The global data science platform market size is expected to reach USD 695.0 Billion by 2030 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors favoring the industry growth include the rise in adoption of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), and edge computing; growth of the big data industry; a significant rise in demand for cloud-based programs; and increasing applications of data science in various industries to uncover actionable insights from a large volume of information.
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On the other hand, the number of trends such as the development of AI-enabled databases continued DataOps adoption in the enterprise, increased migration of databases from on-premises to cloud-based data warehouses, and augmented data management are expected to create lucrative growth opportunities for the global industry. The platform segment is expected to dominate the global market due to the need for data wizards to uncover actionable insights for enterprises to make informed data-driven business decisions.
However, Asia Pacific is anticipated to witness the highest growth in the global market due to the rise in spending on big data technologies in developing economies coupled with the rapid increase in volume and complexity of information.
Major participants such as SAS, Alteryx, Anaconda, AWS, Cloudera, Microsoft, Databricks, Google, IBM, Mathworks, Altair, Rapidminer, Snowflake, Teradata, and Tibco are some of the key players operating in the industry. Players in the industry are adopting various strategies to develop new data science programs, expand their geographical presence, and generate new revenue streams.
For instance, in February 2022, Teradata, the enterprise analytics company, partnered with Microsoft Corporation to integrate its Teradata Vantage data platform with Microsoft Azure. This integration is expected to help businesses modernize their data analytics workloads with reliability, security, and elasticity.
Polaris Market Research has segmented the data science platform market report on the basis of component, deployment model, business function, industry vertical, and region:
Data Science Platform, Component Outlook (Revenue – USD Billion, 2018 – 2030)
- Professional Services
- Managed Services
- Support and maintenance
- Deployment and Integration
Data Science Platform, Deployment Model Outlook (Revenue – USD Billion, 2018 – 2030)
Data Science Platform, Business Function Outlook (Revenue – USD Billion, 2018 – 2030)
- Finance and Accounting
- Customer Support
Data Science Platform, Industry Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Retail & eCommerce
- Telecom & IT
- Media & Entertainment
- Healthcare & Life Sciences
- Government & Defense
- Transportation & Logistics
- Energy & Utilities
Data Science Platform Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa