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Global Data Science platform Market
The major players with a leading share in the market converge on expanding their customer base across foreign countries.
PORTLAND, PORTLAND, OR, UNITED STATES, October 11, 2023 /EINPresswire / -- The importance of collecting and using data for better decision-making and advancements in big data technology drive market growth. However, data security & high investment costs, and reliability issues observed by the employees hamper the market growth. In addition, targeting untapped and emerging markets for data science platforms and adoption of cloud-based solutions and services are expected to provide lucrative opportunities for market growth during the forecast period.
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According to a new report published by Allied Market Research, titled,“Global Data Science Platform Market ," The global data science platform market was valued at $4.7 billion in 2020, and is estimated to reach $79.7 billion by 2030, growing at a CAGR of 33.6% from 2021 to 2030.
Asia-Pacific is expected to observe the highest growth rate during the forecast period. 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.
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The prominent players in the global data science platform industry, as analyzed in the research, include Microsoft Corporation, IBM Corporation, SAS Institute, Inc., SAP SE, RapidMiner, Inc., Dataiku, Alteryx, Inc., FICO, The MathWorks, Inc., and Teradata. This study includes market trends, Data science platform market analysis, and future estimations to determine the imminent investment pockets.
The platform segment was the most significant contributor to the market share in 2020, comprising over three-fifths of the total share. Nevertheless, it is expected that the services segment will exhibit the highest Compound Annual Growth Rate (CAGR) of 37.9% from 2021 to 2030.
In terms of industry vertical, the BFSI segment held the largest share in 2020, accounting for about one-fourth of the global data science platform market. However, the healthcare segment is anticipated to experience the most substantial CAGR of 36.8% during the forecast period.
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Geographically, North America held the highest market share in 2020, contributing approximately 50% of the total market share, and is expected to maintain its leading position by 2030. In contrast, Asia-Pacific is projected to demonstrate the fastest CAGR of 35.8% during the forecast period.
In the context of the COVID-19 pandemic:
.Many organizations embraced remote work practices as a response to lockdown restrictions, leading to an increased need for data science platforms to handle vital organizational information. This circumstance opened up attractive prospects for market expansion.
.Additionally, governments in numerous countries turned to data science to access real-time information about COVID-19 cases and extract valuable insights from this data.
The advantages of data science platform have become more obvious during the COVID-19 pandemic. The overall lockdown has constrained organizations to move toward digitalization for the arrangement of work-from-home officers to their employee. The effect of the COVID-19 pandemic is altogether driving the interest for data science platforms as the main technology companies are integrating automation and intelligence into their organizations.
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