Data Science Platform Market Growing at a CAGR 27.7% | Key Player IBM, Google, Microsoft, SAS, AWS

IBM (US), Google (US), Microsoft (US), SAS (US), AWS (US), MathWorks (US), Cloudera (US), Teradata (US), TIBCO (US), Alteryx (US), RapidMiner (US), Databricks (US), Snowflake (US), H2O.ai (US), Altair (US), Anaconda (US), SAP (US), Domino Data Lab (US), Dataiku (US), DataRobot (US), Apheris (Germany), Comet (US), Databand (US), dotData (US), Explorium (US).

The Data Science Platform market size is projected to grow from USD 95.3 billion in 2021 to 322.9 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 27.7% during the forecast period. The Data Science Platform industry is driven by Astonishing growth of big data, however, Rising in adoption of cloud-based solutions, Rising application of the data science platform in various industries and Growing need to extract in-depth insights from voluminous data to gain competitive advantage.

Based on the Component, platform segment to account for a larger market size during the forecast period

The Data Science Platform market has been segmented by two components: platform and services. The deployment of Data Science Platform has witnessed an increase in adoption, as serves a variety of purposes, such as ML modeling and predictive analytics. The growing adoption of Data Science Platform across all major verticals, such as BFSI, Retail and eCommerce, Telecom and IT, Media and Entertainment, Healthcare and Life Sciences, Government and Defense, Manufacturing, Transportation and Logistics, Energy and Utilities, Other Verticals ( travel and hospitality, and education and research).

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Based on deployment mode, cloud segment to grow at a higher CAGR during the forecast period

Cloud computing refers to the storage, management, and processing of data via networks of remote servers, which are typically accessed via the Internet. According to Statista, cloud computing would generate more than USD 300 billion in revenue in 2020 as a component of IT services. At the same time, PwC shows the COVID-19 crisis has accelerated the cloud transition even further as per data during the first quarter of 2020, cloud spending increased by 37% to USD 29 billion. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.

Major Big Data vendors include IBM(US), Google(US), Microsoft(US), SAS(US), AWS(US), MathWorks (US), Cloudera (US), Teradata (US), TIBCO (US), Alteryx (US), RapidMiner (US), Databricks (US), Snowflake (US), H2O.ai (US), Altair (US), Anaconda (US), SAP (US), Domino Data Lab (US), Dataiku (US), DataRobot (US), Apheris (Germany), Comet (US), Databand (US), dotData (US), Explorium (US), Noogata (US), Tecton (US), Spell (US), Arrikto (US), and Iterative (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2022, which helped companies innovate their offerings and broaden their customer base.

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Teradata is a data intelligence company catering to more than 75 countries. It also caters to several industries, including communications, media and entertainment, financial services, life sciences, healthcare, retail, energy, travel and transportation, and manufacturing. Its broad customer base comprises O2 Czech Republic, BMW, Siemens Healthineers, Vodafone, American Red Cross, and US Bank. It has partnered with various companies, including Accenture, Alation, AlphaZetta, Alteryx, General Dynamics Information technology, Erwin, HCL Technologies, and Informatica, to deliver end-to-end analytics solutions. The company focuses on delivering pervasive data intelligence to its customers. It is also a provider of database management systems, which are suitable to build large scalable data warehousing applications. It helps customers integrate and simplify the analytics ecosystem, access and manage data, use analytics to extract answers, and derive business value from data. The company’s solutions and services comprise software, hardware, and related business consulting and support services to deliver analytics across companies’ entire analytical ecosystem. The company aims at providing a differentiated set of offerings to the Megadata target market with a wide range of integrated data and analytics solutions.

In data science platform market, Teradata Vantage platform, which is highly scalable, secure, concurrent, and resilient for pervasive data intelligence. Teradata Vantage offers descriptive, predictive, and prescriptive analytics with integrated data that helps implement complex analytics and algorithms through a simple, intuitive SQL language compatible with preferred business analytics tools. It also includes a Vantage Analyst that enables business analysts to perform ML and advanced analytics.

MathWorks is a software company that specializes in mathematical computing for engineers and scientists. MATLAB and Simulink are the companys two primary software products. MATLAB is a programming environment that allows users to create algorithms, perform data analysis, visualize data, and perform numeric computations. Simulink is a graphical interface for simulation and model-based design of multidomain dynamic and embedded systems. MATLAB and Simulink are widely used as research and development tools in the automotive, aerospace, communications, electronics, and industrial automation industries. They are also employed in more specialized industries such as financial services and computational biology for modelling and simulation, automotive systems, aeronautical flight control and avionics, telecommunications and other electronics equipment, industrial machinery, and medical devices can all be designed and developed using MATLAB and Simulink. MathWorks caters more than 100,000 customers over 190 countries for instance, BMW, Airbus, Ford Motors, General Motors, Hyundai, U.S. Air Force, U.S. Navy, Nissan and more across different vertical including aerospace and defense, automotive, biotech and pharmaceutical, communications, electronics, energy production, utilities and energy, industrial automation and machinery, medical devices, metals, materials, and mining, quantitative finance, railway systems, semiconductors, software and internet. As per company report 5 million users of MATLAB worldwide, 3 million files downloaded from File Exchange on MATLAB Central each year, there are 850,000 contributors worldwide to MATLAB Central apps moreover there are 500 third-party solutions that build on MATLAB and Simulink and 2100 MATLAB and Simulink based books in 26 languages.

MATLAB and Simulink are used at over 5,000 colleges and institutions across the world for teaching and research in a wide range of technical subjects. MathWorkss latest funding round in March 2020 was around to be USD 718.5 k. Some of the major investors in MathWorks are U.S. Department of Defense, Tiger labs.

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