Data science helps in exploring data on large machines without the need for DevOps and infrastructure setup and facilitates seamless use of new tools and packages. To put it simply, they combine statistics, data analysis, and associated techniques to understand and gauge data. Data science techniques can be applied at a large scale to massive volumes of semi-structured and unstructured data such as text-based data, machine data, sensor data, and social media data. By predicting the likelihood of events before they occur, data science allows companies to be proactive and take actions to optimize outcomes.
The global data science platform market is being driven by factors such as global rapid advancement in big data technologies, demand for big data analysis to gain deeper insights into consumer buying patterns, and need for ease of use technological methods to drive business effectiveness. Data science platform aid to facilitate a high level of association across data scientists, business analysts, data engineers, and developers in different fields of business. Data Science platforms help the organizations to prepare data, build models and operationalize analytics.
The evolution of internet of things (IoT) and related connected technologies has generated massive amount of data through every device such as smartphones, routers, and switches. Rapid advancement in big data analytics has made organizations realize the benefits of dealing with the structured and unstructured data to produce actionable insights, which are valuable for business continuity.
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Major Key Players
Microsoft Corporation (U.S.),
IBM Corporation (U.S.),
Google, Inc. (U.S.),
DataRobot Inc. (U.S.),
Sense Inc. (U.S.),
RapidMiner Inc. (U.S.),
Domino Data Lab (U.S.),
Alteryx, Inc. (U.S.),
Continuum Analytics, Inc. (U.S.).
The global Data Science Platform Market is estimated to grow up to USD 115 billion with a CAGR ~ 29% through the forecast period.
First a real estate from Durham, using data science and machine learning to help real estate agents. Their SaaS platform analyzes over 700 personal factors such as demographics, income changes, and purchasing behavior and life events of every agent’s contact and cross-references them against national averages. The resulting seller score indicates how likely they are to sell their home, helping agents know exactly when to reach out for the best chance at landing a deal.
Veritone, Inc., a leading provider of artificial intelligence (AI) and cognitive solutions, has acquired the advanced data analytics software and related intellectual property (IP) assets of Atigeo Corporation.
American Family Insurance is accelerating its use of data through advanced analytics and artificial intelligence (AI) with its purchase of Chicago-based data and analytics software company Networked Insights.
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North America leads the market for global data science platform market. Due to the presence of major market players such as IBM, Microsoft, Google and many more led to development in this sector. TD Bank Group acquired Layer 6 Inc., a world-renowned artificial intelligence (AI) company based in Toronto, Ontario. Layer 6 adds new capabilities to TD’s growing base of innovation talent and know-how. Artificial Intelligence has the potential to power a new generation of data-driven applications from personalized and real-time advice to predictive analytics that will shape the future of banking for millions of individuals.
Asia Pacific is anticipated to grow at rapid rate through the forecast period. Data science companies are setting up in Asia Pacific to meet the growing demand to maximise in-house data production and analysis. In November 2017, French software developer Dataiku Inc., which owns predictive analytics software platform Data Science Studio, announced its intention to accelerate its expansion in this region.
Brands like Cisco Systems have seen the value in having in-house data science teams because it is moving more of its marketing to digital. Asia Pacific region that is seeing much of the action as more and more data science companies are being setup with government initiatives.
- Independent Software Vendors
- Business Analytics Software Providers
- IT Service Providers
- Cloud Service Providers
- System Integrators
- Application Design and Software Developers
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