Data Science Platform Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Data Science Platform Market: Snapshot
World over, data sets of different types and varying volumes are exploding in a way never witnessed before. There is a staggering rise of disparate data collected from millions of connected devices and machine learning systems and is still growing unhindered. A plethora of businesses processes generate data that are random, don’t make sense, and lie idle to be unearthed. The proliferation of big data and the burgeoning IoT assets, in developing and developed regions, is a crucial aspect bolstering the evolution of data science platforms. As a result, these developments have thrown advanced analytics and predictive modeling to the realm of optimal decision making, where these data are uncovered for useful patterns and actionable insights.
Data scientists, though, are engrossed in making sense of every bit and byte of these data, they usually work in silos using standalone tools and methods. This is a key constraint for organizations employing their expertise, which can’t grow for long, sans collaboration and reproducibility. To make things worse, it takes a mammoth of engineering and infrastructure resources to support data scientists. Hence, there is a pressing need for data science platforms that can churn out data models keeping in mind an application interface, which after the models are built can be integrated by the engineering team. These platforms not only make the work of data scientists easier in gleaning over the vast volumes of data to uncover relevant patterns but help them add value. The key function of a data science platform is to unite people, tools, data prep, machine learning, and assist in predictive model deployment.
Global Data Science Platform Market: Overview
A good data science platform helps to find and understand past work to make it easier for data scientists. They aid in exploring data on large machines without the need for DevOps and infrastructure setup and facilitate seamless use of new tools and packages. To put it simply, they combine statistics, data analysis, and associated techniques to understand and gauge data.
Entities these days are adopting data science platforms to crunch data from various sources. They enable businesses to uncover appropriate answers to different business-related queries by providing them with valuable insights. Further, they aid in sorting data for efficient network planning and network optimization through examination of historical data of transportation routes.
Global Data Science Platform Market: Key Trends
The main driving force in the global market for data science platform is organizations’ need for processes facilitating simpler use of data to uncover actionable insights to grow their businesses. This is turn has been necessitated by the swift uptake of public cloud, artificial intelligence, Internet of things (IoT) applications, machine learning, etc. Further, progress in big data technologies and massive growth in data have also fostered growth in the market.
On the other hand, factors that are countering the global market for data science platform are dearth of reliability on data science among enterprises and government rules and regulations.
Global Data Science Platform Market: Market Potential
Very recently, in March 2017, global internet giant Google acquired data science platform Kaggle. Together, the two companies will nurture a thriving community of machine learning developers and data scientists, providing them direct access to sophisticated cloud machine learning environment. More than 800,000 users make up the Kaggle community that range from companies such as Facebook to entities like NASA. They use the platform to crowdsource data analysis through competitions. They dole out prize money to the user that generates the best data models.
Depending upon business functions, the global market for data science can be classified into marketing, logistics, sales, risk, operations, customer support, and human resources. Of these, the logistics segment is predicted to acquire maximum market share in the upcoming years by expanding at a breakneck pace.
End-use industries that are quickly adopting data science platforms are transportation and logistics, information and telecom, banking, financial services, and insurance, government and defense, healthcare and life sciences, energy and utilities, media and entertainment, manufacturing, retail and consumer goods, energy and utilities, etc.
A data science platform can be installed either on-premise or on-demand. Among the two, the on-demand segment is forecasted to witness greater demand in the next couple of years because of the low cost of operation, ease of deployment, and improved scalability and integration.
Global Data Science Platform Market: Regional Outlook
Geographically, North America is a key region as it is home to important market players and a copious number of organizations who have been at the forefront of adopting new technologies. In the years ahead, however, Asia Pacific is will likely overtake all other regions in terms of growth rate because of increasing Foreign Direct Investments (FDIs), policy support for greater digitalization, smart city initiatives of different governments, and swift pace of industrialization. The fast-expanding developing economies in China, India, Australia, and New Zealand are mainly driving the market in the region.
Global Workplace Transformation Market: Competitive Analysis
Prominent names competing in the global data science platform market, listed in the report are Domino Data Lab, IBM, Wolfram, Microsoft Corporation, DataRobot Inc., RapidMiner Inc., Sense Inc., Dataiku, Alteryx, Inc., and Continuum Analytics, Inc.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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