Northbrook, IL -- (SBWire) -- 11/17/2021 --According to a new market research report "Data Science Platform Market by Component (Platform and Services), Business Function (Marketing, Sales, Logistics, and Customer Support), Deployment Mode (On-Premises and Cloud), Organization Size, Industry Vertical, and Region - Global Forecast to 2024" published by MarketsandMarkets™, the data science platform market size expected to grow from USD 37.9 billion in 2019 to USD 140.9 billion by 2024, at a CAGR of 30.0% during the forecast period.
The key factors driving the data science platform market include the increasing focus of enterprises on ease of use methods to drive business and growing need to extract in-depth insights from voluminous data to gain a competitive advantage.
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Marketing segment to hold the largest market size during the forecast period
Marketers' focus on delivering relevant and valuable content for attracting their customers to drive the adoption of data science platform in marketing. Data science can help them pull audience data that will help in creating the best content for every customer. The increased demand for precise buyer segmentation and customer behavior analysis to fuel the adoption of data science platform in marketing.
Banking, Financial Services, and Insurance industry vertical to hold the largest market size during the forecast period
The Banking, Financial Services, and Insurance (BFSI) industry vertical has been a competitive industry vertical that focuses on delivering enhanced customer experiences. Using data science in the banking industry vertical is more than a trend. It has become a necessity to keep up with the competition. With the help of data science platform, companies can train machine learning models on thousands of customer profiles with hundreds of data entries for each customer.
North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size in the data science platform market by region during the forecast period. The region houses many key vendors, such as Google, Microsoft, IBM, Alteryx, SAS, and Oracle. APAC is expected to grow at the highest CAGR during the forecast period, due to the increasing big data across all industry verticals. Moreover, APAC constitutes major economies, such as China, India, and Japan, which are expected to register high growth in the data science platform market. The industry verticals such as healthcare and life sciences, manufacturing, and retail and eCommerce are expected to rapidly adopt data science platform and services in the region.
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The data science platform market comprises major solution providers, such as IBM Corporation (US), Microsoft Corporation (US), Alphabet Inc. (Google) (US), Altair Engineering, Inc. (US), Alteryx, Inc. (US), MathWorks (Australia), SAS Institute Inc. (US), RapidMiner, Inc. (US), Cloudera, Inc. (US), Anaconda, Inc. (US), Wolfram (US), Dataiku (US), Civis Analytics (US), H2O.ai. (US), Domino Data Lab, Inc. (US), RStudio, Inc. (US), Rapid Insight (US), DataRobot, Inc. (US), Rexer Analytics (US), SAP (Germany), and Databricks (US). The study includes an in-depth competitive analysis of the key players in the data science platform market, along with their company profiles, recent developments, and key market strategies.
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Data Science Platform Market Will Reach to $140.9 Billion by 2024
Data Science Platform Market size expected to grow from USD 37.9 billion in 2019 to USD 140.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 30.0%