Data Science Platform Global Market Report 2024

The data science platform is a software that are used to analyze, organize, and transfer to assist businesses in developing analytic models and managing analytic data Data analysis across multiple platforms can assist businesses in gaining insights from user data and marketing campaigns, ultimately assisting in the improvement of strategy and revenue.

The main types of products in the data science platform are solutions and services. The data science platform solutions help with data collection, data integration, and data visualization. These solutions help companies to plan strategies, uncover actionable insights from historic data. The different modes of deployment include cloud-based, on-premise, and are used by various sectors such as BFSI, telecommunication, transportation and logistics, healthcare, manufacturing, others.

The data science platform market research report is one of a series of new reports that provides data science platform market statistics, including data science platform industry global market size, regional shares, competitors with a data science platform market share, detailed data science platform market segments, market trends and opportunities, and any further data you may need to thrive in the data science platform industry. This data science platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The data science platform market size has grown exponentially in recent years. It will grow from $94.73 billion in 2023 to $122.82 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to demand for predictive analytics, regulatory compliance requirements, open source ecosystem growth, increasing data complexity, focus on data governance and privacy.

The data science platform market size is expected to see exponential growth in the next few years. It will grow to $361.44 billion in 2028 at a compound annual growth rate (CAGR) of 31.0%. The growth in the forecast period can be attributed to exponential growth in unstructured data, natural language processing (nlp) advancements, cross-functional collaboration platforms, democratization of data science. Major trends in the forecast period include hybrid and multi-cloud deployments, integration with business intelligence, exponential increase in data science applications, continuous model monitoring and management, hyperautomation and process integration, collaborative model development and versioning.

The increase in demand for big data analytics is expected to propel the growth of the data science platform market during the forecast period. Big data analytics employs advanced analytic techniques to analyze a mixture of structured, semi-structured, and unstructured data collected by businesses and entities. Data science is the practice of extracting important information from data using advanced analytics techniques and scientific principles for enterprise decisions, strategic planning, and other purposes. For instance, according to Techjury, a US-based software company, the big data analytics sector is projected to reach $77 billion by 2023. Therefore, the increasing demand for big data analytics drives the data science platform market growth.

The rising growth of cloud-based solutions is expected to propel the growth of the data science platform market going forward. A cloud-based solution refers to the programs, storage spaces, on-demand services, computer networks, and other services that are accessible through another provider's shared cloud computing framework using an internet connection. Cloud-based solutions in data science platforms provide scalable computing power, storage, and collaboration tools, facilitating efficient data analysis and machine learning model development. For instance, in June 2023, according to the Australian Bureau of Statistics, an Australia-based government agency for statistics, in Australia, 85% of firms reported employing information and communication technologies (ICTs) for the year ended June 30, 2022, up from 69% of enterprises during the year ended June 30, 2020.59% of these were related to cloud computing. Therefore, the rising growth of cloud-based solutions is driving the growth of the data science platform market.

The adoption of analytic apps is shaping the data science platform market. Major data science companies that use applications are focusing on adopting analytics applications that will help them better understand consumer behavior. Data analytic apps can tell users if the app is detected, compare downloads and in-app purchases, monitor, and evaluate KPIs, and give users in-app analytics insights, among other things. For instance, in May 2021, InCorta, Inc., a US-based company that provides data analytics software launched the Incorta Mobile app. The Incorta Mobile App allows Incorta users to access, evaluate, and analyze business information from anywhere, at any time, with the ability to drill down into particular transaction details.

Major companies operating in the data science platform market are focused on launching new platforms to gain a competitive edge in the market. For instance, in May 2022, Morningstar Inc., a US-based financial services firm, introduced Analytics Lab, a data science platform tailored for finance professionals. This fresh feature is accessible to analysts and data scientists who utilize the Morningstar Direct investment analysis platform. Analytics Lab grants users the opportunity to tap into the development platform that underlies the preexisting Morningstar research and datasets. This empowers them to craft personalized notebooks within a hosted environment and integrate Morningstar data with the Python programming language.

In January 2021, TIBCO Software Inc., a US-based enterprise data company acquired Information Builders for an undisclosed amount. Through this acquisition of Information Builders, analytics capabilities and data management will be added to the advanced TIBCO Connected Intelligence platform. Information Builders is a US-based company that hat specializes in data integration, data quality, and business intelligence.

Major companies operating in the in the data science platform market report are Microsoft Corporation, Google LLC, International Business Machines Corporation (IBM), Oracle Corporation, Alteryx Inc., SAP SE, Teradata Corporation, TIBCO Software Inc., RapidMiner Inc., MathWorks Inc., SAS Institute Inc., Wolfram Research Inc., Dataiku Inc., Fair Isaac Corporation (FICO), Altair Engineering Inc., DataRobot Inc., Apheris AI GmbH, The Digital Talent Ecosystem, Anaconda Inc., Amazon Web Services Inc. (AWS), Cloudera Inc., Databricks Inc., Snowflake Inc., Accenture PLC, OpenText Corporation, Splunk Inc., Unified ID Inc., NVIDIA Corporation, Sumo Logic Inc., Sisense Inc., VMware Inc., Walmart Inc., JPMorgan Chase & Co., Ernst & Young (EY), Domino Data Lab Inc., WNS Global Services Pvt. Ltd., BRIDGEi2i Analytics Solutions Pvt. Ltd.

North America was the largest region in the data science platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data science platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the data science platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The data science platform market includes revenues earned by entities by providing software tools that assist data scientists in analyzing data such as running, tracking, reproducing, sharing, and deploying models faster and more efficiently with powerful tools that speed up the process to enhance the organizational capability. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.