As per the published report, the global data science platform market size is estimated to arrive at USD 25.94 billion by 2027. It is projected to develop by 26.9% CAGR in the period of the forecast.
These days, data science has turn out to be extremely important for the business. Since, the figure of the model creators, tools and models is growing, the requirement for the standardized data science platform, which can offer complete resolution, is also rising.
Just before recognizing which tool to be utilized at what time and administer the intricacy, linked with the organization of a huge magnitude of data, as well as increase flexibility, the implementation of these data science platforms is rising. These platforms are offering companies with a continuous procedure of administration, set up, and generate analytical representation, in a joint and receptive background.
The technical progression like combination of Machine Learning (ML) and Natural Language Processing (NLP), are at an extraordinarily speedy pace. These days, the companies like Microsoft Corporation are shifting to the acceptance of sophisticated approach, to increase a viable limit in the market. By way of speedy alteration, data has turn into an extremely important asset for several businesses. Therefore, it has become necessary for the companies to search for the team with the data science platform, to increase considerable insight from the collected records.
Several data science teams have developed beyond their presented tools and are coming across a need of scalability and teamwork, since they happen to be overpowered by everyday operational responsibilities. To conquer this problem, currently the companies are choosing for the data science platforms, which are scalable, approachable, shared, and bear the complete pipeline of the production.
The factors like quickness, scalability, allocation of model, optimization of the business, reproducibility, management of model, use of model, offered by these platforms, substantially contributed to its speedy acceptance.
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Further key findings from the report suggest:
• Due to the rising demand for the highly developed technological platforms which can assist in opening analytical approaching from a huge quantity of data getting generated, daily, the regional data science platform market, in North America is anticipated to possess a greater share of revenue during the period for the forecast.
• Rising demand for the data science platform, which can optimize everyday jobs and offer effectual teamwork, has aggravated the implementation.
• As a result of the profits like better client fulfillment, abridged threat, and others, offered by the data science platform, the platform segment retained the major revenue share in 2019 and is estimated to carry on leading the market, throughout the forecast period.
Million Insights segmented the global data science platform market based on Vertical, Component, Application and Region.
Data Science Platform Application Outlook (Revenue, USD Million, 2016 - 2027)
• Marketing & Sales
• Finance and Accounting
• Customer Support
Data Science Platform Component Outlook (Revenue, USD Million, 2016 - 2027)
Data Science Platform Vertical Outlook (Revenue, USD Million, 2016 - 2027)
• IT & Telecommunication
• Retail & E-commerce
• Energy and Utilities
Data Science Platform Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South America
• The Middle East and Africa (MEA)
Various companies for data science platform market are:
• The Math Works, Inc.
• SAS Institute Inc.
• Alteryx, Inc.
• Microsoft Corporation
• TIBCO Software Inc.
• IBM Corporation
• Google LLC