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The data science platform market has experienced significant growth in recent years, projected to rise from $94.73 billion in 2023 to $122.82 billion in 2024, with a compound annual growth rate (CAGR) of 29.6%. This growth during the historical period can be attributed to several factors, including the demand for predictive analytics, regulatory compliance requirements, the expansion of the open-source ecosystem, increasing data complexity, and a heightened focus on data governance and privacy.
What Is The Estimated Market Size Of The Global Data Science Platform Market And Its Annual Growth Rate?
The data science platform market is anticipated to experience exponential growth in the coming years, projected to reach $361.44 billion by 2028, with a compound annual growth rate (CAGR) of 31.0%. This growth during the forecast period can be attributed to the rapid increase in unstructured data, advancements in natural language processing (NLP), the emergence of cross-functional collaboration platforms, and the democratization of data science.
Growth Driver of The Data Science Platform Market
The growing demand for big data analytics is projected to drive the expansion of the data science platform market during the forecast period. Big data analytics utilizes advanced analytical techniques to examine a combination of structured, semi-structured, and unstructured data collected by organizations. Data science involves extracting valuable insights from data using sophisticated analytics methods and scientific principles to inform enterprise decisions, strategic planning, and other objectives.
Which Market Players Are Driving The Data Science Platform Market Growth?
Key players in the market include Microsoft Corporation, Google LLC, International Business Machines Corporation (IBM), Oracle Corporation, Alteryx Inc., SAP SE, Teradata Corporation, TIBCO Software Inc., RapidMiner Inc., MathWorks Inc., SAS Institute Inc., Wolfram Research Inc., Dataiku Inc., Fair Isaac Corporation (FICO), Altair Engineering Inc., DataRobot Inc., Apheris AI GmbH, The Digital Talent Ecosystem, Anaconda Inc., Amazon Web Services Inc. (AWS), Cloudera Inc., Databricks Inc., Snowflake Inc., Accenture PLC, OpenText Corporation, Splunk Inc., Unified ID Inc., NVIDIA Corporation, Sumo Logic Inc., Sisense Inc., VMware Inc., Walmart Inc., JPMorgan Chase & Co., Ernst & Young (EY), Domino Data Lab Inc., WNS Global Services Pvt. Ltd., BRIDGEi2i Analytics Solutions Pvt. Ltd.
What Are The Key Trends That Influence Data Science Platform Market Share Analysis?
Major companies in the data science platform market are concentrating on launching new platforms to gain a competitive advantage.
How Is The Global Data Science Platform Market Segmented?
1) By Type: Solutions, Services
2) By Deployment: Cloud-Based, On-Premise
3) By End User: BFSI, Telecommunication, Transportation And Logistics, Healthcare, Manufacturing, Other End Users
Geographical Insights: North America Leading The Data Science Platform Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Data Science Platform Market Definition
A data science platform is software designed to analyze, organize, and transfer data, helping businesses develop analytical models and manage data analysis across various platforms. This capability enables organizations to extract insights from user data and marketing campaigns, ultimately contributing to improved strategies and increased revenue.
Data Science Platform Global Market Report 2024 from The Business Research Company covers the following information:
•Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global data science platform market report covering trends, opportunities, strategies, and more
The Data Science Platform Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on data science platform market size, data science platform market drivers and trends, data science platform market major players and data science platform market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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