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Data Science Platform Market

Data Science Platform Market Size, Share & Segmentation by Component (Platform and Services), by Application (Marketing & Sales, Logistics, Finance and Accounting, Customer Support, Others), by Industry Vertical (BFSI, Retail and E-Commerce, IT and Telecom, Transportation, Healthcare, Manufacturing, Others), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/1580 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

The Data Science Platform market size was valued at USD 6.40 Bn in 2021 and is expected to reach USD 29.97 Bn by 2028, and grow at a CAGR of 24.67% over the forecast period 2022-2028.

All data science and data analysis work are done on the data science platform, which is a software hub. The data science platform includes all of the tools needed for the data science project's entire life cycle, including ideation, installation, discovery, model building, and software implementation. To be more specific, data science is a mix of data collection, analysis, and interpretation methods. The data science platform enables data scientists to improve their job by allowing them to run, track, repeat, analyze, and communicate their findings more quickly.

Data Science Platform Market

One such software tool that is frequently employed by enterprises is the data science platform. This program combines a number of technologies to provide sophisticated analytics and machine learning capabilities. It enables data scientists to create procedures, extract insights from data, and share those findings throughout a project in a single situation. Data science projects use a variety of tools that are built for each phase of the data modeling process.

Prakshep, an agro data science startup, was acquired by Arya.ag in June 2022. Arya strengthens its position as India's biggest comprehensive grain commerce platform and expands its tech capabilities to deliver end-to-end solutions to its users with this purchase. Arya's ambition of providing cutting-edge AI/ML capabilities to farm digitalization, crop monitoring, quality assaying, and surveillance is strengthened by this purchase. This purchase will allow Arya to strengthen its ties with additional chain players such as FPOs, processors, and corporations, as well as banks and insurance firms.

MARKET DYNAMICS:

KEY DRIVERS:

  • Demand for analytical tools is on the rise.

  • It assists users in shaping, controlling, and measuring data as well as developing organizational strategies.

RESTRAINTS:

  • For the data science platform industry, there is a scarcity of professionals with the necessary expertise.

  • Data analysis is less successful if it is done before a clear image of the business problem needs to be solved.

OPPORTUNITY:

  • The data-intensive strategy is increasingly being adopted by businesses.

  • the emergence of modern technologies such as big data, machine learning, the Internet of Things, and the cloud.

CHALLENGES:

  • complicated in nature and necessitate in-depth analytic skills

IMPACT OF COVID-19:

COVID-19 has had a favorable influence on market growth and will present several prospects for market expansion over the projection period. These prospects include growth in business demand for data science platforms as a result of remote work efforts, an increase in data applications, and the launch of novel data science platform solutions. The COVID-19 outbreak disrupted all businesses throughout the world. During the COVID-19 pandemic, data science platforms were critical to data management and the seamless operation of various industries, including BFSI, healthcare, and manufacturing.

During the COVID-19 pandemic, the benefits of a data science platform became increasingly apparent. Because of the general lockdown, businesses have been forced to go toward digitization for work schedules from home officers to employees. As major technology businesses integrate automation and intelligence into their operations, the impact of the COVID-19 pandemic is boosting interest in data science platforms.

MARKET ESTIMATION:

In 2021, the marketing and sales category had the highest revenue share. The market is divided into marketing and sales, logistics, finance and accounting, customer support, and others, depending on the application. The marketing and sales category has the highest revenue share owing to the multiple benefits provided, such as employing data science to get deeper insights into the buyer's profile and spend the marketing budget accordingly, resulting in a higher Return on Investment (ROI). The platform is being used by the logistics industry to improve supply chain efficiency. It aids in the generation of insights from data collected from transportation, inventory, and everything in between, as well as the identification of patterns that will have an influence on the whole supply chain.

In 2021, the platforms category had the highest revenue share. This is due to the increasing use of data technology by big and medium-sized businesses. The market is divided into platforms and services based on its components. Companies are concentrating their efforts on implementing products that provide uniformity and repeatability. This may be accomplished through the use of data science platforms. In the near future, the services category is expected to grow. Training, consultation, deployment, integration, maintenance, support, and other services are supplied by leading organizations in the industry. More firms are seeking methods to incorporate data science platforms into their working environment to obtain productivity and efficiency gains since data science platforms provide significant growth prospects.

