The data science platform market is predicted to be worth US$ 106.74 billion in 2023, and rise to US$ 1,362.09 billion by 2033. Demand is expected to increase at a CAGR of 29% during the projected period.
Spending more money on research and development has accelerated the pace of technological advancement. As a result, there is a growing demand for technology that increases productivity and efficiency as there are more firms.
Businesses are spending a lot of money on data science platforms to improve customer experiences, create cutting-edge products and services, and gain a competitive advantage. To create customized experiences, comprehend customer behavior and trends, and foster greater customer loyalty, businesses are also investing in data science platforms.
In a number of their functional areas, including sales, operations, human resources, and manufacturing, the corporations have stated publicly that they aim to consistently run model-driven campaigns. The workforce of many end users lacks essential technical skills and knowledge, which restricts the market’s growth. Lack of technology reliability, concerns about data security and privacy, tight government rules and regulations, and costly investment requirements are all major obstacles to the industry’s growth.
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Key Takeaways
- By 2033, the United States is likely to rule the data science platform market, with a CAGR of 24.8%.
- The data science platform market increased at a 25.2% CAGR between 2016 and 2022, citing FMI’s study.
- The data science platform market was expanding, with a value of US$ 82.74 billion in 2022.
- The expansion in China is anticipated to expand at an adequate CAGR of 28.9% by 2033. China’s market is likely to generate a share of US$ 78.65 billion by 2033.
- Japan’s data science platform market is expected to expand significantly, with a CAGR of 8.6% by 2033.
- Between 2023 and 2033, the data science platform sector is likely to increase in India with a size of US$ 10.26 billion.
- The expansion in the United Kingdom is anticipated to expand at an adequate CAGR of 11% by 2033.
- Based on deployment, the cloud-based segment led the market share in 2022 and continues to dominate the sector during the forecast period.
- Based on enterprise type, large enterprises are projected to lead the market by 2033.
Key Strategies in the Industry
There exists a thriving startup ecosystem in the worldwide market. Customers may anticipate innovative solutions from over a hundred startups. Such a market is likely to foster fierce rivalry, forcing existing businesses to constantly update and make improvements to their product offerings.
- In February 2022, Dataiku partnered with Polestar Solutions, an APAC company, to strengthen its position in the Indian market. Asian and Pacific organizations can now use an “Everyday AI” platform thanks to Dataiku.
- Databricks made additional contributions to data sharing in June 2022, including a new analytical marketplace, secure data cooperation, and automatic cost optimization.
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Key segments
By Deployment:
- Cloud
- On-premise
By Application:
- Business Operation
- Marketing
- Finance & Accounting
- Logistics
- Customer Support
- Others
By Enterprise Type:
- Large Enterprises
- Small and Medium Enterprises
By Industry:
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Transportation
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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