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The data science platform market is estimated to grow at a CAGR of 26.78% between 2022 and 2027. The size of the market is forecast to increase by USD 249,147.71 million. The growth of the market depends on several factors, including the high generation of data volumes, the growing importance of data-driven business outcomes in industrial sectors, and the movement of big data to the cloud.
This report extensively covers market segmentation by component (platform and services), deployment (on-premise and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The high generation of data volumes is notably driving the market growth, although factors such as the increasing threat from open-source data science platform vendors may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high generation of data volumes is a key factor driving the growth of the global data science platform market. Data volumes are exploding, and more data has been created since 2014 than in the entire previous history. In 2020, more than 1.5 megabytes (MB) of new information was generated every second for every person across the world. Enterprise applications are generating large volumes of data, and this will keep continuing throughout the forecast period and beyond. Moreover, the increasing volume of data generated in organizations through various channels and sources has compelled organizations to implement big data analytics and save a significant amount of cost for organizations.
In addition, data analysts need to thoroughly analyze large amounts of data and convert insights into real-time action. Irrelevant data provide wrong information and predictions about consumer behavior, consumer buying pattern, and related information that are used in key decision-making processes. Data science platforms and associated technologies have helped organizations transform unstructured and semi-structured data into structured and meaningful data. Big data analytics, a popular data science application, can be used for retrieving and analyzing data to discover significant weaknesses, develop indicator patterns to identify opportunities and threats; and optimize business decisions. As data volumes are growing, the demand for data analytics is also growing, which is expected to drive the growth of the market during the forecast period.
The growing dependency on the Internet is the primary trend in the global data science platform market. One of the key drivers contributing to the growth of the market is the rising use of the Internet for day-to-day activities and critical operations. With the penetration rate of the Internet increasing, people tend to share their personal information on the platform, especially on social media. Furthermore, companies are offering storage services in the cloud, leading to the storage of critical information on the Web. Moreover, banks and payment card companies are enabling customers to make transactions such as online transactions and payments using the Internet. Although online methods have benefits over traditional methods, they have high-security risks.
Optimization of capacity, reduction of lead time and cost, and increased profit through the development of IT infrastructure are key requirements in any organization. These can be brought about through business analytics. The solution enhances an organization's processes by improving quality and resource control, which, in turn, enhances the productivity and efficiency of the firm. The deployment of business analytics helps organizations in improving their efficiency and productivity. This helps them meet their business demands quickly and remain competitive. These uses of data science platforms should drive market growth during the forecast period.
Increasing threat from open-source data science platform vendors is a major challenge to the growth of the global data science platform market. The presence of many open-source data science platform vendors is one of the major challenges for the global data science platforms market. Vendors such as Pentaho and Jasper soft enable enterprises to use business analytics functionality free of cost. Moreover, the market has many open-source vendors that provide a range of data science tools and applications.
In addition, a combination of multiple products from various open-source vendors can cover almost all the functionalities that on-premise or on-demand data science platform software vendors provide. Open-source vendors provide query, reporting, analysis, advanced analytics, and data warehouse generation platforms. This, in turn, has a negative impact on the market share of data science platform vendors.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Data Science Platform Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alteryx:- The company offers data science platform solutions that help to accelerate machine learning modelling and focus on insights with analytics automation and AutoML solution. Also, the company provides data storage, retrieval, management, reporting, and analytics solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Technavio categorizes the global data science platform market as a part of the global systems software market within the global IT software market. The super parent market, global IT software, covers companies engaged in developing and producing application and systems software. It also includes companies offering database management software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth by the platform segment will be significant during the forecast period. Data science platforms that are considered the best usually offer the flexibility of open-source tools and the scalability of elastic computer resources. Some of the best data science platforms include Alteryx Analytics, Microsoft Azure ML studio, SAS Visual Analytics, and SAS Enterprise Miner, and the RapidMiner platform. These platforms enable data-driven business decisions, and enterprises are investing in data science platforms and advanced analytics capabilities to improve business outcomes. Therefore, this will drive the growth of the platform segment during the forecast period.
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The platform segment was valued at USD 22,275.85 million in 2017 and continue to grow by 2021. In this segment, data science is software that incorporates various technologies for machine learning (ML) and other analytical uses. Data scientists use this platform to strategize, determine actionable insights from data, and communicate these insights across an enterprise within the same environment. Data science platforms offer a collaborative and flexible environment that enables enterprises to incorporate data-driven decisions into operations and customer-facing systems to augment business outcomes and enhance customer experience. Such factors will increase the market growth during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the data science platform market in North America is driven by the increase in data generation across various industries, such as the retail, BFSI, healthcare, and public sectors, due to the increase in digital transformation, such as digitalization of workspace, access via mobile apps and websites, online transactions, online purchases and sells, and virtualization of desktops. Moreover, processing data is one of the essential techniques in understanding the nature of customer demand. Most banks in the US are leveraging data science technologies to gain a competitive edge over their competitors. Financial services companies in the US have been modifying their structure to make use of big data analytics more effectively. Big data analytics services, which are one of the popular applications of data science, help firms achieve real-time marketing, integration of e-commerce platforms with payment processing, and facilitate the small loans and microloans market in the US. Thus, the increased adoption of big data analytics is expected to enhance the growth of the financial services spending market in North America, which in turn, is expected to, drive the growth of the market in the region.
In 2020-2021, the economy of various countries in North America came to a complete halt due to COVID-19-induced lockdowns. However, the market is anticipated to recover by the end of 2021 due to a decline in COVID-19 instances and a gradual return to normalcy following the vaccination process. In addition, ML and AI were used to fight against the COVID-19 pandemic. Multiple AI-powered projects based on big data are being used to predict, explain, and manage the different scenarios caused by the COVID-19 pandemic. Therefore, the above-mentioned factors increased the demand for data science platforms in the region.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Data Science Platform Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 26.78% |
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Market growth 2023-2027 |
USD 249,147.71 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
25.6 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 39% |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Altair Engineering Inc., Alteryx Inc., Anaconda Inc., Cloudera Inc., Databricks Inc., Dataiku Inc., DataRobot Inc., Domino Data Lab Inc., International Business Machines Corp., Microsoft Corp., Oracle Corp., Rapid Insight Inc., RapidMiner Inc., Rexer Analytics, Rstudio PBC, SAS Institute Inc., The MathWorks Inc., Vista Equity Partners Management LLC, and Wolfram |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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