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Data Science Platform Global Market Report 2021: COVID-19 Implications And Growth

·3 min read

Major players in the data science platform market are Microsoft Corporation, Google, IBM, Oracle, Alteryx, SAP SE, Teradata, TIBCO Software, RapidMiner Inc. , MathWorks, SAS Institute, Wolfram Research Inc, Dataiku, Fair Issac Corporation (FICO), and Altair.

New York, Nov. 30, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Data Science Platform Global Market Report 2021: COVID-19 Implications And Growth" -

The main types of products in the data science platform are solutions and services.The data science platform solutions help with data collection, data integration, and data visualization.

These solutions help companies to plan strategies, uncover actionable insights from historic data. The different modes of deployment include cloud-based, on-premise, and are used by various sectors such as BFSI, telecommunication, transportation and logistics, healthcare, manufacturing, others.

The global data science platform market is expected to grow from $43.56 billion in 2020 to $57.08 billion in 2021 at a compound annual growth rate (CAGR) of 31%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $163.14 billion in 2025 at a CAGR of 30%.

The data science platform market consists of sales of data platform solutions and services by entities (organizations, sole traders, and partnerships) that are used to analyze, organize, and transfer the data.Data science platforms assist businesses in developing analytic models and managing analytic data via software and applications.

Data analysis across multiple platforms can assist businesses in gaining insights from user data and marketing campaigns, ultimately assisting in the improvement of strategy and revenue.

North America was the largest region in the data science platform market in 2020.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The increase in demand for big data analytics is expected to propel the growth of the data science platform market during the forecast period.Big data analytics employs advanced analytic techniques to analyze a mixture of structured, semi-structured, and unstructured data collected by businesses and entities.

Data science is the practice of extracting important information from data using advanced analytics techniques and scientific principles for enterprise decisions, strategic planning, and other purposes.For instance, according to Techjury, a US-based software company, the big data analytics sector is projected to reach $77 billion by 2023.

Therefore, the increasing demand for big data analytics drives the growth of the data science platform market.

The adoption of analytic apps is shaping the data science platform market.Major data science companies that use applications are focusing on adopting analytics applications that will help them better understand consumer behavior.

Data analytic apps can tell users if the app is detected, compare downloads and in-app purchases, monitor, and evaluate KPIs, and give users in-app analytics insights, among other things. For instance, in May 2021, InCorta, Inc., a US-based company that provides data analytics software launched the Incorta Mobile app. The Incorta Mobile App allows Incorta users to access, evaluate, and analyze business information from anywhere, at any time, with the ability to drill down into particular transaction details.

In January 2021, TIBCO Software Inc., a US-based enterprise data company acquired Information Builders for an undisclosed amount. Through this acquisition of Information Builders, analytics capabilities and data management will be added to the advanced TIBCO Connected Intelligence platform. Information Builders is a US-based company that hat specializes in data integration, data quality, and business intelligence.

The countries covered in the data science platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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