According to a report added to Radiant Insights, Inc.; the global data science platform market is anticipated to expand at a steady CAGR by 2022. Increasing data collection and focus on enterprise data simplification are anticipated to drive the demand. Rising technological advancements can boost the growth of the market during the forecast period (2018 to 2022).
Rising application of big data and data analytics in different business decisions and operations is expected to drive the market for data science platforms. Organizations across the world are increasingly implementing methods for simple use of data through big data technologies. Data science platforms are equipped with all the necessary tools to execute lifecycle of data science projects. They comprise essential tools like integration, data ideation, implementation, model deployment and development among other phases of the project lifecycle. These platforms help enterprises improve their analysis by facilitating data tracking, running, sharing, reproduction, and deployment of analytical models. This factor is anticipated to propel demand over the forecast period.
Data science platforms provide the power to data science teams to sustain competitive environment and to effectively control analytics. Furthermore, technological advancements in Internet of Things (IoT), big data analytics, and Artificial Intelligence (AI) are expected to fuel market expansion in the forthcoming years. However, factors such as lack of skilled workforce and rise in concern related to data security and protection are expected to restrict the market growth over the forecast period.
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The worldwide data science platform market can be segmented on the basis of product type, application and region. Based on type, the market can be bifurcated into on-premise and on-demand. As per application, the market can be split into Banking, Financial Services, and Insurance (BFSI); healthcare and life sciences; information technology and telecom; retail and consumer goods; energy and utilities, media and entertainment; manufacturing transportation and logistics; government and defense; and others.
Geographically, the market can be divided into U.S., Europe, Japan, China, India, and Southeast Asia. North America is anticipated to continue dominating market in near future due to existence of technical experts, large enterprises, and a large number of data centers. Asia Pacific is expected to exhibit the highest CAGR over the forecast period. This growth can be attributed to rapid industrialization, digitalization, and smart city initiatives taken by regional governments. In addition, growing IT industry and data centers in India, Singapore, and Korea may further fuel regional growth. Moreover, rise in Foreign Direct Investments (FDIs) is projected to bode well for market in near future.
Prominent players operating in the data science platform market include IBM Corporation, Domino Data Lab, Continuum Analytics, RapidMiner, and Wolfram. The market looks moderately competitive with extensive emphasis on expansion of product portfolio to meet client requirements. In addition, most market players are employing organic and inorganic growth strategies to gain profits. Introduction of novel technologies is one of the major business strategies adopted by tech giants. For instance, IBM introduced a new data science and machine learning platform called IBM Cloud Private for Data. This integrated data science, engineering, and app building platform can enable users to build and exploit event-driven applications. It can analyze torrents of data from mobile devices, online commerce, and IoT sensors among others. It is equipped with IBM’s Data Science Experience, Information Governance Catalogue, Information Analyzer, Data Stage, Db2 and Db2 Warehouse.
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