PUNE, India, Aug. 17, 2020 /PRNewswire/ -- The Data Science Platform Market is predicted to grow at a CAGR of 31.1% by generating a revenue of $224.3 billion by 2026.
Data science is the platform to find and analyze the work that has been done earlier, making the job of the data scientist easier. Data science is a combination of analysis tools, techniques and statistics which helps to understand the data in a precise manner so that it will be helpful in taking decisions and building strategies.
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Data science assesses, builds and controls the data which helps to take predictive decisions. With growing digitalization, data science and its platforms & tools play a crucial role in taking decisions and building strategies for the company, which helps them to update their business process and acquire new clients. So, increasing adoption of data analytical tools is a major driving factor for the growth of the data science platform market.
Data science is a new field in the era of digitalization and many professionals are not experienced to handle complex issues in the data science platform. Lack of domain expertise in the particular field is considered to be the major restraint of the digital science platform. Data breach is also considered as a major restraint as the data scientists use open sources for fetching their data. There are high chances of getting the data leakage due to which it is considered to be the major concern for the market.
Depending on the type the market is segmented into services and solutions. Service segment was $8.2 billion in 2018 and is predicted to generate a revenue of $76.0 billion by 2026. Service segment is mainly driven due to increasing complexity in the operational field in the organization and the increasing use of business intelligence tools. Service segment also provides assistance to the clients to solve the toughest part and guide them to solve the issue.
Depending on the end use the market is segmented into telecommunication, BFSI, healthcare, transport and logistics, manufacturing, education, retail, government, energy and utilities. BFSI segment for the data science platform market was $6.09 billion in 2018 and is predicted to grow at a CAGR of 29.4% in the forecast period. With the help of data science platform, BFSI segment helps to detect the fraud, providing services to the clients and vauable insights with the trends in the credit market, which helps the policymakers to build the strategy and make the decision.
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Depending on the region, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America Data Science Platform Market was $9.8 billion in 2018 and is predicted to generate a revenue of $80.3 billion by 2026. The growing use of internet of things (IoT) and cloud helps the company for the use of data science tools for handling and fetching the data. This scenario is predicted to drive the market growth in the North America region.
Top 10 Companies in the Data Science Platform Market:
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