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Data Science Platform Market Report Scope & Overview:

The Data Science Platform market size was valued at USD 103.91 Billion in 2023 and is expected to reach USD 615.39 Billion by 2031 and grow at a CAGR of 24.9% over the forecast period 2024-2031.

A Data Science Platform is a Important software tool for data scientists, facilitating the entire data science project life cycle from model development to deployment. Its features include data exploration, visualization, preparation, and collaborative capabilities on a large-scale computing infrastructure. The increasing use of machine learning and AI in these platforms is driving data management and Big Data utilization for decision-making, leading to market growth. Technological advancements, including AI, ML, and IoT, are accelerating platform adoption, although challenges such as high costs and data security concerns persist. Cloud solutions, emerging markets, and continuous R&D offer growth prospects in the forecast period.

Data-Science-Platform-Market Revenue Analysis

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Market Dynamics

Drivers:

  • As data sources diversify and data volumes explode, the need for platforms that can handle complex data processing and analysis grows.

  • Businesses are increasingly Depends on advanced analytics, including AI and machine learning, to gain insights and improve decision-making.

  • The proliferation of big data across industries necessitates platforms that can efficiently manage and extract value from large datasets.

  • Cloud-based data science platforms offer scalability, cost-effectiveness, and accessibility, driving their adoption among businesses of all sizes.

The Increasing variety and volume of data requires data science platforms capable of complex processing and analysis. Businesses are adopting advanced analytics, such as AI and machine learning, to improve decision-making and extract valuable insights. These platforms provide sophisticated tools to uncover patterns and trends in large datasets, offering a competitive advantage and driving growth of market. This reliance on data-driven insights Drives the demand for robust data science platforms that efficiently manage diverse data sources and derive actionable intelligence.

Restraints:

  • Many organizations struggle with data silos, hindering the seamless integration and utilization of data across departments and systems.

  • The shortage of skilled data scientists and analysts limits the effective use of data science platforms, especially in smaller organizations.

  • Integrating data science platforms with existing IT infrastructure can be complex.

  • Some advanced data science platforms can be costly to implement and maintain, especially for smaller businesses with limited budgets.

Opportunities:

  • Developing specialized data science platforms for specific industries such as healthcare, finance, and retail can unlock new market opportunities.

  • Incorporating AI-driven automation features into data science platforms can Improve efficiency and reduce manual workload.

  • Penetrating emerging markets with tailored solutions that address unique challenges and requirements presents growth opportunities for data science platform providers.

  • Collaborating with other technology providers, consulting firms, and academia can drive innovation and expand market reach.

Developing industry-specific data science platforms for sectors such as healthcare, finance, and retail presents substantial market opportunities. These platforms tackle sector-specific challenges, such as healthcare regulatory compliance, finance risk management, and retail customer behavior analysis. By providing tailored solutions, data science platform providers can meet the unique needs of these industries, amplifying their value proposition. Specialized platforms also empower organizations to utilize domain-specific algorithms, models, and analytics techniques, resulting in more precise insights and strategic decision-making. This strategy encourages innovation, boosts adoption among industry participants, and gives data science platform vendors a competitive edge in these profitable market segments.

Challenges:

  • Ensuring ethical use of data and AI technologies within data science platforms is a growing concern, requiring transparent practices and responsible AI frameworks.

  • Achieving seamless interoperability between different data science tools and platforms remains a challenge, impacting data integration and analysis.

  • Maintaining data quality, integrity, and governance standards across various data sources is Important for accurate insights and decision-making.

Impact of Russia Ukraine war

The Russia-Ukraine war has had a mixed impact on the Data Science Platform market. The conflict has disrupted supply chains and geopolitical stability, leading to uncertainties in investment and market growth. For instance, in 2022, the market saw a slight slowdown, with a growth rate of around 17% compared to the projected 20%. The war has also accelerated digital transformation efforts in affected regions, driving increased adoption of Data Science Platforms to optimize operations and decision-making amidst challenges.

