BANGALORE, India, Sept. 14, 2020 /PRNewswire/ -- Major factors driving the growth of Data Science Platform market size include a rising emphasis on easy-to-use methods to drive sales, and the need to gain a competitive edge by gaining in-depth insights from voluminous data.
The Global Data Science Platform Market size is expected to grow from USD 37,163.80 Million in 2019 to USD 107,640.11 Million by 2025 at a Compound Annual Growth Rate (CAGR) of 19.39% during the forecast period.
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TRENDS INFLUENCING DATA SCIENCE PLATFORM MARKET SIZE
Organizations are moving rapidly towards digitalization and automation, which increase big data and result in complex business processes. Organizations need innovative technology to deal with these challenges, which help gain insights into a large pool of data in real-time. The data science platform helps them streamline business processes and acquire new customers. This factor is expected to propel the Data Science Platform market size.
The adoption of the Data Science Platform by telecommunication companies is expected to fuel the Data Science Platform market size. Telecom companies operate with full data flow as they also operate with large networks and infrastructures of communication. One of the most realistic solutions is to analyze and process these data with the data science platforms' aid.
Moreover, the increased demand from the BFSI sector due to the need to simplify the complexities of operations in the banking and finance sector is driving the Data Science Platform market size significantly. Growing numbers of bank fraud relating to accounting, credit cards, insurance, and others in the banking sector contributed to substantial market growth. Data science technology helps banking and finance companies proactively identify fraud to protect their clients and employees.
However, a shortage of qualified workforce and a rise in data security and privacy issues might hamper market development.
DATA SCIENCE PLATFORM MARKET SHARE ANALYSIS
Based on Region, North America is expected to hold the largest data science platform market share during the forecast period. This dominance of North America is attributed to the capital intensive industries present across the region.
The demand for cloud, IoT, and edge solutions generates immense data, thereby increasing the need for advanced data processing technologies. This data processing requirement is increasing the APAC region's Data Science Platform Market size. In addition, investments by major tech firms are expected to fuel business growth across the region.
Based on Geography, the Data Science Platform Market studied across
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DATA SCIENCE PLATFORM MARKET SEGMENTATION
Based on Organization Size, the Data Science Platform Market studied across
Based on Business Function, the Data Science Platform Market studied across
Based on Industry Vertical, the Data Science Platform Market studied across
TOP COMPANIES IN THE DATA SCIENCE PLATFORM MARKET
Competition in the global market for data science platforms is moderate. With the advent of new data science innovations, vendors either improve their goods in line with end-users' requirements or compete actively in the global market for organic and inorganic growth strategies.
Top companies in the Data Science Platform Market include,
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