A lead analyst at AMR highlighted that the data science platform market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the data science platform market. The findings of the report state that the global market for automotive cybersecurity generated $7.23 billion in 2020, and is projected to reach $32.41 billion by 2030, witnessing a CAGR of 16.6% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. The surge in the importance of collecting and using data for decision making, and an increase in the adoption of innovative technologies such as machine learning and artificial intelligence are expected to drive the growth of the global data science platform market. In addition, an increase in the adoption of cloud-based solutions & services and growing reliance on machine learning are further expected to create ample opportunities for the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the data science platform market globally. The outbreak of COVID-19 has had a positive impact on the growth of the global data science platform market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in increased internet penetration and a rapid shift towards work from culture among both individuals and companies. Thus, this created demand for data science platforms to manage critical information of organizations, thus creating lucrative opportunities for the market. In addition, governments of numerous countries are adopted data science to update real-time data on coronavirus and to make actionable insights from the data.
“Asia-Pacific is expected to observe the highest growth rate during the forecast period. An increase in demand for cloud, Internet of Things (IoT), and enhanced data rates for GSM evolution (EDGE) solutions generate large amounts of data, increasing the need for advanced technologies for data processing. This requirement for data processing is increasing the demand for data science platforms in the ASIA-PACIFIC. In addition, investments by leading tech companies fuel market growth across the region. Moreover, banks and telecom sectors have been the quickest adopters of big data analytics in Asia-Pacific and will remain so as they hope to profit from transactional, financial, and customer data,” says Rachita Rake – Senior Research Analyst, ICT at Allied Market Research.
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.
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, Asia-Pacific is projected to portray the fastest CAGR of 35.8% during the forecast period.
The key players analyzed in the global data science platform market report include MICROSOFT CORPORATION, SAS INSTITUTE INC., FAIR ISSAC CORPORATION (FICO), INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM CORPORATION), SAP SE, TERADATA CORPORATION, ALTREYX, INC., DATAIKU SAS, RAPIDMINER INC, THE MATHWORKS INC.
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