The data science platform market is expected to grow by 2026 due to growing adoption of data analytical tools. Service sub-segment is predicted to have the fastest growth rate. Market in Asia-Pacific to grow significantly.
NEW YORK , Aug. 26, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, “Data Science Platform Market by Type (Solutions and Services) by End Use (Telecommunication, BFSI, Healthcare, Transport and Logistics, Manufacturing, and Others), Regional Outlook (North America, Europe, Asia-Pacific, LAMEA), Global Opportunity Analysis and Industry Forecast, 2019–2026“.
As per the report, the global data science platform market is predicted to grow at a stable CAGR of 31.1% in the 2019-2026 timeframe, thereby garnering $224.3 billion by 2026.
Dynamics of the Data Science Platform Market
Drivers: Growing adoption of data analytical tools, since the last few years, is expected to be the primary growth driver of the data science platform market in the forecast period. Along with this, product developments, such as launch of new analytical tools, is expected to boost the growth rate of the market further.
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Opportunities: Increasing demand and adoption of new-age technologies such as Internet of Things (IoT) is expected to offer numerous growth opportunities to the market in the analysis timeframe. Moreover, product developments and technological innovations in this sector of data science platform is estimated to help the market grow in the coming years.
Restraints: Lack of domain expertise, however, may dampen the growth rate of the data science platform market.
Segments of the Data Science Platform Market
The report has divided the data science platform market into different segments based on type, end-use, and region.
- By type, the service sub-segment is predicted to have the fastest growth rate and is expected to garner a substantial revenue of $76.0 billion by 2026. Service type data science platforms assist the clients in solving some of the toughest challenges they face, thereby ensuring customer satisfaction. As a result, service types are in heavy demand, which is expected to boost the sub-segment in the forecast period.
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- By end-use, the banking, financial services and insurance sub-segment is anticipated to have the highest market share and grow at a CAGR of 29.4% by 2026. Over the years, data science has proved to be of great help as far as providing better experiences to customers availing banking and other financial services is concerned. This utility of data science platform is predicted to help the sub-segment grow in the analysis period.
- By regional analysis, the data science platform market in Asia-Pacific region is expected to flourish immensely and generate $48.0 billion by 2026. Increased investments by major tech companies of this region in the development of different data science platforms is anticipated to boost the growth of the market in this region during the forecast years.
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