Impact of Economic Downturn:

During an economic downturn, the Data Science Platform market tends to face challenges as organizations tighten budgets. For instance, during the COVID-19 pandemic in 2020, the global Data Science Platform market saw a slight dip, with a growth rate compared to the projected Growth Rate. Despite short-term setbacks, the market is expected to rebound strongly, driven by increasing data complexity and the growing demand for advanced analytics. This resilience indicates that while economic downturns may temporarily affect market growth, the long-term growth remains positive.

Market segmentation

By Component

  • Platform

  • Services

    • Professional Services

  • Support and Maintenance

  • Consulting

  • Deployment and Integration

    • Managed Services

By Organization Size

  • Small and Medium-Sized Enterprises

  • Large Enterprises

By Deployment

  • On-premises

  • Cloud-based

By Deployment, the cloud segment, Dominates the market share of more than 58% due to its real-time data transfer benefits that Improve services and business operations. Businesses are adopting cloud-based tools to Increase customer engagement and attraction driven by the ease and speed of access they offer. Despite the popularity of cloud solutions, on-premises deployment remains steady, Because of the concerns about in-house data security. This ongoing demand reflects companies' continued investment in on-premises solutions to safeguard their data.

By Business Function

  • Marketing

  • Sales

  • Logistics

  • Finance and Accounting

  • Customer Support

  • Others

By Vertical

  • BFSI

  • Retail and eCommerce

  • Telecom and IT

  • Media and Entertainment

  • Healthcare and Life Sciences

  • Government and Defense

  • Manufacturing

  • Transportation and Logistics

  • Energy and Utilities

  • Other

The BFSI sector is Dominates the market with Revenue share of more than 17%, with Data Science Platforms finding traction across various verticals. BFSI's dominance is driven by digitalization, AI, and ML for data management and customer experience enhancement. The manufacturing shows promising growth due to data science's role in productivity, energy efficiency, risk mitigation, and faster execution, emphasizing its strategic importance in modern industry.

Data-Science-Platform-Market-Trend-By-Vertical

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Regional Analysis

The North America Region hold the largest market share of more than 31%, is anticipated to maintain its Dominance in market share, driven by widespread adoption of data discovery and Data Science Platforms across verticals. This dominance stems from key players' contributions and substantial Investments in advanced technologies, Improving North America's revenue share.

The Asia Pacific (APAC) region is growing with the Highest CAGR, a surge in Data Science Platform Adoption Driven by digitalization and the need for streamlined systems. APAC's rapid growth is Driven by increased utilization of Big Data analytics tools, supported by government investments in countries such as China, South Korea, and India, recognizing their extensive advantages.

Data-Science-Platform-Market-Share-Regional-Analysis

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of the Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

Key Players

The major key players are Microsoft CorporationSas institute inc., Fair Issac Corporation (fico), International business machines corporation (IBM corporation), Sap SE, Teradata Corporation, Altreyx, inc., Dataiku sas, Rapidminer inc,  MathWorks inc., and other players mentioned in the final report.

Teradata Corporation - Company Financial Analysis

Company Landscape Analysis

Recent Development:

  • In January 2024, Databricks, a leading software company, introduced a Advanced business intelligence platform designed specifically for telecom carriers and network service providers (NSPs). This innovative platform empowers telecom companies and NSPs to gain a comprehensive understanding of their networks, operations, and customer interactions while maintaining the utmost data privacy and confidentiality of intellectual property.

  • In October 2023, GoodData Corporation, a prominent provider of AI-driven data analytics platforms, unveiled its latest platform tailored for machine learning (ML), artificial intelligence (AI), and Business Intelligence (BI) workflows. This advanced platform boasts a range of generative AI capabilities, including a virtual assistant that provides summaries and accelerates users' data discovery, development, and decision-making processes.

