The global data science platform market is predicted to grow at 40.1% CAGR during the forecast period with the market size reaching USD 290.9 billion by 2024. The market is driven by factors such as advancements in big data technologies, increasing awareness regarding the benefits of these platforms among different enterprises or organizations. Industry players are the data science platform industry is integrating AI to advance its technology platform which provides them the competitive edge over other players.
The market for data science platform devices is primarily driven by increased demand from the BFSI sector for the platform. BSFI sector needs to simplify 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. The banking system needs to detect fraud very soon to minimize possible losses and account activities. Every data sets in BFSI sectors are different therefore, it requires advanced data mining techniques such as clustering, association, and classification.
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On the basis of deployment type, the data science platform market is segmented into on-premise and on demand. On-premise category account for the larger share in the market whereas on-demand category is predicted to witness the higher CAGR of around 42% during the forecast period.
Based on business function, the market is segmented into marketing, logistics, customer support, human resource, sales, and others. The market is expected to witness the fastest growth for customer support functions during the forecast period.
The market is segmented into IT and telecom, healthcare and life sciences, retail and consumer goods, transportation and logistics, media and entertainment, BFSI, and others based on vertical. BFSI industry holds the largest share in the market. 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 the BFSI sector, therefore, leading to the largest adoption of the products and services offered by the data science platform industry in BFSI sector.
North America accounted for the major share in the Data Science Platform industry in 2017, due to the supportive government initiatives, developed banking and financial sector and high awareness regarding the benefits of the technology. Moreover, Asia-Pacific is observed to witness the fastest growth in the Data Science Platform market. 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.
Alphabet, Inc., Wolfram, Microsoft Corporation, IBM Corporation, RapidMiner Inc., Domino Data Lab, Sense Inc., DataRobot Inc., Alteryx, Inc., and Dataiku are some of the key players offering platforms for data science.
Global Data Science Platform Market Coverage
Deployment Type Insight and Forecast 2014-2024
Business Function Type Insight and Forecast 2014-2024
Industry Vertical Insight and Forecast 2014-2024
Data Science Platform Market by Region
Middle East & Africa (MEA)