(MENAFN- EIN Presswire) Data Science Platform
Surge in reliance on machine learning coupled with surge inclination of enterprises toward data-intensive business strategies will accelerate the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, May 4, 2023 /einpresswire.com / -- Allied Market Research published a new report, titled, "data science platform market Reach to USD 79.7 Billion by 2030|Top Players Such as- RapidMiner, The MathWorks & Teradata." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global data science platform market was valued at USD 4.7 billion in 2020, and is projected to reach USD 79.7 billion by 2030, growing at a CAGR of 33.6% from 2021 to 2030.
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Advancements in big data technology, emphasis on collecting & using data for decision making, and surge in reliance on machine learning drive the growth of the global data science platform market. Based on region, North America accounted for the highest share in 2020, and is projected to continue its leadership status by 2030. Governments in numerous countries adopted data science to avail real-time data on coronavirus cases during the pandemic.
Data science platform market is segmented on the basis of component, application, industry vertical, and region. On the basis of component, it is divided into platform and services. On the basis of application, it is divided into marketing & sales, logistics, finance and accounting, customer support, and others. According to the industry vertical, it is segmented into BFSI, IT & telecommunication, retail & E-Commerce, healthcare, transportation, manufacturing and others). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By end user, the BFSI segment dominated the data science platform market share in 2020, and is expected to maintain its dominance in the forecast period. This is due to digitalization of BFSI segment, rapid adoption of machine learning, artificial intelligence techniques for data management, and to enhance customer experience. However, manufacturing segment is expected to witness considerable growth rate during the forecast period. The modern manufacturing industry uses data science for increasing its productivity, reducing energy costs, and boosting production. Data provides manufactures with valuable insights for profit maximization, risk minimization, large scale production, and execution time acceleration.
As per the application, marketing & Sales segment dominated the global market in 2020. This is attributed to the fact that marketing and sales departments of the companies can get more insights into the buyer's persona and spend by generating more Return on Investment. The data science platform is rapidly being used in marketing for channel optimization, lead targeting, customer segmentation, and advanced lead scoring.
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Region wise, North America dominated the data science platform market in 2020. Growth of the market in this region is attributed to several factors, such as rapid digitalization along with the surge in government funding on innovative technologies, increase in number of IoT devices, and growth in technical base. 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.
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.
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Covid-19 Scenario:
. During the COVID-19 pandemic, data science platform played a vital role in data management and smooth running of many sectors, such as BFSI, healthcare, and manufacturing.
. The overall lockdown constrained organizations to move toward digitalization for the arrangement of work from home officers to their employee.
. 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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