Market Size of Data Science Platform Industry
Study Period | 2019-2029 |
Market Size (2024) | USD 10.15 Billion |
Market Size (2029) | USD 29.98 Billion |
CAGR (2024 - 2029) | 23.50 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Data Science Platform Market Analysis
The Data Science Platform Market size is estimated at USD 10.15 billion in 2024, and is expected to reach USD 29.98 billion by 2029, growing at a CAGR of 23.5% during the forecast period (2024-2029).
Data Science is emerging to provide solutions to organizations to transform data sets into a valuable resource that helps get business value with actionable insights. As the number of business enterprises and organizations grows exponentially, data science is becoming essential in various aspects of business and plays a pivotal role in business models.
- The data science platforms offer a suite of tools and services that allow organizations to manage, access, and analyze their data and enable organizations to streamline their data analysis processes and scale their data analysis capabilities. The adoption of data science platforms is growing due to benefits such as predictive analytics to automated machine learning processes, informed decisions, and better utilization of their data.
- There is an increasing emphasis on businesses boosting their internal data science resources to build machine learning models and fill the hiring gap of in-demand professionals, resulting in increased adoption of data science as a service (DSaaS). For many businesses, it becomes essential as it helps them scale their analytics capabilities to meet critical needs and get the desired outcomes of business.
- As technologies such as artificial intelligence (AI) and machine learning (ML) are advancing rapidly, businesses are receiving a significantly larger amount of data, including new data based on previously existing datasets and new forms of data altogether. Thus, to use these data, businesses are moving to adopt data science solutions that are compatible with their requirements.
- One of the primary obstacles arising from the lack of a skilled workforce is the inability to derive meaningful insights from the vast volumes of data organizations generate. Data science platforms are designed to allow users to analyze and interpret complex datasets, but the shortage of skilled professionals capable of guiding these platforms diminishes their effectiveness. Organizations struggle to bridge the gap between the advanced functionalities of data science platforms and the expertise needed to leverage these functionalities optimally.
- The COVID-19 pandemic accelerated the digitization of businesses and industries, leading to a surge in the need for data-driven insights. Organizations across sectors turned to data science to make informed decisions about resource and risk management and customer behavior. Further, the shift to remote work spurred the adoption of cloud-based data science platforms and tools, enabling data scientists to collaborate effectively from any location. This flexibility and accessibility further fueled the demand for data science expertise.
Data Science Platform Industry Segmentation
The data science platform puts the entire data modeling process in the hands of data science teams so they can focus on deriving insights from data and communicating them to key stakeholders in the business. The market studied comprises applications such as marketing and sales. And others, which are mainly deployed on-premises and cloud-based with the platform.
The data science platform market is segmented by offering (platform, services), deployment (on-premise, cloud), size of enterprises (small and medium enterprises, large enterprises), industry vertical (IT and telecom, BFSI, manufacturing, Retail and E-commerce, government and defense and oil gas and energy), and geography (North America [United States, Canada], Europe [Germany, United Kingdom, France, Italy, Spain, Greece, Rest of Europe], Asia Pacific [China, Japan, India, Australia, Southeast Asia [[Indonesia, Philippines, Malaysia, Singapore, Rest of Southeast Asia]], Rest of Asia Pacific], Latin America [Brazil, Argentina, Mexico, Rest of Latin America], Middle East & Africa [Saudi Arabia, GCC [United Arab Emirates, Rest of GCC], South Africa, Rest of Middle East & Africa]). The report offers market forecasts and size in value (USD) for all the above segments.
By Offering | |
Platform | |
Services |
By Deployment | |
On-premise | |
Cloud |
By Size of Enterprises | |
Small and Medium Enterprises | |
Large Enterprises |
By Industry Vertical | |
IT and Telecom | |
BFSI | |
Retail and E-commerce | |
Oil Gas and Energy | |
Manufacturing | |
Government and Defense | |
Other Industry Verticals |
By Geography | ||||||||||||||
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Data Science Platform Market Size Summary
The Data Science Platform Market is experiencing significant growth, driven by the increasing need for organizations to transform vast data sets into actionable insights that enhance business value. As businesses expand, the role of data science becomes crucial in various business models, offering tools and services that streamline data management and analysis. The adoption of these platforms is fueled by their ability to provide predictive analytics and automate machine learning processes, enabling informed decision-making and optimal data utilization. The demand for data science as a service (DSaaS) is rising as organizations seek to bolster their internal data science capabilities to bridge the skills gap in the workforce. This trend is further accelerated by advancements in artificial intelligence and machine learning, which require robust data science solutions to handle the increasing volume and complexity of data.
The market is characterized by high product differentiation and rapid technological advancements, making it challenging for companies to maintain a competitive edge. Major players like IBM, Google, and Microsoft are continuously innovating to offer integrated data and AI capabilities. The COVID-19 pandemic has also played a role in accelerating the adoption of cloud-based data science platforms, as businesses sought data-driven insights for resource management and customer behavior analysis. Small and medium-sized enterprises (SMEs) are leveraging these platforms to make informed decisions and optimize operations, with cloud infrastructure providing the scalability needed to adapt to changing business needs. The market's growth is supported by initiatives in the United States and Canada, where the focus on research, innovation, and advanced technologies is driving demand for data science platforms across various sectors.
Data Science Platform Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Bargaining Power of Suppliers
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1.2.2 Bargaining Power of Consumers
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1.2.3 Threat of New Entrants
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1.2.4 Threat of Substitutes
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1.2.5 Intensity of Competitive Rivalry
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1.3 Impact of Macroeconomic Trends
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2. MARKET SEGMENTATION
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2.1 By Offering
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2.1.1 Platform
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2.1.2 Services
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2.2 By Deployment
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2.2.1 On-premise
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2.2.2 Cloud
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2.3 By Size of Enterprises
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2.3.1 Small and Medium Enterprises
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2.3.2 Large Enterprises
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2.4 By Industry Vertical
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2.4.1 IT and Telecom
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2.4.2 BFSI
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2.4.3 Retail and E-commerce
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2.4.4 Oil Gas and Energy
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2.4.5 Manufacturing
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2.4.6 Government and Defense
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2.4.7 Other Industry Verticals
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2.5 By Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.2 Europe
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2.5.2.1 United Kingdom
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2.5.2.2 Germany
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Greece
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2.5.2.7 Rest of Europe
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2.5.3 Asia Pacific
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2.5.3.1 China
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2.5.3.2 India
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2.5.3.3 Japan
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2.5.3.4 Australia
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2.5.3.5 Southeast Asia
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2.5.3.5.1 Indonesia
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2.5.3.5.2 Philippines
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2.5.3.5.3 Malaysia
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2.5.3.5.4 Singapore
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2.5.3.5.5 Rest of Southeast Asia
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2.5.3.6 Rest of Asia Pacific
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2.5.4 Latin America
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2.5.4.1 Brazil
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2.5.4.2 Argentina
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2.5.4.3 Mexico
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2.5.4.4 Rest of Latin America
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2.5.5 Middle East and Africa
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2.5.5.1 Saudi Arabia
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2.5.5.2 GCC
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2.5.5.2.1 United Arab Emirates
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2.5.5.2.2 Rest of GCC
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2.5.5.3 South Africa
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2.5.5.4 Rest of Middle East and Africa
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Data Science Platform Market Size FAQs
How big is the Data Science Platform Market?
The Data Science Platform Market size is expected to reach USD 10.15 billion in 2024 and grow at a CAGR of 23.5% to reach USD 29.98 billion by 2029.
What is the current Data Science Platform Market size?
In 2024, the Data Science Platform Market size is expected to reach USD 10.15 billion.