Global Data Science Platform Market Report and Forecast 2024-2032

Global Data Science Platform Market Outlook

The global data science platform market size was approximately USD 155.41 billion in 2023. The market is assessed to grow at a CAGR of 20.4% between 2024 and 2032, reaching a value of USD 859.79 billion by 2032.

Key Trends in the Global Data Science Platform Market

A data science platform is a software solution that comprises of machine learning and other advanced analytical tools. It enables data scientists to effectively plan strategies, discover actionable insights by interpreting data, and communicate their insights across the entire organisation easily. It is used to run experiments and test new ideas, review them, and make necessary changes.

• The increasing availability of large data sets is supporting the data science platform market growth. Organisations around the world are finding it challenging to handle the enormous amount of data at their disposal. The increase in data complexities and availability of exponentially large data sets is further boosting the requirement for well-designed and easily operable data science platforms.

• Advancements in Natural Language Processing (NLP) are providing lucrative growth opportunities to the market. Data analysts and scientists use NLP techniques such as sentiment classifiers and text classifications for understanding and analysing the user sentiment, essential for making data-driven decisions by gauging customer satisfaction. Further advancements can also make it relevant to specific tasks of research like summarisation, data labelling, brainstorming, and rephrasing, thereby helping researchers in answering questions in minutes or hours instead of weeks or months.

• The requirement for data science platforms is also increasing for creating high-quality data visualisation effects for marketing campaigns. This helps brands in communicating their ideas faster to the target audience and leaves a lasting impression. These platforms can also aid in analysing various trends and patterns that can influence their marketing outcomes, like number of defective pieces per hundred non-defective pieces, among others.

Global Data Science Platform Market Segmentation

Based on component, the market is segregated into platform and services. Services are sub-divided into professional services, consulting, deployment and integration, and support and maintenance. On the basis of deployment, the market is bifurcated into cloud and on-premises. Based on organisation size, the data science platform market segmentation includes small and medium enterprise and large enterprise.

On the basis of industry, the market is divided into BFSI, telecommunication and IT, retail and e-commerce, health and lifesciences, government and defence, media and entertainment, manufacturing, transportation and logistics, and energy and utilities, among others. The major regional markets for data science platforms include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global data science platform market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• IBM Corporation

• Alphabet Inc.

• Microsoft Corporation

• The MathWorks, Inc.

• SAS Institute Inc.

• Cloudera, Inc

• Cloud Software Group, Inc.

• Alteryx, Inc. 

• Dataiku Inc.

• TIBCO Software Inc

• Others

Global Data Science Platform Market Share by Industry

As per the data science platform market analysis, the telecommunication and IT industry is one of the leading end users of data science platforms like MATLAB and Alteryx Designer. These platforms help companies to mitigate risks and frauds by predicting threats. They also enable businesses to identify opportunities and gaps in the market and create products that best fit customer needs.

Meanwhile, the use of data science platforms is also increasing in health and lifescience sectors. Data science platforms are used to monitor patient health and detect diseases at an early stage. This improves the efficiency of healthcare workflow and lowers the risk of treatment failure.

Global Data Science Platform Market Share by Region

North America accounts for a significant data science platform market share. This growth can be attributed to the strong presence of key market players in the region including IBM Corporation, Alphabet Inc., and Microsoft Corporation, among others. The increasing investments by countries like the USA, towards advanced solutions to help businesses improve their decision-making capabilities are supporting the market expansion.

Meanwhile, the Asia Pacific is witnessing a rise in demand for data science platforms and their growing installations. In China, the government is significantly investing in data analytical tools owing to their applications in a range of sectors and their capability to enhance workflow and improve productivity. In India, proliferation of tech ecosystem has created a huge demand for data science platforms. These trends are also being witnessed in Japan, Singapore, and South Korea as well, boosting the data science platform market demand.

Competitive Landscape

IBM Corporation was found in 1911 and is headquartered in New York, the United States. Nicknamed as the Big Blue, it is a leading provider of global hybrid cloud and AI. It helps businesses capitalise on their insights from data, streamline business processes, reduce costs, and gain a competitive edge in their industries. It is present in 175 countries and some of its famous inventions include electronic key punch, and hard disk drive, among others.

Alphabet Inc. was found in 2015 and is headquartered in California, the United States. It is a holding company which engages in the business of acquisition and operation of different companies. It operates through Google and other segments. The Google includes its main Internet products such as ads, google maps, YouTube, and google search, among others.

Microsoft Corporation was found in 1975 and is headquartered in Washington, the United States. It engages in the development and support of software, services, devices, and solutions. It operates through multiple business segments like productivity and business, intelligent cloud, and personal computing. It also provides operating systems, cross device productivity applications, server applications, and business solutions applications, among others.

Other key players in the data science platform market include The MathWorks, Inc., SAS Institute Inc., Cloudera, Inc, Cloud Software Group, Inc., Alteryx, Inc., Dataiku Inc., and TIBCO Software Inc, among others.

Key Highlights of the Report