Data Science Platform Market’s Phenomenal Growth: US$ 1,362.09 Billion by 2033, Fueled by a Staggering CAGR of 29%

Data Science Platform Market

The data science platforms market is expected to reach US$ 106.74 billion in 2023 and US$ 1,362.09 billion in 2033. Demand is anticipated to grow at a CAGR of 29% throughout the anticipated time frame.

The rate of technological improvement has accelerated due to increased funding for research and development. As a result, as there are more businesses, there is an increasing demand for technology that boosts production and efficiency.

To enhance consumer experiences, develop cutting-edge products and services, and gain a competitive advantage, businesses are investing a lot of money in data science platforms. Businesses are also investing in data science platforms to develop customized experiences, understand customer behavior and trends, and increase customer loyalty.

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The firms have made it known that they want to continuously undertake model-driven campaigns in a number of their functional areas, including sales, operations, human resources, and manufacturing. Many end users’ workforces are lacking in fundamental technical knowledge and skills, which limits the market’s expansion. The industry’s expansion is hampered by a lack of reliable technology, worries about data security and privacy, strict laws and regulations from the government, and high investment costs.

Key Takeaways from the Data Science Platform Market Report:

  • 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.

Major Key players:

  • IBM Corporation
  • Dataiku
  • DataRobot Inc.
  • TIBCO Software Inc.
  • Databricks
  • The Mathworks Inc.
  • SAS Institute Inc.
  • Microsoft Corporation
  • Alteryx Inc.
  • Oracle Corporation

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Data Science Platform Market Segmentation:

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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About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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