WILMINGTON, DE, UNITED STATES, February 6, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Global Data Science Platform Market Analysis by Component, by Application, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2020-2030″
The global data science platform market 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.
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The importance of collecting and using data for better decision making and advancements in big data technology drive the market growth. However, data security & high investment costs and reliability issues observed by the employees hamper the market growth. In addition, targeting untapped and emerging market for data science platforms and adoption of cloud-based solutions and services are expected to provide lucrative opportunities for market growth during 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 competitive environment of Data Science Platform Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Data Science Platform Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
SAS Institute, Inc.
The MathWorks, Inc.
Teradata and Many More
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.
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has caused a great deal of difficulties across the world. During the COVID-19 pandemic, Data science platform are playing a vital role in data management and smooth running of many sectors such as BFSI, Healthcare and Manufacturing.
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.
The advantages of data science platform have become more obvious during the COVID-19 pandemic. The overall lockdown has constrained organizations to move toward digitalization for the arrangement of work from home officers to their employee. The effect of the COVID-19 pandemic is altogether driving the interest for data science platforms as the main technology companies are integrating automation and intelligence into their organizations.
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