The need to maintain analytical models is projected to hasten the expansion of the data science platform market share. The increased usage of big data analysis to achieve a more in-depth insight into customer buying patterns is likely to spur the development of the data science platform market size.
The rapid progression in big data technologies is likely to boost the data science platform market 2020. The ICT industry reports are created by Market Research Future, which centers on market choices for expansion. A CAGR of 29 % is predicted to enhance the earning to USD 115 billion in the forecast period.
Detailed Regional Analysis
The regional scrutiny of the data science platform market growth is segmented into North America, Europe, Asia Pacific, and the rest of the region. The regional North American market is anticipated to retain the principal market segment, due to the capital demanding industries existing across the region. The enterprises are planning to hold a data science platform as the valued platform, which will lend a hand in establishing a competitive advantage in the marketplace. The Asia Pacific region is projected to have the maximum development rate for the duration of the forecast period. The factors of industrialization, digitalization, and more than a few smart city initiatives by governments strengthen the implementation of the data science platform.
The segmental assessment of the data science platform market is segmented on the basis of the deployment model, vertical, business function, and region. On the basis of business functions, the data science platform market is segmented into sales, operations, logistics, human resources, marketing, risk management, customer support, and many more. On the basis of deployment models, the data science platform market is segmented into on-demand and on-premise. The vertical basis of segmenting the data science platform includes retail, healthcare, BFSI, energy and utilities, government, IT, transportation, and defense, and many more. Based on the regions, the data science platform market consists of North America, Europe, Asia Pacific, and the rest of the region.
The upgradation in production capacity is estimated to accelerate market expansion in the upcoming period further. The development of the market is contingent on the delicate balance of the forces of demand and supply. The consumers in the market are well aware of their requirements and how the market can meet them. The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The availability of advantageous policies and regulations by trade bodies and governments is expected to hasten the intensification of the market in the forecast period. The improved economic state of the companies is expected to lead to better research and development trials and activities in the impending period.
The outstanding contenders in the data science platform market are IBM Corporation (U.S.), Google, Inc. (U.S.), Wolfram (U.S.), Microsoft Corporation (U.S.), DataRobot Inc. (U.S.), Dataiku (France), RapidMiner Inc. (U.S.), Domino Data Lab (U.S.), Alteryx, Inc. (U.S.), Sense Inc. (U.S.), and Continuum Analytics, Inc. (U.S.).
Mar 2020 Oracle lately announced the accessibility to its Cloud Data Science Platform, local service on Oracle Cloud Infrastructure (OCI), planned to let groups of data scientists join forces on the deployment, development, and the preservation of machine learning models. In addition, it offers ability such as model catalogs, team security policies, shared projects, reproducibility, and auditability. Oracle is planning to tie together the "second mover" benefit and leapfrog the services and accessible developer workflows that other public cloud vendors present.