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Global Data Science Platform market worth $1,95,677.5 million in 2016

The study reveals that the global data science platform market is likely to grow from $19,447.0 million in 2016 to $1,95,677.5 million by 2023. Due to significant growth in technologies such as IoT and advancement in big data analytics, the global data science platform market in gaining traction.

MARKET SEGMENTATION

By Business Function
Logistics
Marketing
Sales
Customer Support
Human Resource
Others

By Deployment Type
On-Premise
On-Demand

By Industry Vertical
BFSI
Health and Life Sciences
IT and Telecom
Retail and Consumer Goods
Media and Entertainment
Manufacturing
Transportation and Logistics
Others

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As per the findings of the research, based on business functions, logistics led the global data science platform market in 2016. Among deployment types, on-premise deployment witnessed the higher growth in demand of data science platform in 2016. Among the industry verticals, demand for data science platform from healthcare industry is expected to generate largest revenue for the global data science platform market during the forecast period, however, the demand is expected to grow at the fastest rate from transportation and logistics industry in the coming years.

The market is expected to witness the fastest growth in Asia-Pacific during forecast period

Geographically, North America has been the largest market for data science platform, whereas Asia-Pacific is expected to witness highest growth among all regions due to growth of digitalization, smart city initiatives by various governments, increase in foreign direct investment (FDI) for smart technologies, and adoption of big data analytics at a significant growth rate in the region. Further, due to the growing economic prosperity of Asia and improving technology infrastructure, the region has high tendency to adopt data science platform solution at a rapid scale in near future.

The factors driving the growth of the global data science platform market includes rapid advancement in big data technologies globally, need for ease of use technological methods to drive business effectiveness, and demand for big data analysis to gain deeper insights into consumer buying patterns.

Moderate competition among players in the global data science platform market

The research states that the global data science platform market is moderately competitive with players continuously upgrading their offerings according to the market dynamics. Some of the key players in the data science platform ecosystem offering various product and services are Microsoft Corporation, Goggle, Inc., IBM Corporation, Wolfram, DataRobot Inc., Sense Inc., RapidMiner Inc., Domino Data Lab, and, Alteryx, Inc.