Data Science Platform Market Research, Key Players, Analysis And Forecast 2030: Grand View Research Inc.

Posted by Mrudula Anil Karmarkar on January 7th, 2025

San Francisco, 07 January 2030: The Report Data Science Platform Market Size, Share & Trends Analysis Report By Product (Platform, Services), By Application, By Vertical, By Region, And Segment Forecasts, 2024 - 2030

The global data science platform market size is expected to reach USD 470.92 billion in 2030 and is projected to grow at a CAGR of 26.0% from 2024 to 2030. Technological advancements such as integration of Natural Language Processing (NLP) and Machine Learning (ML) are at a remarkably quick pace. Companies such as Microsoft Corporation today are shifting towards the adoption of high-level strategies to gain a competitive edge in the market. With rapid transformation, data has become a very critical asset for any organization. Thus, it has become essential for companies to look for data science teams to gain substantial insights from the gathered data.

Numerous data science teams have grown out of their existing tools and are experiencing a lack of collaboration and scalability as they become overpowered by commonplace operational errands. To overcome this problem, companies are now opting for data science platforms that are modular or open, collaborative, scalable, multi-user, and support the entire pipeline of production. Factors such as business optimization, model deployment, model sharing, model management, scalability, reproducibility, and agility provided by these platforms have substantially contributed to rapid adoption.

Data science has become very critical for business today. As the number of tools, models, and model creators is increasing, the need for a uniform data science platform that can provide comprehensive solutions is increasing. To understand which tool to use when and manage the complexity associated with managing a vast quantity of data and gain flexibility, the adoption of these platforms is increasing. These platforms are providing companies with an end-to-end process of managing, deploying, and creating analytics models in a collaborative and open environment.

Further, the COVID-19 outbreak has also impacted the market tremendously. The emergence of new data and data patterns has changed the market scenario. Apart from changing data analysis models, it has provided a wide opportunity for data scientists to make use of advanced tools and techniques to help businesses make better decisions in such an environment that is uncertain, speedy, and lacks data. Also, data science platforms have assisted several companies in harnessing insights from the data and speed up the process of medical research.

Request sample report of Data Science Platform Market@ https://www.grandviewresearch.com/industry-analysis/data-science-platform-market/request/rs1

The exponential growth of data generated by digital activities drives market growth. With the proliferation of the Internet of Things (IoT), social media, e-commerce, and mobile technologies, organizations are amassing vast amounts of data daily. To harness this data effectively, businesses require sophisticated tools and platforms to analyze, process, and derive actionable insights, making data science platforms indispensable.

Data Science Platform Market Report Highlights

• Increasing demand for a platform that can optimize mundane operational tasks and provide effective collaboration has driven the adoption.
• The platform segment held the largest market revenue share of 83.9% in 2023 and is expected to continue leading the market over the forecast period. This is due to benefits such as reduced risk, improved customer satisfaction, and others provided by the platform.
• The North America regional market is expected to hold a high revenue share over the forecast period, majorly due to the increasing demand for advanced technology platforms that can help to unlock critical insights from a vast amount of data being generated every day.

The advancements in artificial intelligence (AI) and machine learning (ML) technologies further fuel the demand for data science platforms. These technologies require substantial computational power and sophisticated algorithms often embedded within data science platforms. The need for powerful data science tools grows correspondingly as AI and ML applications become more prevalent in areas such as predictive analytics, natural language processing, and computer vision. This trend is further accelerated by the democratization of AI and ML, where user-friendly data science platforms enable even non-experts to develop and deploy complex models. Moreover, the increasing dependence on machine learning and businesses' growing interest in data-sensitive tactics will speed up the market growth during the projected timeframe. In addition, the growing popularity of cloud-based solutions and services is projected to boost the expansion of the data science platform market. The rising incidences of data breaches in several industries drive demand for these platforms.

Data Science Platform Market Report Scope

Another driving force behind the rising demand is the increasing recognition of data-driven decision-making as a critical competitive advantage. Companies leverage data science to optimize operations, enhance customer experiences, and innovate products and services. The growing emphasis on regulatory compliance and data privacy pushes organizations to adopt sophisticated data science platforms. These platforms offer capabilities to manage and secure data effectively, ensuring compliance with stringent regulations like GDPR and CCPA. As regulatory landscapes evolve, businesses are compelled to adopt platforms that provide analytical power and ensure the ethical and lawful use of data.