The rapid progression in big data technologies is likely to boost the data science platform market 2020. The ICT industry reports are created by Market Research Future, which centers on market choices for expansion. A CAGR of 29 % is predicted to enhance the earning to USD 115 billion in the forecast period.
A data science platform is a setup of the entire life cycle of a data science project. Data science platform embraces all the tools needed for implementing the lifecycle of the data science project spanning throughout different stages such as integration, data ideation, implementation, model deployment, and model development. Data science platform requires organizations to improve their study by assisting them track, run, share, deploy, and reproduce analytical models faster. In general, all these activities need a lot of engineering effort and are complex to maintain and build analytical models. Data science platforms offer the data science teams a leg up in the race of rivalry to leverage analytics efficiently.
The worldwide data science platform market is being propelled by aspects like global rapid progressions in big data technologies, requirement for ease of technological applications to drive business effectiveness, and demand for big data analysis to obtain deeper insights into customer buying patterns. Data science platform assist in facilitating a surged level of association throughout business analysts, data scientists, developers, and data engineers, in different fields of work. Data Science platforms aid the organizations to create data, operationalize analytics, and build models.
The need to maintain analytical models is projected to hasten the expansion of the data science platform market share. The increased usage of big data analysis to achieve a more in-depth insight into customer buying patterns is likely to spur the development of the data science platform market size.
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The market for worldwide data science platform market trends are segregated on the basis of deployment model, business function, region, and vertical. Business function is sub segmented into sales, marketing, customer support, human resources, logistics, risk management, operations, and many more. On the basis of deployment, the segment is sub classified into on-premise and on-demand. The worldwide data science platform embraces a wide area of verticals such as retail, BFSI, IT, healthcare, energy, transportation, government, defense, utilities, and many more.
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The regional scrutiny of the data science platform market is segmented into North America, Europe, Asia Pacific, and the rest of the region. The regional North American market is anticipated to retain the principal market segment, due to the capital demanding industries existing across the region. The enterprises are planning to hold a data science platform as the valued platform, which will lend a hand in establishing a competitive advantage in the marketplace. The Asia Pacific region is projected to have the maximum development rate for the duration of the forecast period. The factors of industrialization, digitalization, and more than a few smart city initiatives by governments strengthen the implementation of the data science platform.
The key players in the worldwide data science platform market consists of Continuum Analytics Inc. (USA), Alteryx Inc. (USA), DataRobot Inc. (USA), Dataiku (France), Google, Inc. (the USA), Domino Data Lab (USA), Microsoft Corporation (USA), IBM Corporation (USA), Sense Inc. (USA), Wolfram (USA), and RapidMiner Inc. (USA).