DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The author of the report expects the global data science platform market 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% during the forecast period.
Major growth factors for the market include the growing need to gain insights from voluminous data to gain a competitive advantage and enable data-driven decisions in enterprises.
Logistics industry vertical to grow at the highest CAGR during the forecast period
Based on business functions, the data science platform market is divided into Banking, Financial Services, and Insurance (BFSI), telecom and IT, retail and eCommerce, healthcare and life sciences, manufacturing, energy and utilities, media and entertainment, transportation and logistics, government, and others (travel and hospitality, education, and research). The logistics industry vertical would benefit from the technological and methodological advancements of big data. It is changing drastically due to internal and external pressures from the rising costs.
ML has the potential to revolutionize the logistics industry vertical through determining the most important factors for the success of a supply network, while it also has the potential to learn in the process. The companies such as Google and Altair have launched AI-powered solutions that make the development of ML projects easier and assist in building and running ML applications.
Cloud segment to hold a higher market share during the forecast period
Organizations have been gradually recognizing the importance of data science platform and have started deploying it as per their needs in various business functions, such as supply chain, customer support, and sales and marketing. The cloud-based data science platform is a cost-effective and efficient way of managing data science platform issues across organizations. The availability of easy deployment options and minimal requirements of capital and time are expected to facilitate the growth of the cloud segment among global enterprises.
Asia Pacific to grow at the highest CAGR during the forecast period
The growth in APAC can be attributed to the focus of countries such as China, India, and Japan on the enhanced management of data to enable data-based business decisions and enhance business processes. The commercialization of big data, AI, and IoT technologies and the need for further advancements to leverage these technologies to the best are expected to drive the adoption of data science platform and services in the region.
APAC constitutes major economies, such as China, India, and Japan, which are expected to register high growth in the data science platform market. The 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. Tremendous technological adoption over the last few decades and ongoing innovations by companies such as Cloudera, Zaloni, and Temenos have helped the market to grow significantly in the region.
- Enterprises Focusing on Ease of use Methods to Drive Business
- Growing Need to Extract In-Depth Insights From Voluminous Data to Gain Competitive Advantage
- Stringent Government Rules and Regulations
- Higher Inclination of Enterprises Toward Data-Intensive Business Strategies
- Rise in Adoption of Advanced Technologies
- Lack of Adequately Skilled Workforce
- Data Privacy, Security, and Reliability Concerns
- SAS Institute
- Rexer Analytics
- Domino Data Lab
- Civis Analytics
- Rapid Insight
For more information about this report visit https://www.researchandmarkets.com/r/nf4oec