Data Science Platform Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Offering (Solutions, Services), By Deployment (Cloud, On-premise), By End-User Industry (BFSI, Communication And Technology, Retail, Media And Entertainment, Manufacturing, Healthcare, Others), And By Geography - Forecasts From 2022 To 2027

The data science platform market is estimated to be valued at US$4.032 billion in 2020.

A data science platform is a complete software solution that consists of numerous business intelligence tools that include machine learning and other analytical tools that enable organizations to plan their strategies by uncovering actionable insights from the data and further plan their operations accordingly. The major factors that drive the data science platform market include the rising focus of the companies, especially the SMEs, on the use of various BI tools due to the growing data-driven operations across various industry verticals. The inclination of organizations toward data-intensive business techniques further provides an impetus for the market to surge shortly. Furthermore, the continuously growing businesses across the various industry verticals are further widening up the opportunities for the market to grow in the coming years on account of the burgeoning requirements for the use of numerous tools to supplement the workflow of growing data-based operations across the different departments.

Additionally, the ease of pooling the resources from one centralized location along with the swift deployment of analytics models that these platforms facilitate is further inclining organizations towards their increased usage and thereby boosting the market growth throughout the forecast period. The market is projected to show rapid growth over the next five years owing to the rapidly growing data-driven operations across various industries, as these tools can increase the ROIs expected by the companies. Booming expenditure on IT infrastructure across the various developed economies is also anticipated to be a key factor bolstering the market growth significantly. Moreover, the booming investments in big data and Industry 4.0 across industry verticals are further anticipated to propel the opportunities for the market to grow shortly.

Restraints

However, the growth of the data science platform may be restrained by the fact that the increasing concerns over the security and protection of the crucial data of the companies are further making firms with low budgets reluctant towards the adoption of these tools. The lack of a skilled workforce coupled with the high initial investments is also some of the prime factors that further inhibit the market’s growth to some extent during the next five years.

Solutions are anticipated to hold a significant market share

The solutions segment is anticipated to hold a notable share in the market throughout the forecast period due to the burgeoning adoption of these solutions across SMEs. Furthermore, the inclination of organizations towards digitization and automation has further led to an increase in data-driven operations, which is positively driving the demand for these solutions across various industries, including healthcare, retail, and BFSI, among others. Moreover, the services segment is anticipated to show robust growth during the next five years due to the rising deployment of these solutions across industries. Major market players provide technical know-how support services to their customers by way of assisting them in various projects where there is a rising demand for these solutions and consultancy services. Proper maintenance and working of system hardware also increase the demand for services provided by the data science platform providers, which is further supplementing the growth of this segment during the next five years.

Healthcare sector to show a notable growth

By the end-user industry, the healthcare segment is projected to show notable growth during the forecast period owing to the growing adoption of data-driven operations across the healthcare sector. The rising penetration of BI and AI tools across the healthcare sector is also bolstering the growth of this segment over the coming years. Additionally, the rising investments in the healthcare sector to uplift the infrastructure across many developing countries are also anticipated to propel the opportunities for the market to grow in the coming years.

North America is projected to hold a noteworthy share in the market

Geographically, the North American region is anticipated to hold a significant market share owing to the early adoption of technology coupled with the presence of state-of-art infrastructure. Furthermore, the presence of the key market players in the region is also a prime factor that further supports the significant share of the North American region throughout the forecast period. The Asia Pacific region is anticipated to show robust growth opportunities during the coming years owing to the rising number of SMEs and growing investments in the adoption of various BI solutions across the different industry verticals.

Key Developments

• In April 2020, Comet ML Inc., a provider of self-hosted and cloud-based machine learning platforms based in the United States announced an investment of US$4.5 million intending to build a new and highly efficient platform.
• February 2020, Oracle announced the launch of its new Oracle Cloud Data Science Platform services. It offers a quick and easy platform for data science teams to build and deploy powerful machine learning models.
• April 2019, Alteryx Inc., a leading computer software company, announced the acquisition of ClearStory Data Inc., intending to support its growth in the data science and analytics market. The collaboration will accelerate through the next wave of innovation in data science, claims Alteryx Inc.

COVID-19 Impact on Data Science Platform Market

The data science platform market has benefitted from the COVID-19 pandemic because data science has become a powerful weapon in combating infectious diseases. Furthermore, data scientists, computer scientists, and physicists have come together by capitalizing the “big data” to combat the COVID-19 pandemic. For instance, Johnson & Johnson company used data science to help and guide everything starting from the company’s research into a potential vaccine to its return workplace policies. Furthermore, the increased investment spending in the market is aiding the market expansion and growth during the forecast period.

Data Science Platform Market Scope:

Segmentation

• By Offering
  • Solutions
  • Services
• By Deployment
  • Cloud
  • On-premise
• By End-User Industry
  • BFSI
  • Communication and IT
  • Retail
  • Media and Entertainment
  • Manufacturing
  • Healthcare
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Taiwan
    • Others

Frequently Asked Questions (FAQs)

Q1. What is the size of the global data science platform market?
A1. The data science platform market was valued at US$4.032 billion in 2020.

Q2. Who are the major players in the data science platform market?
A2. Prominent key market players in the data science platform market report include Microsoft, IBM, Google, Oracle, SAS Institute Inc., and Cloudera, Inc. among others.

Q3. How is the global data science platform market segmented?
A3. The data science platform market has been segmented based on offering, deployment, end-user industry, and geography.

Q4. What factors are anticipated to drive the data science platform market growth?
A4. The major factors that drive the data science platform market include the rising focus of the companies especially the SMEs on the use of various BI tools due to the growing data-driven operations across the various industry verticals.

Q5. Which region holds the largest market share in the data science platform market?
A5. Geographically, the North American region is anticipated to hold a significant share in the data science platform market owing to the early adoption of technology coupled with the presence of state-of-art infrastructure.