New York, USA, Feb. 24, 2020 (GLOBE NEWSWIRE) -- A published report by Research Dive states that the global data science platform market is set to rise at a 31.1% CAGR and is anticipated to garner a revenue of $224.3 billion during the forecast period from 2019 to 2026. The market has been segmented on the basis of type, end use, and region. The report provides detailed insights on opportunities, drivers, restraints, vital segments, and major players of the market. As per our analysts, increasing adoption of data analytical tools is a major factor driving the growth of the data science platform market. This is mainly due to the vast possibilities provided by analytical tools for learning the unobserved consumer purchasing pattern. However, data breach and lack of domain expertise is predicted to be a major threat for the global data science platform market growth.
Service Type Segment to be Most Profitable
On the basis of type, the global data science platform market is segmented into solution and services. The market size for services type accounted for $8.2 billion in 2018 and is estimated to reach up to $76.0 billion by the end of 2026. This is mainly due to the growing complexity in the operational field and increasing use of Business Intelligence (BI) tools. With the help of service type, it gives the assistance to the clients to solve the toughest challenges, predict the demand of what the client needs, helps to improve the customer satisfaction and guided to build the business strategies.
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BFSI Segment to have Largest Market Share
Based on end use, the global market for data science platform is segmented into banking, financial services and insurance (BFSI), telecommunication, transportation & logistics, healthcare, manufacturing, and others. The BFSI segment accounted for the highest market share of $6.09 billion in 2018 and is anticipated to grow at 29.4% CAGR during the forecast period. Data science plays a crucial role in BFSI, specifically in analyzing the data to provide better experience to their customers, which will fuel the market growth in coming years.
Asia Pacific Region to Hold Highest Growth Rate: Download Sample Report https://www.researchdive.com/download-sample/75
Geographically, the global data science platform market is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia Pacific market for data science platform accounted for $5.2 billion in 2018 and is projected to generate $48.0 billion revenue by the end of 2026. This is primarily due to the growing economy and massive investment by the major tech players in this region. On the other hand, the North America data science platform market share was $9.8 billion and will garner a revenue of $80.3 billion by the end of 2026. during the forecast period.
Key Players of the Market
The major players of global data science platform market include Databricks, Alphabet Inc. (Google), Domino Data Lab, Inc., Dataiku, Civis Analytics, Cloudera, Inc., Anaconda, Inc., IBM Corporation, Altair Engineering, Inc., and Microsoft Corporation. Product development with respect to the analytical tools are the key strategies opted by the operating companies in the data science platform market. For instance, IBM Corporation and Alphabet Inc. are the companies investing more on R&D activities for developing new products and technology.
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