Global Data Science Platform Market Research Report: Forecast (2022-27)

Market Definition

Data science platforms are reliable solutions for the analysis & processing of large data volumes. These platforms allow data scientists to collaborate & work within the same digital environment and convert data into valuable insights.

Over the years, the utilization of data science platforms has surged significantly. Companies are increasingly deploying state-of-the-art technologies like automation & digitalization, i.e., generating massive amounts of data while making business operations complex. As a result, the need for more effective data science platforms is rapidly growing worldwide.

Market Insights

The Global Data Science Platform Market is projected to grow at a CAGR of around 27% during the forecast period, i.e., 2022-27. The growth of the market would be propelled mainly by the mounting focus of enterprises on becoming more competitive in the rapidly changing industry dynamics, i.e., leading to the growing adoption of cutting-edge technologies, including data science platforms, across different businesses.

Moreover, the mounting awareness among businesses of various benefits of these platforms, viz. the flexibility & scalability of computing resources, compatibility with different types of data architecture, support for version control to allow for project collaborations without any loss of work, etc., is also contributing to the expansion of the data science platform industry.

Furthermore, the increasing dependence of companies on ML (Machine Learning), data-intensive business strategies, and cloud-based analytical solutions is also projected to positively impact the dynamics of the data science platform market in the coming years.

With growing data volumes in the healthcare sector due to clinical databases, rising use of wearables, and EMRs (Electronic Medical Records), healthcare professionals are increasingly using data science platforms in order to achieve faster disease diagnosis, practice preventive medicine, & identify new therapeutics, which, in turn, is fueling the overall growth of the industry.

Additionally, the surging prevalence of autonomous vehicles, growing requirements for enhancing logistics efficiency, and the rapidly booming entertainment sector are further creating new directions for data science platform developers to witness lucrative prospects in the future.

Nevertheless, the growing instances of cyberattacks due to a rapid rise in online transactions are escalating the use of data science platforms in the BFSI (Banking, Financial Services, & Insurance) sector in order to detect fraudulent acts and prevent cybercrimes, thereby driving the Global Data Science Platform Market.

Market Segmentation

Based on Deployment:

• On-Premise
• Cloud

Of both deployment methods, Cloud-based analytics is gaining traction and contributing significantly to the growth of the Global Data Science Platform Market. Technologies like AI (Artificial Intelligence), NLP (Natural Language Processing), & Cloud computing are transforming how companies interact with analytics platforms. Cloud-based platforms help companies eliminate the need for substantial investments in establishing physical infrastructure & gathering human expertise required for on-premise analytics solutions. In addition, IT maintenance costs for implementing cloud-based tools or applications are relatively less than on-premise platforms.

Moreover, there's no limitation of local networks with cloud analytics, which allows for better data accessibility, as employees can remotely access company information. Furthermore, cloud-based data platforms also provide scalable resources through numerous subscription models, offer unlimited storage as per business requirements, can arrange & deploy multiple virtual servers, and help manage demand surges without the need for investments in hardware. Hence, using cloud platforms, more and more organizations are opting for cloud-based analytics, which also helps them save their time & money on upgradation, and, consequently, driving the Global Data Science Platform Market.

Based on End-Users:

• Banking, Financial Services, & Insurance (BFSI)
• Telecom & IT
• Retail & E-commerce
• Healthcare & Life Sciences
• Manufacturing
• Government & Defense
• Energy & Utilities
• Others (Media & Entertainment, Transportation & Logistics, etc.)

Here, the healthcare sector is emerging as a prominent end-user of the Global Data Science Platform Market. Challenges like lack of better patient care, increasing treatment costs, and less patient retention & engagement are driving the implementation of data science platforms across the healthcare industry in order to enable medical practitioners extensively analyze, process, integrate, and share patient data and, in turn, provide better care & treatment to them.

More and more healthcare establishments are deploying data science platforms to enhance the accuracy & efficiency of diagnostics through powerful machine learning algorithms, thereby reducing diagnostic failure rates.

Moreover, several government initiatives & substantial investments in the healthcare sector are further bringing innovations and promulgating the adoption of data analytics platforms across healthcare facilities, i.e., enabling medical professionals to manage & interpret critical insights generated from various clinical studies while efficiently studying historical patient data to devise appropriate methods, tools, & technologies in order to achieve positive outcomes. Hence, these aspects are creating new avenues for the Global Data Science Platform Market to witness significant expansion across the healthcare sector in the years to come.

Regional Landscape

Geographically, the Global Data Science Platform Market expands across:

• North America 
• South America
• Europe 
• Middle East & Africa
• Asia-Pacific

Of all regions, North America dominates the Data Science Platform Market globally, with the US as the major regional shareholder. It owes to the presence of leading data science platform developers in the country, and their active initiatives toward bringing advancements to their product offerings as well as significant R&D investments, collaborations, & other strategic initiatives.

Besides, the growing utilization of the IoT and cloud & edge solutions, i.e., leading to massive data amounts, is another crucial aspect augmenting the need for data science platforms in North America for data processing. Considering these aspects, the leading regional players operating in the industry are also leveraging robust data science & ML (Machine Learning) technologies to transform the burgeoning data amounts into valuable insights.

Industries like the healthcare & BFSI are among the most prominent end-users of data science platforms, owing to their increasing focus on creating more customer-centric journeys. Massive volumes of health-related information being generated due to the extensive adoption of wearable technology in North America is creating new directions for the region's better & more informed healthcare sector.

• In March 2022, Salesforce announced to expanding its product offerings to healthcare & life sciences brands with new advancements in the company's CRM platforms 'Customer 360.'

• The US Bank has been using Salesforce Einstein Analytics, Sales Cloud Einstein & Einstein Discovery to leverage real-time insights, better understand their customer requirements, and deliver enhanced service experiences.

• In October 2021, ActionIQ, expanded its Enterprise CDP (Customer Data Platform) into the healthcare sector by completing their compliance audit for HIPAA (Health Insurance Portability and Accountability Act) Type 1 standards, which has created an industry-first comprehensive CX (customer experience) offering for healthcare providers and life sciences & pharmacy companies.

Market Dynamics

Key Drivers: The Exponential Rise in Big Data Worldwide

The amount of data companies generate is continually surging due to the growing penetration of social media & the IoT worldwide. Human & machine-generated data is typically 10 times greater than that produced by corporates, and the majority of that is user-driven & oriented. This exponential surge in data collection has created prospects for businesses to learn & adopt new data processing technologies, which, as a result, is augmenting the adoption of data analytics solutions across different industries and driving the Global Data Science Platform Market.

Growth Restraint: Security Concerns Associated with Data Science Platforms

Data science platforms are highly vulnerable to breaches & cyberattacks. The rapidly rising data loss instances across several industries are significant barriers to implementing such platforms. Moreover, companies nowadays have to abide by data privacy laws, i.e., another prominent factor hindering the growth of the data science platform market. Therefore, there exists a dire need for companies to address & work on aspects like less secure identity governance & administration, remote storage, low expenditure on system & network security, connected devices, IoT applications, and human errors. Only by resolving these concerns adequately can the leading players in the data science platform industry observe significant growth in the coming years.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Data Science Platform Market?
2. What are the region-wise size, growth drivers, and challenges for the Global Data Science Platform Market?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Data Science Platform Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Data Science Platform Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Data Science Platform Market study?