Market Overview
The global data science platform market is accounted to generate approximately 29% during the forecast period of 2020 to 2027. However, the same market is registered to hold USD 115 Billion of market share over the assessment period of 2027.
The analytical tools are helpful for the users to measure, shape, and control the data. Also, it helps in developing the formation of strategies for users firms. Hence, the demand for analytical tools is increasing across the world. The rise in data collection & analysis from mobile devices is a major growth driving factor for the global market. Moreover, the rising concern of data security & protection is fueling the development of the current market. In addition, the high initial investments and advancement of big data technologies across the world are boosting up the data science platform market growth during the research period.
However, the lack of human resources and lack of professionals with desired skills in data science might hamper the growth of the data science platform market during the analysis period. Additionally, the stringent rules and regulations related to the privacy and security of the data by the government might hinder market growth.
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Market segmentation
As per the data science platform market report, the market is supported with various market segments such as functions, deployment, and industry verticals.
In terms of the business functions segment, the current market has been segmented into Sales, Operations, Logistics, Human resources, Marketing, and Risk management. On the basis of deployment segment, the global market has been classified into On-premise and On-demand.
Depending on the vertical industry segment, the worldwide market has been divided into Retail, Healthcare, BFSI, Transportation, IT, Defense, Energy and utilities, and Government. Among all, the healthcare sector is expected to dominate the market in the research timeframe.
Regional Analysis
On the basis of geographical classification, the data science platform market is segmented into various locations, including North America, Europe, Latin America, Asia Pacific, and the rest of the world.
Out of all-region, the North American region is holding the maximum market share throughout the forecast timeframe due to the rising capital investments in the region. As a result, the data science platform is helpful for various companies to have a competitive edge in the region. In addition, the presence of major market players like Microsoft, IBM, Google, and others is projected to boost up regional development.
Apart from this region, the Asia Pacific region is projected to generate the highest market growth during the review period because of the increased digitization and rise in industrialization. Moreover, this region is fueled due to the continuous support for the Data Science Platform Business from the government in the region.
Industry News
In July 2019, the prominent player Microsoft launched its Microsoft Machine learning Server 9.4 to offer a platform for data science and Python function libraries. It also uses extra support of Spark 2.4 and CDH 6.1 to provide updates for R and Python.
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