Global Data Science Platform Market to register a CAGR of 30% through 2026

July 15, 2020

According to the research report titled ‘Global Data Science Platform Market Size study with COVID-19 impact, by Type (Solution and services), by Application (BFSI, Telecommunication, Transportation and Logistics, Healthcare, Manufacturing and Others) and Regional Forecasts 2020-2026’, available with Market Study Report, global data science platform market was worth USD 237.82 billion in 2019 and is projected to expand with a CAGR of 30% through 2026.

Data science involves combined insights, information search, and their linked methods to assess and discern genuine information from raw data. It includes methods and techniques ranging from software engineering, measurements, databases, and arithmetic from subdomains like representation, information mining, bunch examination, and machine learning.

Data science tools are widely accepted across the globe in several end-use industries owing to the adoption of advanced technologies like AI, machine learning (ML), and Internet of Things (IoT). A huge amount of data is derived from devices like routers, smartphones, and cameras through these advanced technologies. This derived data can be used to improve business operations; thus, organizations use big data analytics to concentrate on optimization of unstructured and structured data to generate meaningful insights. Surging popularity of bag data analytics worldwide and its extensive usage in business operations will propel data science platform market size over the anticipated timeline.

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As per International Financial Corporation, the GDP of China is projected to reach USD 38 trillion by the year 2030, with USD 7 trillion coming from AI owing to upgradation of existing business and new business creation to reduce cost and enhance efficiency. Similarly, as per Accenture, AI can add USD 957 billion to gross value of India by 2035. However, strict regulations imposed by government regarding data science platform may impede the market expansion in the ensuing years. In addition, economic slowdown due to COVID-19 pandemic will also act as growth restraining factor for global data science platform market.

Citing the regional landscape, global data science platform market is fragmented into Latin America, Europe, North America, Asia Pacific, and Rest of the World. North America presently holds a significant market share pertaining to burgeoning demand for big data analytics in the region.

Meanwhile, Asia Pacific market is slated to grow substantially over the anticipated timeline, owing to widespread adoption of technologies like artificial intelligence and machine learning.

Major players in global data science platform market are Teradata Corp., MathWorks Inc., Fair Isaac Corporation (FICO), Alteryx Inc., Dataiku SAS, RapidMiner Inc., SAP SE, SAS Institute Inc., IBM Corp., and Microsoft Corp. among others.

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