The global Data Science Platform Market is expected to grow from USD 37.9 billion in 2019 to USD 140.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.0% during the forecast period. Major growth factors for the market include the growing need to gain insights from voluminous data to gain a competitive advantage and enable data-driven decisions in enterprises.
Marketing segment to hold the largest market size during the forecast period
Marketers’ focus on delivering relevant and valuable content for attracting their customers to drive the adoption of data science platform in marketing. Data science can help them pull audience data that will help in creating the best content for every customer. The increased demand for precise buyer segmentation and customer behavior analysis to fuel the adoption of data science platform in marketing.
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Banking, Financial Services, and Insurance industry vertical to hold the largest market size during the forecast period
The Banking, Financial Services, and Insurance (BFSI) industry vertical has been a competitive industry vertical that focuses on delivering enhanced customer experiences. Using data science in the banking industry vertical is more than a trend. It has become a necessity to keep up with the competition. With the help of data science platform, companies can train machine learning models on thousands of customer profiles with hundreds of data entries for each customer.
The data science platform market comprises leading solution providers, such as IBM Corporation (US), Microsoft Corporation (US), Alphabet Inc. (Google) (US), Altair Engineering, Inc. (US), Alteryx, Inc. (US), MathWorks (Australia), SAS Institute Inc. (US), RapidMiner, Inc. (US), Cloudera, Inc. (US), Anaconda, Inc. (US), Wolfram (US), Dataiku (US), Civis Analytics (US), H2O.ai. (US), Domino Data Lab, Inc. (US), RStudio, Inc. (US), Rapid Insight (US), DataRobot, Inc. (US), Rexer Analytics (US), SAP (Germany), and Databricks (US). The study includes an in-depth competitive analysis of the key players in the data science platform market, along with their company profiles, recent developments, and key market strategies. The players in the market have embraced various strategies to expand their presence and market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations have been the most adopted strategies by the major players from 2017 to 2019, which helped them innovate their offerings and increase their customer base.
Microsoft (US) is one of the leaders in the data science platform market. It adopts a balanced approach toward growth strategies and continues to enhance its expertise through constant product enhancements, technology acquisitions, collaborations, and partnerships. For instance, in October 2019, Microsoft partnered with Novartis to become its data science and AI partner. The two major objectives of this alliance were AI empowerment and AI exploration that would help develop next-gen AI platforms.
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Alphabet Inc. (Google) (US) is another established player in the data science platform market. The company offers a cloud-based AI platform for data science. The platform enables developers and data scientists to build, train, and deploy ML models in a rapid manner. The company has adopted various organic and inorganic growth strategies to strengthen its product portfolio. For instance, in June 2019, Google acquired Looker to provide an improved analytical solution to Google Cloud Platform (GCP) customers and help organizations take the maximum advantage of analytics, ML, and AI. It also launched a new AI platform that has an integrated toolchain to assist in building and running ML applications. The platform will make the development of ML projects easier.
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