Data Science Platform Market Size, Share & Trends Report

Data Science Platform Market Size, Share & Trends Analysis Report By Application (Marketing & Sales, Logistics), By Component (Platform, Services), By Vertical, By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Oct, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-092-8
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 100

Report Overview

The global data science platform market size was valued at USD 3.93 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 26.9% from 2020 to 2027. With rising investment in research and development, technological advances are occurring rapidly. As the enterprises are growing, the demand for technologies that can increase their productivity and efficiency is rising. Advancements such as Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) are all over the place which is driving the adoption of software and platforms. With data increasing every day, advanced data handling tools and platforms are contributing substantially to business growth.

Asia Pacific data science platform market size

The data science platform is one such software technology that is being widely used by industries today. This software that comprises of a variety of technologies for various advanced analytics and machine learning. It empowers data scientists to design techniques, reveal insights from information, and impart those experiences all through a venture inside a solitary situation. The projects carried out in data science comprise various tools designed at each step of the data modeling process.

The adoption of data science platforms is increasing rapidly today. The software provides high flexibility to open source tools and scalability of computer resources. It can also be easily aligned with various data architecture. Apart from this, the platform enables version control, which empowers the data science group to team up on ventures without losing the work that has just been finished. Such benefits are substantially contributing to market growth.

The COVID-19 (Coronavirus Disease) pandemic has impacted every industry. The pandemic has also affected the data science industry. The models earlier used for forecasting or segmentation are failing due to rapid changes in online traffic or shopping patterns. The borders have been locked down, and the supply chain has been interrupted. Thus, companies are now focusing on laying short, medium, and long-term data-driven plans to make informed decisions.

The companies are revising the assumption made during data analysis. New cycles are being created. Data replacement, changes in traffic, focus on healthcare-related supply chains are few trends being observed in the market currently. The most impacted segment during the pandemic is healthcare. Professionals in the healthcare sector are focusing on leveraging data from countries that were previously impacted by the pandemic to make more precise decisions.

Application Insights

The marketing and sales segment accounted for the largest revenue share of over 33% in 2019. Based on application, the market is segmented into marketing and sales, logistics, finance and accounting, customer support, and others. The largest revenue share of the marketing and sales segment is due to the various advantages offered, such as using data science, the marketing and sales department can get more insights into the buyer’s persona and spend marketing budget, accordingly, thereby generating more Return on Investment (ROI). Apart from this, factors such as reduced financial risk due to precise spending calculation, more predictable revenue generation, and enhanced customer experience contribute to the adoption of the platform in the segment.

The logistics sector is using the platform to optimize the supply chain process. It helps in generating insights from data collected from transportation, inventory, and everything in between them and then helps to identify patterns that will impact the entire supply chain. To extract greater value from data, the finance and accounting sector is also using the platform. Accounting firms, CFOs, and others are using technology to increase their analytics and data governance capabilities.

Component Insights

The platforms segment accounted for the largest revenue share of over 84% in 2019. This is due to the rising adoption of data since technology across large and medium enterprises. Based on components, the market is segmented into platforms and services. Companies are focusing on deploying products that can provide them with standardization and reproducibility. This can be achieved by deploying data science platforms.

The services segment is anticipated to rise in the foreseeable future. Services provided by prominent companies in the market include training, consulting, deployment, integration, maintenance, support, and others. With data science platforms offering substantial growth opportunities, more companies are looking for ways to integrate this platform in their working environment to gain productivity and efficiency benefits. Thus, these services are being widely adopted to integrate the technology into their existing environment effectively.

Vertical Insights

The BFSI segment accounted for the largest revenue share of over 19% in 2019. The market is segmented into IT and telecommunication, healthcare, BFSI, manufacturing, retail and e-commerce, energy and utilities, government, and others based on verticals. The healthcare segment is anticipated to grow during the forecast period. One of the prominent applications of this platform is in medical imaging. Significant focus on advancing healthcare delivery is contributing to the rapid adoption of the technology in the segment.

Global data science platform market share

To increase productivity and efficiency, the IT and telecommunication sector is also adopting the platform. The platform helps eliminate the mundane operation tasks and provide deeper insights into data collected to varied resources. Model-driven decisions made by leveraging machine learning technology contribute to the rapid adoption of technology in the retail and e-commerce sector. The manufacturing segment is also anticipated to grow in the foreseeable future due to the rising adoption of the platform to increase work and operation efficiency.

Regional Insights

North America accounted for the largest revenue share of 35.1% in 2019. This is due to a rising focus on these platforms' further advancements by key market players in the region. For instance, In February 2020, Oracle, a technology company, announced the launch of a cloud-based data science platform. The new platform capabilities include auditability, reproducibility, team security policies, model catalogs, and shared projects.

The market in Europe held the second-highest share in 2019. As data-driven digital transformation is rising, a greater number of companies in the region are adopting the technology to drive growth. The market in the Asia Pacific is expected to register the highest CAGR in the forecast period. Improved lifetime value, cost of acquisition, and customer retention are factors driving this growth.

Key Companies & Market Share Insights

Vendors in the market are focusing on collaborating to develop advanced technologies to cater needs gap of customers. For instance, In June 2020, IBM Corporation, a technology company, collaborated with Anaconda Inc., a provider of python data science platform. A joint effort is made to simplify the adoption of open-source technologies based on artificial intelligence. This would help enterprises to fill the skill gap between data science and artificial intelligence. Some of the prominent players in the data science platform market include:

  • Google LLC

  • Microsoft Corporation

  • IBM Corporation

  • H2O.ai

  • Oracle

  • Alteryx, Inc.

  • TIBCO Software Inc.

  • SAS Institute Inc.

  • SAP

  • The MathWorks, Inc.

Data Science Platform Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 4.89 billion

Revenue forecast in 2027

USD 25.94 billion

Growth Rate

CAGR of 26.9% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segment Scope

Application, component, vertical, region

Region scope

North America; Europe; Asia Pacific; South America; MEA

Country scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; China; Japan; India; Brazil

Key companies profiled

Google LLC; Microsoft Corporation; IBM Corporation; H2O.ai; Oracle; Alteryx, Inc.; TIBCO Software Inc.; SAS Institute Inc.; SAP; The MathWorks, Inc.

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Segments Covered in the Report

This report provides forecasts for revenue growth at the global, regional, and country levels and analyses of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global data science platform market report based on application, component, vertical, and region:

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Marketing & Sales

    • Logistics

    • Finance and Accounting

    • Customer Support

    • Others

  • Component Outlook (Revenue, USD Million, 2016 - 2027)

    • Platform

    • Services

  • Vertical Outlook (Revenue, USD Million, 2016 - 2027)

    • IT & Telecommunication

    • Healthcare

    • BFSI

    • Manufacturing

    • Retail & E-commerce

    • Energy and Utilities

    • Government

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • The Middle East and Africa (MEA)

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