boost efficiency, and find new revenue streams. The demand for the industry increased significantly during the pandemic due to the usage of data science capabilities in combating this infectious disease epidemic as well as any future infectious disease epidemic.
Computer scientists, physicists, data scientists, and mathematicians, along with public health professionals, utilized data science platforms to confront this pandemic by capitalizing on the big large-scale information. For instance, in December 2020, the Rush University Medical Center (RMUC) collaborated with the Chicago Department of Public Health (CDPH) to launch a big data analytics tool that offers information on COVID-19 trends, testing, and cases.
Industry Dynamics
Growth Drivers
An upsurge in the volume of data generated by organizations is the key factor driving the growth of the global data science platform market. For instance, according to Seagate, the storage solutions provider, the volume of data created worldwide will grow to 175 ZB by 2025. In addition, technological advancements such as Machine Learning (ML), Artificial Intelligence (AI), and the Internet of Things (IoT) are fueling growth in the adoption of the industry and software solutions.
For instance, the demand for IoT is growing at a rapid pace due to the increase in the adoption of connected devices such as smart meters, smart cars, and machine-to-machine (M2M) communications. On the other hand, machine learning helps to automate the data analysis process and make data-informed predictions in real-time.
The number of data science platform applications in enterprises includes anomaly detection, pattern recognition, predictive modeling, recommendation engines, personalization systems, classification and categorization, sentiment and behavioral analysis, conversational systems, and autonomous systems.
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Report Segmentation
The market is primarily segmented based on component, deployment model, business function, industry vertical, and region.
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By Component |
By Deployment Model |
By Business Function |
By Industry Vertical |
By Region |
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Insight by Component
The platform segment is dominated the global market. Industry players are introducing new data science and analytics platforms. This factor is expected to create lucrative growth opportunities for the segment. For instance, in April 2021, Subex Ltd., the analytics solutions provider, launched HyperSense an augmented analytics program.
This analytics platform is expected to enable enterprises to make quick decisions with the help of artificial intelligence across the data value chain. On the other hand, the services segment is anticipated to witness the highest growth rate during the forecast period due to the demand for professional services that assure effective functioning software.
Insight by Deployment Model
The cloud segment is expected to witness the highest CAGR during the forecast period due to the fact that the cloud-based data science programs offer businesses competitive advantages such as faster access to business intelligence, enhanced collaboration, and efficient processing and reporting of data findings.
In addition, the industry players are actively introducing new cloud-based data science platforms with advanced features and capabilities. For instance, in February 2020, Oracle Corporation launched the Oracle Cloud Data Science Platform. This solution helps enterprises collaboratively build, train, deploy, and manage machine learning models to ensure the success of data science projects.
Moreover, the on-premise segment is expected to contribute the largest revenue in 2021, as such solutions enable organizations to have control over security & other connectivity issues and improve the scalability, reliability, speed, and connectivity of organizations. For instance, Tableau Desktop and Tableau Server are on-premise software platforms that allow users to analyze information with enhanced security features.
Insight by Business Function
The marketing segment is expected to witness the highest CAGR during the forecast period. This is attributed to the rapid adoption of the industry for marketing analytics in different industries to analyze the efficiency of their marketing initiatives, advertising advertisement, and campaigns. In addition, the marketing analytics industry players are introducing data science platforms to meet the need to utilize marketing budgets for an effective ROI in enterprises.
However, the customer support segment is expected to witness a significant growth rate during the forecast period. The growth of this segment is mainly driven by the need for enterprises to better understand customers' expectations & needs, increase customer loyalty & retention, and improve customer experience (CX) strategies.
Geographic Overview
North America is the largest revenue contributor in the global market due to the increasing demand for IoT, cloud, and edge solutions. The region is seeing massive growth in data generation, which boosts demand for advanced technologies associated with data processing.
In addition, an increase in investment in BFSI and government sectors in data analysis and visualization technologies boosts the region's growth. For instance, in February 2022, U.S. Bank, the fifth-largest banking institution in the United States, partnered with Microsoft Corporation to use the Azure data science platform to analyze statistics and deliver new products to customers.
Moreover, APAC is anticipated to witness the highest growth in the global market. Growth of the industry in this region is primarily driven by factors such as a rise in spending on big data technologies in economies such as India and China, a rapid increase in volume and complexity of numbers owing to the upsurge in mobile data traffic, and emerging applications of IoT and AI in business operations.
Competitive Insights
Some of the major players operating the data science platform market include Altair, Alteryx, Anaconda, AWS, Cloudera, Databricks, Google, IBM, Mathworks, Microsoft, Rapidminer, SAS, Snowflake, Teradata, and Tibco.
Data Science Platform Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 95.31 Billion |
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Revenue forecast in 2030 |
USD 695.0 Billion |
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CAGR |
27.6% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD Billion and CAGR from 2022 to 2030 |
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Segments covered |
By Component, By Deployment Model, By Business Functions, By Industry Verticals, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Altair, Alteryx, Anaconda, AWS, Cloudera, Databricks, Google, IBM, Mathworks, Microsoft, Rapidminer, SAS, Snowflake, Teradata, and Tibco |
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