Data Science Platform Market 2023 – Know Latest Trends & Forecast for Long-Term Business Planning
The rising adoption of data science platforms in the emerging markets is further predicted to create huge growth opportunities for the market.
PORTLAND, PORTLAND, OR, UNITED STATES, March 2, 2022 /EINPresswire.com/ — According to a new report by Allied Market Research, the data science platform market was valued at $19,621 million in 2016, and is projected to reach at $183,688 million by 2023, growing at a CAGR of 39.6% from 2017 to 2023.
Rise in data collection; realization of the importance of data science platform by the organizations; and the advancement of different technologies, such as big data analytics, Internet of Things, and artificial intelligence, drive the market growth.
However, lack of skilled workforce and growth in concern of data security and protection are anticipated to hamper the market growth during the forecast period.
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The service segment is projected to grow at a CAGR of around 47% during the forecast period. Increase in competition and rise in the need of consultancy and outsourcing services are anticipated to boost this segment growth during the forecast period.
The others segment dominated the market in 2016, followed by Banking, Financial Services and Insurance (BFSI) segment. Furthermore, these segments collectively accounted for around 54% share of the overall market revenue in 2016.
The manufacturing sector is expected to register highest CAGR of around 43%, owing to the implementation of new technology, such as intelligent robots, 3D printing, drones, and artificial intelligence.
The global data science platform market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as strategic collaborations and acquisitions.
Some of the key vendors in the data science platform include Microsoft Corporation, IBM Corporation, SAS Institute, Inc., SAP SE, RapidMiner, Inc., Dataiku SAS, Alteryx, Inc., Fair Issac Corporation, MathWorks, Inc., and Teradata, Inc.
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Highlights of the report:
1. Comprehensive assessment of all opportunities and risks in the global market.
2. Data Science Platform Market recent innovations and major events.
3. Detailed study of business strategies for growth of the Data Science Platform Market-leading players.
4. Conclusive study about the growth plot of Data Science Platform Market for forthcoming years.
5. In-depth understanding of Data Science Platform Market-particular drivers, constraints and major micro markets.
6. Favourable impression inside vital technological and market latest trends striking the Data Science Platform Market.
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Lastly, this report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
Related Reports:
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