SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global data science platform market is projected to exhibit a CAGR of 29.8% over the forecast period (2020 – 2027).
Key Trends and Analysis of the Data Science Platform Market:
The growth of the data science platform is attributed to the increasing demand of analytics platform by the organizations for optimizing the structured and the unstructured data for generating meaningful insights from the data, which can further add value to the business by increasing the sales and optimization of the supply chain. Moreover, advanced technologies such as the internet of things (IoT) and artificial intelligence (AI), are generating a huge amount of data from a number of devices such as smartphones, cameras, and social media, which can be used for enhancing the business operations.
Furthermore, data science can be used for learning purchasing pattern of the consumer. This purchasing pattern can be used for finding the key insights about the targeting potential customers, offer better services, and to run business effectively. The companies are adopting the data science platform for finding the outcomes from large data sets, which is boosting the adoption of the data science platform. For instance, Walmart is using data science to discover the pattern from the buying pattern of the customers. Moreover, data insights can be used for product positioning, based in the buying preference of consumer. Effective data mining at retailers can increase its customer conversion rate, which is expected to drive adoption of the data science platform over the forecast period.
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In the year 2019, North America held dominant position in the data science platform market and it is expected to retain its dominant position over the forecast period, owing to the rising adoption of data science platform solution by the major economies across the region, and the growth of cloud computing services in the U.S. For instance, according to Coherent Market Insights analysis, in the year 2019, the global public cloud service market was valued at US$ 215.54 billion, up from US$ 183.7 billion from 2018, and the U.S. was the leader in cloud computing services, which is expected to boost demand for data science platform in the region over the forecast period.
Key Market Takeaways:
The market is expected to witness a CAGR of 29.8% during the forecast period (2020-2027), owing to increasing adoption of data science platform solution by end-use industries such as healthcare and BFSI.
Among components, platform segment is expected to exhibit highest CAGR over the forecast. The growth of the platform is attributed to the increasing adoption of data science platforms in small and medium enterprises as well as large organizations.
Moreover, data analysis can be used by SMEs for offering better services by analyzing the customer’s feedback on chat, social media, owing to which increasing demand from SME’s for data science platform is expected to boost the market over the forecast period. For instance, according to Coherent Market Insights analysis, the number of registered MSME in India, in FY20 was increased by 18.49% to 25.13 lakhs unit from 21.21 lakhs in FY19, which is expected to boost adoption of data science platform in MSME over the forecast period.
Competitive Landscape:
Some of the major players operating in the global data science platform market include ALTERYX, INC, Anaconda, Inc, BigML, Inc., DataRobot, Inc, Google, IBM, Microsoft, RapidMiner, Inc, RStudio, Inc, SAS Institute Inc, The MathWorks, Inc, TIBCO Software Inc., and others.
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Market Segmentation:
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By Component:
- Platform
- Services
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By Deployment Type:
- On-premise
- Cloud-based
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By Enterprise Size:
- SME’s
- Large Enterprises
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By Function:
- Marketing and Sales
- Finance
- Operations
- Others
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By End-use Industry:
- Retail
- Healthcare and Life sciences
- Banking, Financial Services, and Insurance (BFSI)
- Automotive
- IT and Telecommunication
- Construction
- Aerospace
- Others
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By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
