A data science platform is a framework of the entire life cycle of a data science project. Data science platform contains all the tools required for executing the lifecycle of the data science project spanning across different phases such as data ideation, integration and implementation, model development and model deployment. Data science platform helps organizations to enhance their analysis by helping them run, track, reproduce, share and deploy analytical models faster. In general, all these tasks require lot of engineering effort and are difficult to build and maintain analytical models. Data science platforms give the data science teams a leg up in the competitive race to leverage analytics effectively.
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 intensity of rivalry in the global data science platform market is moderate. With the emergence of new data science technologies, vendors are either enhancing their products in line with the changing end user requirements or aggressively engaging into organic and inorganic growth strategies in the global market.
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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.), and Continuum Analytics, Inc. (U.S.)
According to MRFR, The global Data Science Platform Market is estimated to grow up to USD 115 billion with a CAGR ~ 29% through the forecast period.
The market for global data science platform market is divided on the basis of business function, deployment model, vertical and region. On the basis of business function the segment is further classified into marketing, sales, logistics, human resources, operations, risk management, customer support and many more. On the basis of deployment the segment is further classified into on-demand and on-premise. The global data science platform covers a wide area of verticals such as BFSI, retail, healthcare, IT, transportation, energy and utilities, government and defense and many more.
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.
The market for global data science platform market is studied across North America, Europe, Asia Pacific and Rest of the World. The North American market is expected to hold the largest market share, owing to capital intensive industries present across the region. Enterprises are looking to embrace data science platform as the revered platform which will help them have a competitive edge in the marketplace. Asia Pacific region is anticipated to have the highest growth rate during the forecast period. Industrialization, digitalization and several smart city initiatives by governments intensify the adoption of data science platform.
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.
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- Independent Software Vendors
- Business Analytics Software Providers
- IT Service Providers
- Cloud Service Providers
- System Integrators
- Application Design and Software Developers
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