The global market for Data Science platform is expected to worth at USD 183,688 million by 2023 that is up from USD 19,621 million in 2016, with a CAGR of 39.6 percent. The cause of rapid growth of this market is top executives have understood that the utilization of data science platform is more imperative and Data Analytics is shifting the competitive scenario globally.
Therefore, companies see Data Science spending as ROI-based valuation, in which they distribute budget for accessible strategies and decide whether to spend on data acquisition, in developing a complex model or in both. Data science platform solutions comprise analytics and performance management, analytic data management and integration platform, business intelligence and analytics tools, and advanced and predictive analytics software solutions. In addition, on the basis of service, it includes consulting, risk assessment, designing and integration, and training. The key driver of the market growth involves growth in data collection; comprehension of the significance of data science platform by the companies; and the advancement of diverse technologies like Big Data Analytics, IoT (Internet of Things), and Artificial Intelligence. Though, lack of skilled workforce and rise in concern of data security and protection are expected to slow down the market growth during the predicted period.
In the market for global Data Science platform, key players who are leading the market, include IBM, Microsoft, SAP SE, SAS Institure Inc., Fair Issac Corp., Alteryx Inc., MathWorks Inc., Teradata Inc., Dataiku Inc., and RapidMinder Inc. The rise in competition and the demand for consultancy and outsourcing services are expected to boost up the market growth during the forecast period. In terms of industry, the manufacturing sector is projected to peak a CAGR of nearly 43 percent, due to the deployment of new emerging technologies like 3D printing, intelligent robots, drones, and AI.