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The global data science platform market size was valued at USD 64.14 billion in 2021. The market is projected to grow from USD 81.47 billion in 2022 to USD 484.17 billion by 2029, exhibiting a CAGR of 29.0% during the forecast period. Based on our analysis, the global market exhibited an average growth of 25.7% in 2020 as compared to 2019.
A data science platform is a software application that offers a platform for the complete life cycle of a data science project. These platforms are essential tools for data scientists as it allows model development, data exploration, and model distribution. Further, it enables data visualization and preparation while offering a large-scale computing infrastructure. These platforms help users collaborate by providing a centralized platform.
In addition, the increasing use of machine learning in these platforms fulfill needs in training, scaling, building, and deploying machine learning models. Artificial intelligence and machine learning are propelling data management and data science. Moreover, the development of Big Data technology and the importance of data gathering and utilization for decision-making are expected to drive the market share in the forecast period.
Increased Demand for Data Science Platforms from Several Organizations to Fuel Market Growth
The COVID-19 outbreak has disrupted daily life, causing people and businesses to reconsider their activities and goals. These improvements have been shown to drive technological advances and innovation. Companies have invested time and money in developing, selling, promoting, and supporting complete solutions. Sales witnessed substantial growth, with an increasing growth rate in 2020 owing to the COVID-19 pandemic.
The pandemic had a favorable impact on the market's expansion and is anticipated to provide plenty of growth opportunities during the estimated period. These prospects include the rise in data applications, the demand for these platforms in companies, and the introduction of creative data science platform solutions. In addition, another factor that is expected to boost the demand is that the major IT organizations are integrating automation and intelligence into their businesses, which is generating interest in these platforms.
Moreover, this platform was crucial to efficiently handling data and the seamless operation of several industries during the COVID-19 pandemic, including healthcare, BFSI, and manufacturing. The players adopted new technologies in their product offerings to enhance the companies' end-to-end data management and evaluation process. For instance,
Hence, the players introduced products and innovative activities to increase sales.
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Increasing Use of Data Science Software in Healthcare to Boost the Market Over the Forecast Period
This platform helps in the process of analyzing, managing, and assimilating large amounts of structured, fragmented, and unstructured data produced by healthcare systems. Moreover, it serves several medical research communities that broadly integrate, share, and evaluate patient-level and historical data from industry and academic phase III clinical trials. Such a rich data suite is part of data science and aids pharmaceutical research and development.
Further, players are providing cloud-based platforms that can be deployed as a single-tenant platform on Azure, GCP, AWS, or Private Cloud. For instance,
In addition, scientists can implement hundreds of datasets concurrently and at a scale, making them available for higher-value tasks. The platform incorporates with LIMSs and ELNs, in-house data lakes for experiment/sample meta-data, and public data sources such as TCGA, TRON, and GTeX. Furthermore, despite a massive amount of health data and diagnostic failure, proportions are still moderately high. Implementing this health data in this platform increases the efficiency and accuracy of diagnostics. These benefits are achieved using robust machine learning algorithms to analyze and extract biological samples from more than 1,000 patients.
Therefore, the increasing use of these platforms in the healthcare sector is expected to boost overall market growth.
Escalating Growth of Big Data to Boost Market Growth
The advent of the Internet of Things (IoT), social media, and multimedia has resulted in an increasing flow of data in either structured or unstructured formats. Human-generated and machine-generated data are growing at a rate that is 10 times quicker than commercial data. For instance, machine data is growing 50 times faster than the average. Data is mostly customer driven and directed. An average person spends 5-6 hours daily producing and consuming data via (social) applications and several gadgets. Every swipe, click, or communication produces data in a database.
In addition, higher investments in research and development have led to the quick advancement of technology. Hence, the demand for technologies enhancing efficiency and productivity is growing with the increasing number of businesses. Modern data handling systems and solutions are important for business expansion, and data science platforms are in demand, which makes it simpler to train, design, scale, and deploy ML models. The rising developments in technologies such as Artificial Intelligence (AI), edge computing, the Internet of Things (IoT), Machine Learning (ML), and streaming analytics are boosting the market growth.
Further, the adoption of these platforms in markets such as African countries, Brazil, and the Gulf Cooperation Council (GCC) countries have increased the growth of the market. Moreover, the advancements and expansion of Big Data technology are anticipated to provide a promising development for the market during the forecast period. Additionally, the market is expected to grow strongly throughout the projection period due to cloud-driven solutions and services.
Thus, the abovementioned factors are expected to boost the market growth.
Lack of Technical Expertise and Security to Impede Market Growth
Organizations use advanced analytics methods, including machine learning, streaming analytics, and predictive analytics. In addition, technical expertise and analytical thinking capabilities are necessary to develop a machine learning model. Several end-users lack the workforce with the required skills and technical knowledge, which will hinder the market growth.
Lack of technological reliability, data protection, privacy concerns, stringent government rules and regulations, and huge investment requirements are major factors that hamper the growth of the industry.
Users of this technology will be required to update their platform regularly to make it efficient with advanced technologies and data resources, which is a factor further restraining the market growth. In this industry, data explosion, lack of analytical capabilities, and lack of domain knowledge are a few restraints.
Thus, the factors mentioned above are expected to hamper the market during the forecast period.