In 2021, the BFSI segment accounted for the most revenue. IT and telecommunications, healthcare, BFSI, manufacturing, retail and e-commerce, energy and utilities, government, and others are the verticals that the market is divided into. During the projection period, the healthcare category is expected to rise. Medical imaging is one of the platform's most well-known uses. The platform is also being used by the IT and telecommunications industries to boost productivity and efficiency. The platform aids in the automation of routine operations and gives deeper insights into data gathered from various sources.

KEY MARKET SEGMENTS:

On The Basis of Component:

  • Platform

  • Services

On The Basis of Application:

  • Marketing & Sales

  • Logistics

  • Finance and Accounting

  • Customer Support

  • Others

 On The Basis of Industry Vertical:

  • BFSI

  • Retail and E-Commerce

  • IT and Telecom

  • Transportation

  • Healthcare

  • Manufacturing

  • Others

Data Science Platform Market

REGIONAL ANALYSIS:

Asia Pacific (APAC), North America, the Middle East and Africa (MEA), Latin America, and Europe are among the areas where the global data science platform market exists. North America appears to be one of the most important areas in the data science platform industry.

The North American data science platform market is expected to retain its dominance due to a number of reasons, including the presence of several major competitors in the area. Furthermore, the increased need for IoT, cloud, and edge solutions is leading in significant data production, which is driving up demand for sophisticated data processing technologies in the area.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are Microsoft Corporation, Sas institute inc., Fair Issac Corporation (fico), International business machines corporation (IBM corporation), Sap SE, Teradata Corporation, Altreyx, inc., Dataiku sas, Rapidminer inc, The MathWorks inc.

Data Science Platform Market Report Scope:
Report Attributes Details
Market Size in 2021  US$ 6.40 Bn
Market Size by 2028  US$ 29.97 Bn
CAGR   CAGR of 24.67% From 2022 to 2028
Base Year 2021
Forecast Period  2022-2028
Historical Data  2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Component (Platform and Services)
• by Application (Marketing & Sales, Logistics, Finance and Accounting, Customer Support, Others)
• by Industry Vertical (BFSI, Retail and E-Commerce, IT and Telecom, Transportation, Healthcare, Manufacturing, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Microsoft Corporation, Sas institute inc., Fair Issac Corporation (fico), International business machines corporation (IBM corporation), Sap SE, Teradata Corporation, Altreyx, inc., Dataiku sas, Rapidminer inc, The MathWorks inc.
Key Drivers • Demand for analytical tools is on the rise
• It assists users in shaping, controlling, and measuring data as well as developing organizational strategies
Market Opportunities • The data-intensive strategy is increasingly being adopted by businesses
• the emergence of modern technologies such as big data, machine learning, the Internet of Things, and the cloud


Frequently Asked Questions (FAQ) :

Ans: - The Data Science Platform market size was valued at USD6.40 Bn in 2021.

Ans: - The emergence of modern technologies such as big data, machine learning, the Internet of Things, and the cloud.

Ans: - The segments are covered in the Data Science Platform Market report for study On the Basis of Component, application, and vertical.

Ans. The major key players are Microsoft Corporation, Sas institute inc., Fair Issac Corporation (fico), International business machines corporation (IBM corporation), Sap SE, Teradata Corporation, Altreyx, inc., and Dataiku sas, Rapidminer Inc., The MathWorks inc.

Ans. The study includes a comprehensive analysis of Speech-to-text API Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.

 


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7. PEST Analysis

 

8. Data Science Platform Market Segmentation, by Component

8.1 Platform

8.2 Services

 

9. Data Science Platform Market Segmentation, by Application

9.1 Marketing & Sales

9.2 Logistics

9.3 Finance and Accounting

9.4 Customer Support

9.5 Others

 

10. Data Science Platform Market Segmentation, by Industry Vertical

10.1 BFSI

10.2 Retail and E-Commerce

10.3 IT and Telecom

10.4 Transportation

10.5 Healthcare

10.6 Manufacturing

10.7 Others

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12. Company Profiles

12.1 Microsoft corporation

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Sas institute inc.

12.3 Fair issac corporation (fico)

12.4 International business machines corporation (IBM corporation)

12.5 Sap se

12.6 Teradata corporation

12.7 Altreyx, inc.

12.8 Dataiku sas

12.9 Rapidminer inc

12.10 The MathWorks inc

 

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share Analysis

13.3 Recent Developments

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence center, our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real-time.

Step 4: QA/QC Process

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