A recent research study conducted by MarkNtel Advisors has cited that the Global Data Science Platform Market is set to record around 27% CAGR during 2022-27. The rising adoption of edge solutions & cloud technologies by several companies, owing to their growing focus on staying ahead in the competitive world, is projected to drive the Global Data Science Platform Market through 2027. In addition, more & more enterprises are becoming aware of the benefits of data science platforms, like their hassle-free compatibility with different data kinds of architecture, scalability of resources, easy & remote data access, etc., i.e., another crucial aspect expected to boost the industry in the coming years.
Moreover, the rise in fraudulent activities, data breaches, & other cybercrimes due to the growing penetration of online banking is also contributing to the surging demand for data science platforms across banks & other financial institutions. Furthermore, the mounting use of data analytics solutions by medical practitioners to process substantial data volumes generated by EMRs, wearable tech, & clinical trials, and attain quick diagnosis & explore new treatment options further project remunerative prospects for the leading players in the Global Data Science Platform Market during 2022-27.
The Emerging Adoption of Cloud-based Analytics to Drive the Data Science Platform Industry
The rising consumer awareness of various benefits offered by cloud-based analytics solutions, viz. low maintenance costs, remote data access, no loss of work, resource scalability, unlimited storage capacity, etc., is driving the adoption of cloud-based data science platforms by different companies.
Moreover, cloud-based solutions do not incur substantial investments to establish the IT infrastructure & hire a skilled workforce, which is the case with on-premise solutions. Hence, it is another prominent aspect augmenting their demand globally and, consequently, driving the Global Data Science Platform Market.
With the US as the Global IT Hub, North America to Continue Dominating the Data Science Platform Market
The mounting use of cloud technologies & the IoT by enterprises is generating large volumes of data that need to be processed into useful insights for businesses to yield significant profits. It, in turn, is propelling the demand for robust data science & ML technologies and driving the North America Data Science Platform Market. Across the region, the US is home to the leading IT firms, which are participating actively in introducing advanced data science platforms by making massive R&D investments & strategic alliances.
The BFSI & healthcare sectors are the key end-user verticals where data science platforms are being deployed excessively, owing mainly to the mounting emphasis of these industries on enhancing customer experiences. Additionally, as more & more consumers are adopting wearable technologies, a massive amount of health data is being generated, i.e., creating lucrative prospects for the key companies in the North America Data Science Platform Industry.
The key companies in the Global Data Science Platform Market include ActionIQ, Alphabet Inc. (Google), Alteryx Inc., Amazon Web Services, Inc., Anaconda, Inc., Cloudera, Inc., Domino Data Lab, Inc., IBM Corporation, H2O.ai, MathWorks, Microsoft Corporation, SAP SE, SAS Institute, Inc., Snowflake Inc., and Teradata Corporation.
Key Questions Answered in the Research Report