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Growing Demand For Big Data Analytics Fuels Data Science Platform Market Growth Emerges as a Core Driver of the Data Science Platform Market in 2025
Data Science Platform Market
What Is the Expected CAGR for the Data Science Platform Market Through 2025?
The market size for data science platforms has seen a rapid expansion in the past few years. Expected to rise from $120.49 billion in 2024 to $153.71 billion in 2025, it signals a compound annual growth rate (CAGR) of 27.6%. Factors such as the increasing demand for predictive analytics, regulatory compliance needs, the growth of the open-source ecosystem, the escalation in data complexity, and the emphasis on data governance and privacy have driven growth during the historic period.
What's the Projected Size of the Global Data Science Platform Market by 2029?
Expectations are high for the data science platform market, with a prediction of significant expansion in the coming years. By 2029, it's projected that the market will be worth $476.36 billion, growing at a Compound Annual Growth Rate (CAGR) of 32.7%. This potential surge during the prediction period can be linked to the rapid increase in unstructured data, the evolution of natural language processing (NLP), platforms that enable cross-functional collaboration, and the widespread acceptance of data science. The upcoming trends to watch in this period include hybrid and multi-cloud deployments, the assimilation with business intelligence, the growing use of data science applications, constant model monitoring and administration, hyper automation and process integration, and a cooperative approach to model development and versioning.
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Top Growth Drivers in the Data Science Platform Industry: What's Accelerating the Market?
The data science platform market is projected to flourish during the forecast period due to the surge in demand for big data analytics. Big data analytics utilizes sophisticated analytical methods to explore an array of structured, semi-structured, and unstructured data collected by businesses and organizations. Data science is about harnessing significant insights from data using high-level analytics techniques and science based principles for corporate decision-making, strategic planning, and other related tasks. For example, Techjury, an American software company, predicts that the big data analytics industry will hit $77 billion by 2023. Thus, the escalating demand for big data analytics is propelling the expansion of the data science platform market.
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What Trends Will Shape the Data Science Platform Market Through 2029 and Beyond?
The data science platform market is evolving through the utilization of analytic apps. Many leading data science firms are focusing on adopting these analytics applications to gain a deeper understanding of consumer behavior. These analytic applications can provide insights like detecting app usage, tracking downloads and in-app purchases, monitoring and evaluating KPIs, and delivering in-app analytics insights. For example, in June 2022, DataRobot AI Cloud, a US-based company renowned for offering automated machine learning, started a new venture with Google Cloud Marketplace. This strategic partnership allows corporations like American Family Mutual Insurance, Randstad North America, and Rentokil Initial to use its AI Cloud in conjunction with their applications and data on Google Cloud. It paves the way for these companies to optimize Google Cloud's robust set of services, including BigQuery and Vertex AI, for model creation, training, and deployment. This approach responds to the rising demand for hybrid multi-cloud platforms that break down data silos and boost AI competencies.
What Are the Main Segments in the Data Science Platform Market?
The data science platformmarket covered in this report is segmented -
1) By Type: Solutions, Services
2) By Deployment: Cloud-Based, On-Premise
3) By End User: BFSI, Telecommunication, Transportation And Logistics, Healthcare, Manufacturing, Other End Users
Subsegments:
1) By Solutions: Data Preparation And Cleaning Tools, Machine Learning And AI Tools, Data Visualization Tools, Model Deployment And Monitoring Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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Which Top Companies are Driving Growth in the Data Science Platform Market?
Major companies operating in the data science platform market include Microsoft Corporation, Google LLC, International Business Machines Corporation (IBM), Oracle Corporation, Alteryx Inc., SAP SE, Teradata Corporation, TIBCO Software Inc., RapidMiner Inc., MathWorks Inc., SAS Institute Inc., Wolfram Research Inc., Dataiku Inc., Fair Isaac Corporation (FICO), Altair Engineering Inc., DataRobot Inc., Apheris AI GmbH, Anaconda Inc., Amazon Web Services Inc. (AWS), Cloudera Inc., Databricks Inc., Snowflake Inc., accenture* PLC, OpenText Corporation, Splunk Inc., NVIDIA Corporation, Sumo Logic Inc., Sisense Inc., VMware Inc., Ernst & Young (EY), Domino Data Lab Inc., WNS Global Services Pvt. Ltd., BRIDGEi2i Analytics Solutions Pvt. Ltd.
Which Regions Will Dominate the Data Science Platform Market Through 2029?
North America was the largest region in the data science platform market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data science platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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