Advancements in big data technology, emphasis on collecting & using data for decision making, and a surge in reliance on machine learning drive the growth of the global data science platform market.
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However, high investment cost and issues related to data privacy, security, & reliability hinder the market growth. On the other hand, surge in adoption of cloud-based solutions & services present new opportunities in the coming years.
According to the report published by Allied Market Research, the global data science platform market generated $4.7 billion in 2020 and is estimated to reach $79.7 billion by 2030, witnessing a CAGR of 33.6% from 2021 to 2030.
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
The report offers detailed segmentation of the global data science platform market based on component, application, industry vertical, and region.
Based on components, the platform segment contributed to the highest share in 2020, accounting for more than three-fifths of the total market share. However, the services segment is projected to manifest the highest CAGR of 37.9% from 2021 to 2030.
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Based on industry vertical, the BFSI segment held the largest share in 2020, accounting for around one-fourth of the global data science platform market. However, the healthcare segment is estimated to witness the largest CAGR of 36.8% during the forecast period.
Based on region, North America accounted for the highest share in 2020, contributing to around half of the total market share, and is projected to continue its leadership status by 2030. However, South Korea, Singapore and Japan (Asia-Pacific) is projected to portray the fastest CAGR of 35.8% during the forecast period.
Leading players of the global data science platform industry analyzed in the research include Microsoft Corporation, SAS Institute, Inc., IBM Corporation, RapidMiner, Inc., SAP SE, Alteryx, Inc., Dataiku, The MathWorks, Inc., FICO, and Teradata.
Covid-19 Scenario:
- Various organizations adopted the work-from-home culture due to lockdown measures. This created the demand for data science platforms to manage critical information of organizations. This presented lucrative opportunities for market growth.
- Moreover, governments in numerous countries adopted data science to avail real-time data on coronavirus cases and gain actionable insights from the data.
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