As per the latest report by Research Dive, the global data science platform market is expected to witness a rise in revenue from $25.7 billion in 2018 to over $224.3 billion by 2026 at a steady CAGR of 31.1% in the analysis period from 2019 to 2026.
Regional Analysis
The North America region is expected to gain the highest market share with revenue of 80.3 billion by 2026, rising from $9.8 billion in 2018. There has been a rapid increase in the need to implement Internet of Things (IoT) as well as cloud into multiple organizations to ensure efficient handling of data. This factor is expected to further add to the growth of the market in the region.
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Key Market Segments
By type, the service sub-segment is predicted to dominate the region with an increase in revenue from $8.2 billion in 2018 to over $76.0 billion by 2026 in the forecast period. The service type provides assistance to the clients who maybe facing challenges which can in turn give an insight into their demands. This can enhance the level of customer satisfaction while also helping companies form better business strategies. These factors are expected to add to the growth of the segment.By end use, the banking, financial services, and insurance sub-segment garnered revenue of $6.09 billion in 2018 to gain the highest market share of 23.7% and is expected to rise further at a CAGR of 29.4% in the forecast period. This growth is due to the extensive use of data science in the banking sector which helps in cases of fraud, while also effectively analyzing data adding to the customer satisfaction. It also gives an idea of the trends that are currently around in the credit market thus helping policy makers make effective strategies. These factors are predicted to ensure the growth of the sub-segment in the estimated timeframe.Market Dynamics
The process of digitalization has made the need to maintain data in an organized manner extremely important. Several companies still use structured and unstructured data which allow addition of new information into it. Data science is known for its ability to ensure that businesses take better decisions while also bringing in more customers or clients into the company. The analytical tools help the organizations take decisions based on a collection of data, which can in turn help them grow. These factors are expected add to the growth of the market in the analysis period.
In order to find a specific piece of information among a large amount of structured and unstructured data, data science is used to extract it in a shorter span of time. But, one needs to exercise caution in order to ensure that the information isn’t lost. This process of information extraction requires a professional who is skilled in this extensive and complex field. The lack of resource along with security issues could act as a hindrance for the growth of the global market in the estimated timeframe.
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Key Players, New Developments, and Strategies
As per the report, some of the renowned key players of the market are
1.Databricks
2.Alphabet Inc. (Google)
3.Domino Data Lab, Inc.
4.Dataiku
5.Civis Analytics
6.Cloudera, Inc.
7.Anaconda, Inc.
8.IBM Corporation
9.Altair Engineering, Inc.
10.Microsoft Corporation
In February 2021, Databricks, a popular enterprise software organization, announced their availability on the Google Cloud Platform. This initiative is expected to follow the common goal of both organizations that speaks of providing open APIs as well as open infrastructure among other. It is also expected to provide organizations with flexibility of management of their data while also giving them access to advanced tools on the cloud.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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