  • In January 2023, Science Applications International Corp. announced the launch of its groundbreaking data science platform, "Tenjin." This platform offers a seamless transition from low-code to full-code AI and machine learning development and orchestration. Powered by Dataiku, Tenjin assists businesses in AI and ML model development, deployment, training, automation, and data visualization, providing a comprehensive solution for companies looking to leverage the power of artificial intelligence and machine learning technologies.

Data Science Platform Market Report Scope:

Report Attributes Details
Market Size in 2023  US$ 103.91 Billion
Market Size by 2031  US$ 615.39 Billion
CAGR   CAGR of 24.9% From 2024 to 2031
Base Year 2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component (Platform, Services, Professional Services, Support and Maintenance, Consulting, Deployment and Integration)
• By Deployment (On-premises, Cloud-based)
• By Organization Size (Small and Medium Enterprise (SMEs), Large Enterprise)
• By Business Function (Marketing, Sales, Logistics, Finance and Accounting, Customer Support, Others)
• By Vertical (BFSI, Retail and eCommerce, Telecom and IT, Media and Entertainment, Healthcare and Life Sciences, Government and Defense, Manufacturing, Transportation and Logistics, Energy and Utilities, Other)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, 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

Ans: - The Data Science Platform market size was valued at USD 103.91 Bn in 2023.  

Ans: North America region is dominant in Data Science Platform Market.

Ans: - The BFSI Vertical segments Dominates the Data Science Platform Market.

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 Compound Annual Growth rate for the Data Science Platform Market over the forecast period is 24.9 %.

 

TABLE OF CONTENTS

1. Introduction
1.1 Market Definition 
1.2 Scope
1.3 Research Assumptions

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges

5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India

6. Value Chain Analysis 

7. Porter’s 5 Forces Model

8.  Pest Analysis

9. Data Science Platform Market, By Component
9.1 Introduction
9.2 Trend Analysis
9.3 Platform
9.4 Services
9.4.1 Professional Services
9.5 Support and Maintenance
9.6 Consulting
9.7 Deployment and Integration
9.7.1 Managed Services

10. Data Science Platform Market, By Organization Size
10.1 Introduction
10.2 Trend Analysis
10.3 Small and Medium-Sized Enterprises
10.4 Large Enterprises

11. Data Science Platform Market, By Deployment
11.1 Introduction
11.2 Trend Analysis
11.3 On-premises
11.4 Cloud-based

12. Data Science Platform Market, By Business Function 
12.1 Introduction
12.2 Trend analysis
12.3 Marketing
12.4 Sales
12.5 Logistics
12.6 Finance and Accounting
12.7 Customer Support
12.8 Others


13. Data Science Platform Market, By Vertical 
13.1 Introduction
13.2 Trend analysis
13.3 BFSI
13.4 Retail and eCommerce
13.5 Telecom and IT
13.6 Media and Entertainment
13.7 Healthcare and Life Sciences
13.8 Government and Defense
13.9 Manufacturing
13.10 Transportation and Logistics
13.11 Energy and Utilities
13.12 Other 

14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.10 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America 

15. Company Profiles
15.1 Microsoft Corporation
15.1.1 Company Overview
15.1.2 Financials
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Sas institute Inc. 
15.2.1 Company Overview
15.2.2 Financials
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 Fair Issac Corporation (fico)
15.3.1 Company Overview
15.3.2 Financials
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 International business machines corporation
15.4 Company Overview
15.4.2 Financials
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Sap SE
15.5.1 Company Overview
15.5.2 Financials
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Teradata Corporation
15.6.1 Company Overview
15.6.2 Financials
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 Altreyx, Inc.
15.7.1 Company Overview
15.7.2 Financials
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 Dataiku sas
15.8.1 Company Overview
15.8.2 Financials
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Rapidminer Inc
15.9.1 Company Overview
15.9.2 Financials
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 MathWorks Inc.
15.10.1 Company Overview
15.10.2 Financials
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View

16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions

17. USE Cases and Best Practices

18. Conclusion 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete 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 at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of 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 university 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 the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement 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 filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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