Data Science Platform Market Projected to Surpass $79.7 Billion

The global data science platform industry was valued at $4.7 billion in 2020, and is estimated to reach $79.7 billion by 2030, growing at a CAGR of 33.6% from 2021 to 2030.

Asia-Pacific is expected to observe highest growth rate during the forecast period. Increase in demand for cloud, Internet of Things (IoT), and enhanced data rates for GSM evolution (EDGE) solutions generate large amounts of data, increasing the need for advanced technologies for data processing. This requirement for data processing is increasing the demand for data science platforms in the ASIA-PACIFIC . In addition, investments by leading tech companies fuel market growth across the region. Moreover, banks and telecom sectors have been the quickest adopters of big data analytics in Asia-Pacific and will remain so as they hope to profit from transactional, financial, and customer data.

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The significance of collecting and leveraging data for informed decision-making, coupled with advancements in big data technology, is fueling the growth of the market. Organizations recognize the value of data-driven insights in gaining competitive advantages and optimizing operations. However, challenges such as data security concerns, high investment costs, and reliability issues perceived by employees are hindering market growth.

Despite these challenges, there are promising opportunities on the horizon. Targeting untapped and emerging markets for data science platforms presents lucrative growth prospects. Moreover, the adoption of cloud-based solutions and services offers scalability, flexibility, and cost-effectiveness, further driving market expansion during the forecast period.

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While obstacles exist, the market for data science platforms continues to grow as organizations prioritize data-driven decision-making and seek innovative solutions to address evolving business needs.

Region wise, North America dominated the data science platform market in 2020. Growth of the market in this region is attributed to several factors, such as rapid digitalization along with the surge in government funding on innovative technologies, increase in number of IoT devices, and growth in technical base.

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The COVID-19 have positively impacted the growth of the market and COVID-19 will surely provide numerous opportunities for the market to grow in the forecasted period. These opportunities include a surge in demand for Data science platform in enterprises due to remote work initiatives, increase in healthcare applications, and introduction of innovative Data science platform solutions.

Some of the key Data science platform industry players profiled in the report include Microsoft Corporation, IBM Corporation, SAS Institute, Inc., SAP SE, RapidMiner, Inc., Dataiku, Alteryx, Inc., FICO, The MathWorks, Inc., and Teradata. This study includes market trends, Data science platform market analysis, and future estimations to determine the imminent investment pockets.

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