Data Science Platform Market is set to grow substantially during the forecast timeframe

Market Highlights:

Data science helps in exploring data on large machines without the need for DevOps and infrastructure setup and facilitates seamless use of new tools and packages. To put it simply, they combine statistics, data analysis, and associated techniques to understand and gauge data. Data science techniques can be applied at a large scale to massive volumes of semi-structured and unstructured data such as text-based data, machine data, sensor data, and social media data. By predicting the likelihood of events before they occur, data science allows companies to be proactive and take actions to optimize outcomes.

The evolution of internet of things (IoT) and related connected technologies has generated massive amount of data through every device such as smartphones, routers, and switches. Rapid advancement in big data analytics has made organizations realize the benefits of dealing with the structured and unstructured data to produce actionable insights, which are valuable for business continuity.

The intensity of rivalry in the global data science platform market is moderate. With the emergence of new data science technologies, vendors are either enhancing their products in line with the changing end user requirements or aggressively engaging into organic and inorganic growth strategies in the global market.

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Major Key Players

Microsoft Corporation (U.S.),

IBM Corporation (U.S.),

Google, Inc. (U.S.),

Wolfram (U.S.),

DataRobot Inc. (U.S.),

Sense Inc. (U.S.),

RapidMiner Inc. (U.S.),

Domino Data Lab (U.S.),

Dataiku (France),

Alteryx, Inc. (U.S.), and Continuum Analytics, Inc. (U.S.)

The global Data Science Platform Market is estimated to grow up to USD 115 billion with a CAGR ~ 29% through the forecast period.

Regional Analysis

The market for global data science platform market is studied across North America, Europe, Asia Pacific and Rest of the World. The North American market is expected to hold the largest market share, owing to capital intensive industries present across the region. Enterprises are looking to embrace data science platform as the revered platform which will help them have a competitive edge in the marketplace. Asia Pacific region is anticipated to have the highest growth rate during the forecast period. Industrialization, digitalization and several smart city initiatives by governments intensify the adoption of data science platform.

North America leads the market for global data science platform market. Due to the presence of major market players such as IBM, Microsoft, Google and many more led to development in this sector. TD Bank Group acquired Layer 6 Inc., a world-renowned artificial intelligence (AI) company based in Toronto, Ontario. Layer 6 adds new capabilities to TD’s growing base of innovation talent and know-how. Artificial Intelligence has the potential to power a new generation of data-driven applications from personalized and real-time advice to predictive analytics that will shape the future of banking for millions of individuals.

Asia Pacific is anticipated to grow at rapid rate through the forecast period. Data science companies are setting up in Asia Pacific to meet the growing demand to maximise in-house data production and analysis. In November 2017, French software developer Dataiku Inc., which owns predictive analytics software platform Data Science Studio, announced its intention to accelerate its expansion in this region.

Segmentation

The market for global data science platform market is divided on the basis of business function, deployment model, vertical and region. On the basis of business function the segment is further classified into marketing, sales, logistics, human resources, operations, risk management, customer support and many more. On the basis of deployment the segment is further classified into on-demand and on-premise. The global data science platform covers a wide area of verticals such as BFSI, retail, healthcare, IT, transportation, energy and utilities, government and defense and many more.

Key Findings

First a real estate from Durham, using data science and machine learning to help real estate agents. Their SaaS platform analyzes over 700 personal factors such as demographics, income changes, and purchasing behavior and life events of every agent’s contact and cross-references them against national averages. The resulting seller score indicates how likely they are to sell their home, helping agents know exactly when to reach out for the best chance at landing a deal.

Veritone, Inc., a leading provider of artificial intelligence (AI) and cognitive solutions, has acquired the advanced data analytics software and related intellectual property (IP) assets of Atigeo Corporation.

American Family Insurance is accelerating its use of data through advanced analytics and artificial intelligence (AI) with its purchase of Chicago-based data and analytics software company Networked Insights.

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Intended Audience

  • Independent Software Vendors
  • Business Analytics Software Providers
  • IT Service Providers
  • Cloud Service Providers
  • System Integrators
  • Application Design and Software Developers

 

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