Status : Published Published On : Sep, 2018 Report Code : VRICT5029 Industry : ICT & Media Available Format : Page : 142

Global Data Science Platform Market – Analysis and Forecast (2018-2024)

Industry Insights by Deployment Type (On-Premise, On-Demand), by Business Function (Marketing, Logistics, Customer Support, Human Resource, Sales, Others), by Industry Vertical (IT & Telecom, Healthcare & Life Sciences, Retail & Consumer Goods, Transportation & Logistics, Media & Entertainment, Banking, Financial Services, and Insurance (BFSI), Others)

Industry Overview

The global data science platform market is projected to reach USD 290.9 billion by 2024, registering a CAGR of 40.1% during the forecast period. increasing awareness regarding the benefits of these technologies among different enterprises or organizations and ease of use methods, propelling the growth of the market.

Data Science Platform Market Highlights

Market Segmentation

Insight by Deployment Type

Based on deployment type, the global data science platform market is categorized into on-premise and on demand, wherein on-premise category accounted for larger share in 2017.

Insight by Business Function

On the basis of industry vertical, the global data science platform market can be segmented into IT and telecom, healthcare and life sciences, retail and consumer goods, transportation and logistics, media and entertainment, BFSI, and others. Of all, the BFSI sector is expected to continue holding the largest share during the forecast period. BFSI sector utilizes these platforms for marketing analytics, collection analytics, risk assessment and reduction, fraud analytics, operation analytics, regulatory compliance, credit policy adherence and collection analytics. All these use cases are key to the efficient operations of BFSI sector, therefore, leading to the largest adoption of the products and services offered by the data science platform industry in BFSI sector.

Insight by Industry Verticals

On the basis of industry vertical, the global data science platform market can be segmented into IT and telecom, healthcare and life sciences, retail and consumer goods, transportation and logistics, media and entertainment, BFSI, and others. Of all, the BFSI sector is expected to continue holding the largest share during the forecast period. BFSI sector utilizes these platforms for marketing analytics, collection analytics, risk assessment and reduction, fraud analytics, operation analytics, regulatory compliance, credit policy adherence and collection analytics. All these use cases are key to the efficient operations of BFSI sector, therefore, leading to the largest adoption of the products and services offered by the data science platform industry in BFSI sector.

Industry Dynamics

Growth Drivers

Global data science platform market has been driven by several key factors, predominantly advancements in big data technologies, increasing awareness regarding the benefits of these technologies among different enterprises or organizations and ease of use methods to drive businesses. Also, the increased demand from the BFSI sector for the platform owing to the need for simplifying complexities of operations in the banking and finance sector significantly drive the global market. Increasing numbers of fraud in the banking sector related to accounting, credit cards, insurance, and others lead to the significant growth of the market.

Data science technology helps banking and finance organizations proactively in fraud detection to provide its customers and associates security and maintain a long-term association. In addition, banking sector involves the technology in managing customer data, risk modelling for investment banks and personalized marketing. Banking and finance sectors have to collect, maintain and store massive amounts of customer data and thereafter analyzing it to not just make it compliant to regulations but also to create new revenue generation opportunities.

Challenges

Key factors hindering the growth of the data science platform market are lack of reliability on the technology, stringent government rules and regulations, data security and privacy issues and huge investment requirement. Also, the users of this technology require to regularly update their platform to make it reliable with advanced data tools and technologies, which is a key challenge for the growth of the industry.

Geographic Overview

North America has been one of the largest consumers of data science platform during the forecast period. The supportive government initiatives developed banking and financial sector and high awareness regarding the benefits of the technology lead to the largest share of the region, globally. U.S. is the larger market in the North American market, due to the larger presence of banking and finance organizations and developed IT infrastructure across different industry verticals.

GLOBAL DATA SCIENCE PLATFORM MARKET SHARE, BY REGION, 2017

Data Science Platform Market

Asia-Pacific is observed to witness the fastest growth in the data science platform market during the forecast period. As the region offers immense opportunities for banking and finance sectors and large customer base. Also, the developing infrastructures for IT and telecom, healthcare and life sciences, and transportation and logistics require the need for efficient analysis of large volume data, thus fueling the growth of the industry in the region.

Competitive Insight

Market players in the global data science platform industry are integrating AI to advance its technology platform, thus gaining a competitive advantage over other players. In March 2018, IBM Corporation unveiled a new data science and machine learning platform and an elite consulting team to help enterprises accelerate their AI roadmaps. The new Cloud Private for Data of IBM is integrated data science, data engineering and app building platform.

Some of the key players operating in the global data science platform market are Alphabet, Inc., Wolfram, Microsoft Corporation, IBM Corporation, RapidMiner Inc., Domino Data Lab, Sense Inc., DataRobot Inc., Alteryx, Inc., and Dataiku.

 PRIMARY RESEARCH INTERVIEWS - BREAKDOWN
Data Science Platform Market Analysis

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Research Methodology

  •  Desk Research / Pilot Interviews
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  •  Research and Analysis
  •  Final Deliverabvle
Data Science Platform Market