Quick Access to Data to Fuel Cloud-based Platform Demand
Based on deployment, the market is bifurcated into on-premise and cloud. Cloud segment holds the highest data science platform market share and is also expected to grow at the highest CAGR during the forecast period as cloud-based deployment enables real-time data transfer that helps in improving the services and business operations. Businesses are integrating cloud-based tools that can help in improving and enhancing customer engagement and attraction. Its quick and easy access capabilities are expected to surge the demand for cloud-based platforms. For instance,
In September 2022, SAS Institute launched its all-in-one platform ‘SAS Viya’ on the Microsoft Azure marketplace. They expanded their business model by introducing their product to cloud-based deployment.
On-premises deployment is witnessing steady demand amid the rise of cloud solutions and their enhanced capabilities. However, in-house data safety is the major reason that still today companies are investing in on-premises solutions.
Rapidly Growing Data to Boost Large Enterprises in Investing in Platform
Based on enterprise type, the market is classified into small & medium enterprises and large enterprises.
Large enterprises segment is expected to gain maximum revenue share over the forecast period. The availability of a significant share of IT funds is likely to surge the demand for data science platforms in large industries. Further, large enterprises daily deal with huge sets of data that can be used to improve business operations.
Small & medium enterprises segment is expected to witness rapid CAGR during the forecast period considering the increasing adoption of digital platforms. SMEs are investing in this platform to enhance their customer support services, which can help in expanding their business.
Continuously Changing Customer Behavior to Boost Marketing Segment’s CAGR
Based on application, the market is split into customer support, business operation, marketing, finance & accounting, logistics, and others.
Marketing segment is expected to witness a rapid growth rate during the forecast period. The growing usage of social media is helping this platform in analyzing the product's popularity in real time and helps in planning new marketing strategies.
Customer support is expected to gain maximum market share during the forecast period. The rapidly changing customer buying preferences is driving the adoption of this platform across industries.
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Growing Focus on Customer Support to Boost Platform Demand in BFSI
Based on industry, the market is divided into BFSI, IT & telecom, healthcare, retail, manufacturing, transportation, and others.
BFSI and IT & telecom segments are expected to gain maximum segment share during the forecast period. The growing focus on customer support is expected to surge the adoption of this platform. Further, the increasing adoption of advanced technologies such as artificial intelligence, Internet of Things, and more to surge the demand for data analytics tools.
Healthcare is expected to witness rapid growth rate during the forecast period. Post-pandemic various key players are collaborating with the healthcare providers to offer real-time data insights for efficient patient care. For instance, in July 2020, U.S.-based subsidiary Infosys Public Services announced an automated data science platform for the healthcare industry by name, Infosys Health Insights Platform (IHIP).
The retail segment is expected to witness significant growth during the forecast period as the platform helps e-commerce and retailers in managing the supply chain in real time.
North America Data Science Platform Market Size, 2021 (USD Billion)
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In terms of region, the market is studied across Asia Pacific, North America, South America, Europe, and the Middle East & Africa.
North America is expected to dominate the revenue share over the forecast period. The presence of key players across various industries is expected to boost market growth. Also, growing investments in advanced technologies surge the product demand. The presence of key market players in the region boosts the revenue share of the region. Canada and the U.S. are continuously investing in an advanced solution that can use data and help in business decision-making capabilities. The companies in the region are using technologies for market expansion and innovation.
The Asia Pacific region is expected to showcase a rapid growth rate during the forecast period. The adoption of Big Data analytics tools is expected to rapidly grow across industries. The governments of China, South Korea, India, and others are also investing in data analytics tools, considering their vast applications and use cases. In May 2020, Synaptic, an India-based data analytics start-up raised USD 20 million in series B funding. Thus, companies in data science and analytics business are growing in the region.
The growing productivity in the manufacturing industry in the Middle East & Africa is expected to boost the opportunity for platform software providers. The manufacturing industries are turning into a key economic indicator of MEA countries over the past few years.
Similarly, Germany and the U.K. are expected to have a dominant share of the European market. Rapid digital transformation, adoption of advanced technologies, 5G infrastructure, and more are expected to drive the adoption of data science platforms.
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In South America, the rapid shift in digital transformation is expected to drive the market growth. As per the GSMA report, a 10% rise in regional digitalization is expected to boost the country's GDP by 1.9%. Thus, to ease digital tool adoption, industries are investing in data science platforms. Enterprises across Brazil, Argentina, and others are investing in data science and analytics tools to gain business efficiency and improve customer support.
Key Players Emphasize on Advanced Data Science Platforms to Reinforce their Positions
The global market comprises a vibrant startup ecosystem. Over 100 startups are expected to innovate solutions for customers. Such a market is likely to build robust competition, thereby imposing current organizations to continuously update and implement advancements in product offerings.
An Infographic Representation of Data Science Platform Market
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The study on the market includes prominent areas worldwide to get a better knowledge of the industry. Furthermore, the research provides insights into the most recent industry and data science platform market trends as well as an analysis of technologies that are being adopted quickly worldwide. It also emphasizes some of the growth-stimulating restrictions and elements, allowing the reader to obtain a thorough understanding of the industry.
Value (USD billion)
By Deployment, Enterprise Type, Application, Industry, and Region
By Enterprise Type
The market is projected to reach USD 484.17 billion by 2029.
In 2021, the market stood at USD 64.14 billion.
The market is projected to grow at a CAGR of 29.0% in the forecast period.
By deployment, the cloud segment is likely to lead the market.
Escalating growth of Big Data will boost the market growth.
IBM Corporation, SAS Institute Inc., Dataiku, TIBCO Software Inc., Databricks, The, Mathworks Inc., Alteryx Inc., DataRobot Inc., Microsoft Corporation, and Oracle Corporation are the top players in the market.
North America is expected to hold the highest market share.
By end-user, the healthcare segment is expected to grow with the highest CAGR.
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