TECHNOLOGY

Data Science Platform Market Report Provides Insights into Trends and Industry Dynamics

June 20, 2024

Data Science Platform Market Scope and Overview

The Data Science Platform Market was valued at USD 103.91 Billion in 2023. It is projected to reach USD 615.39 Billion by 2031. The Data Science Platform market encompasses comprehensive software environments that provide tools, frameworks, and workflows for data scientists to develop, deploy, and manage data-driven models and solutions. These platforms facilitate end-to-end data analysis, including data preparation, model building, validation, and deployment, while supporting collaboration among data science teams. As businesses across various industries increasingly rely on data to drive decision-making and innovation, the demand for robust and scalable data science platforms is growing. This market expansion is driven by the rise of big data, advancements in machine learning and artificial intelligence, and the need for streamlined data workflows and operational efficiency.

Growth Factors Driving the Data Science Platform Market

The amount of data generated globally is increasing, fueled by the Internet of Things (IoT), social media activity, and ever-increasing sensor data. Businesses are drowning in data, and data science platforms offer the tools to manage, analyse, and extract valuable insights from this vast ocean of information.
Businesses across all industries are recognizing the power of data-driven decision-making. Data science platforms help them to analyse data effectively, identify trends and patterns, and make informed business decisions. Which improved efficiency, increased revenue, and a competitive edge.
Data science platforms are becoming more user-friendly and intuitive, making them accessible to a wider range of users within an organization.

Competitive Landscape

Open-source platforms like Apache Spark, TensorFlow, and scikit-learn provide powerful tools with a high degree of customization. They are popular with data scientists who value flexibility and control. A growing number of startups are emerging to address specific data science needs. These players focus on areas like AutoML, data visualization, or MLOps. Cloud deployment is becoming the norm for data science platforms. Cloud-based solutions offer scalability, elasticity, and easier collaboration compared to on-premise deployments. There’s a growing trend towards open standards and interoperability between platforms. This allows data scientists to leverage tools from different vendors and avoid vendor lock-in.

Some of the Major Key Players Studied in this Report are:

Microsoft Corporation
SAS Institute
Fair Issac Corporation (FICO)
International Business Machines Corporation (IBM Corporation)
SAP SE
Teradata Corporation
Altreyx
Dataiku SAS
Rapidminer
The MathWorks
Other Players

Data Science Platform Market Segmentation Analysis

Data Science Platform Market is segmented by Component, Deployment Mode, Business Function, Vertical, and by Deployment, the cloud segment, holding a dominant share exceeding 58%. This dominance is driven by the real-time data transfer capabilities of cloud solutions, allowing businesses to improve services and streamline operations. Additionally, the ease and speed of access offered by cloud platforms are driving businesses to adopt these tools, fostering increased customer engagement and attraction. However, security concerns remain a significant hurdle. Companies, particularly those dealing with sensitive data, continue to invest in on-premises deployments to maintain complete control and ensure data security.

Market Segmentation and Sub-Segmentation Included Are:

By Component

Platform
Services
Support and Maintenance
Consulting
Deployment and Integration

By Organization Size

Small and Medium-Sized Enterprises
Large Enterprises

By Deployment

On-premises
Cloud-based

By Business Function

Marketing
Sales
Logistics
Finance and Accounting
Customer Support
Others

By Vertical

BFSI
Retail and eCommerce
Telecom and IT
Media and Entertainment
Healthcare and Life Sciences
Government and Defense
Manufacturing
Transportation and Logistics
Energy and Utilities
Other

Regional Outlook

Businesses recognize the need for streamlined systems and efficient data analysis to stay competitive. APAC’s growth is further propelled by the increased utilization of Big Data analytics tools. Government initiatives also play a crucial role. Countries like China, South Korea, and India are actively investing in data science platforms, recognizing their immense potential. For example, in February 2024, the Indian government launched the National Mission on Artificial Intelligence, allocating significant resources to foster research and development in this field. These investments, coupled with a growing pool of data science talent, are propelling the APAC region towards becoming a major player in the Data Science Platform market.

North America currently leading in the Data Science Platform market, with a dominant market share of more than 31%. This leadership is driven by the widespread adoption of these platforms across various industries, with a strong focus on data discovery.

Recent Developments

In February 2024, Databricks, a leader in data science platforms, announced a major collaboration with Amazon Web Services (AWS). This partnership allows for native integration between Databricks and various AWS services, like S3 storage and Amazon SageMaker.
In May 2024, Google announced Vertex AI Workbench. Thisworkbench provides a unified platform for data scientists and machine learning engineers to collaborate and manage the entire machine learning lifecycle within Vertex AI. This signifies a move towards more collaborative and efficient data science workflows.

Key Takeaways from the Data Science Platform Market Report

Providing user-friendly interfaces and automation is crucial to attract data scientists with different skill levels.
Tech giants like Microsoft, Google, Amazon, IBM, and SAS hold a strong position with comprehensive toolsets and enterprise support.
Continuous development of new features, functionalities, and integration with cutting-edge AI and machine learning technologies is essential for success.
Platforms need to adapt to diverse data science workflows and handle large-scale data processing efficiently.

Table of Contents

Introduction
Industry Flowchart
Research Methodology
Market Dynamics
Impact Analysis
- Impact of Ukraine-Russia war
- Impact of Economic Slowdown on Major Economies
Value Chain Analysis
Porter’s 5 Forces Model
PEST Analysis
Data Science Platform Market, By Component
Data Science Platform Market, By Organization Size
Data Science Platform Market, By Deployment
Data Science Platform Market, By Business Function
Data Science Platform Market, By Vertical
Regional Analysis
Company Profile
Competitive Landscape
USE Cases and Best Practices
Conclusion

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Akash Anand – Head of Business Development & Strategy

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About Us

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.