Data science platform market to grow at a CAGR of 26.78% by 2027- High generation of data volumes is a key factor driving the growth – Technavio

NEW YORK, Feb. 17, 2023 /PRNewswire/ — According to Technavio, the global data science platform market size is estimated to grow by USD 2,49,147.71 million from 2022 to 2027. The market is estimated to grow at a CAGR of 26.78% during the forecast period. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 37,419.53 million. North America is estimated to account for 39% of the growth of the global market during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, Request a sample report

Global data science platform market – Five Forces
The global data science platform market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Global data science platform market – Customer Landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global data science platform market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on component (Platform and Services), and deployment (On-premise and Cloud). 

• The platform segment will account for a significant share of the global market during the forecast period. Data science platforms that are considered the best usually offer the flexibility of open-source tools and the scalability of elastic computer resources. Some of the best data science platforms include Alteryx Analytics, Microsoft Azure ML studio, and the RapidMiner platform. These platforms enable data-driven business decisions, and enterprises are investing in data science platforms and advanced analytics capabilities to improve business outcomes. Therefore, this will drive the growth of the platform segment during the forecast period.

Geography Overview
By geography, the global data science platform market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global data science platform market.

• North America will account for a significant share of the global market during the forecast period. The growth of the data science platform market in North America is driven by the increase in data generation across various industries, such as the retail, BFSI, healthcare, and public sectors, due to the increase in digital transformation, such as digitalization of workspace, access via mobile apps and websites, online transactions, online purchases and sells, and virtualization of desktops. Most banks in the US are leveraging data science technologies to gain a competitive edge over their competitors. Big data analytics services, which are one of the popular applications of data science, help firms achieve real-time marketing, integration of e-commerce platforms with payment processing, and facilitate the small loans and microloans market in the US. Thus, the increased adoption of big data analytics is expected to enhance the growth of the financial services spending market in North America, which in turn, is expected to, drive the growth of the market in the region.

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Global data science platform market – Market Dynamics
Key factor driving market growth

• The high generation of data volumes is a key factor driving the growth of the global data science platform market. 
• Enterprise applications are generating large volumes of data, and this will keep continuing throughout the forecast period and beyond.
• Moreover, the increasing volume of data generated in organizations through various channels and sources has compelled organizations to implement big data analytics and save a significant amount of cost for organizations.
• Data science platforms and associated technologies have helped organizations transform unstructured and semi-structured data into structured and meaningful data.
• Big data analytics, a popular data science application, can be used for retrieving and analyzing data to discover significant weaknesses, develop indicator patterns to identify opportunities and threats; and optimize business decisions.
• As data volumes are growing, the demand for data analytics is also growing, which is expected to drive the growth of the market during the forecast period.

Leading trends influencing the market 

• The growing dependency on the internet is the primary trend in the global data science platform market. 
• With the penetration rate of the internet increasing, people tend to share their personal information on the platform, especially on social media.
• Companies are also offering storage services in the cloud, leading to the storage of critical information on the Web.
• Banks and payment card companies are also enabling customers to make transactions such as online transactions and payments using the Internet. 
• Optimization of capacity, reduction of lead time and cost, and increased profit through the development of IT infrastructure are key requirements in any organization. These can be brought about through business analytics.
• The solution enhances an organization’s processes by improving quality and resource control, which, in turn, enhances the productivity and efficiency of the firm.
• The deployment of business analytics helps organizations in improving their efficiency and productivity. This helps them meet their business demands quickly and remain competitive. These benefits will drive market growth during the forecast period.

Major challenges hindering market growth

• Increasing threat from open-source data science platform vendors is a major challenge to the growth of the global data science platform market. 
• Vendors such as Pentaho and Jasper soft enable enterprises to use business analytics functionality free of cost.
• The market has many open-source vendors that also provide a range of data science tools and applications.
• In addition, a combination of multiple products from various open-source vendors can cover almost all the functionalities that on-premise or on-demand data science platform software vendors provide.
• Open-source vendors provide query, reporting, analysis, advanced analytics, and data warehouse generation platforms. This, in turn, has a negative impact on the market share of data science platform vendors.

Drivers, trends, and challenges have an impact on market dynamics, which can impact
businesses. Find more insights in a sample report!

What are the key data covered in this data science platform market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the data science platform market between 2023 and 2027
• Precise estimation of the size of the data science platform market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Data Science Platform Market industry across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of data science platform market vendors

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1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global data science platform market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on Global data science platform market 2017 – 2021 ($ million)

• 4.2 Component Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – Component Segment 2017 – 2021 ($ million)

• 4.3 Deployment Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Deployment Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Component

• 6.1 Market segments
• Exhibit 30: Chart on Component – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Component – Market share 2022-2027 (%)

• 6.2 Comparison by Component
• Exhibit 32: Chart on Comparison by Component
• Exhibit 33: Data Table on Comparison by Component

• 6.3 Platform – Market size and forecast 2022-2027
• Exhibit 34: Chart on Platform – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Platform – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Platform – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Platform – Year-over-year growth 2022-2027 (%)

• 6.4 Services – Market size and forecast 2022-2027
• Exhibit 38: Chart on Services – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Services – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Services – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Services – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Component
• Exhibit 42: Market opportunity by Component ($ million)

7 Market Segmentation by Deployment

• 7.1 Market segments
• Exhibit 43: Chart on Deployment – Market share 2022-2027 (%)
• Exhibit 44: Data Table on Deployment – Market share 2022-2027 (%)

• 7.2 Comparison by Deployment
• Exhibit 45: Chart on Comparison by Deployment
• Exhibit 46: Data Table on Comparison by Deployment

• 7.3 On-premise – Market size and forecast 2022-2027
• Exhibit 47: Chart on On-premise – Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on On-premise – Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on On-premise – Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on On-premise – Year-over-year growth 2022-2027 (%)

• 7.4 Cloud – Market size and forecast 2022-2027
• Exhibit 51: Chart on Cloud – Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Cloud – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Cloud – Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Cloud – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment
• Exhibit 55: Market opportunity by Deployment ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 61: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 65: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 73: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027
• Exhibit 77: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 81: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027
• Exhibit 85: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 Germany – Market size and forecast 2022-2027
• Exhibit 89: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.11 Canada – Market size and forecast 2022-2027
• Exhibit 93: Chart on Canada – Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Canada – Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Canada – Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Canada – Year-over-year growth 2022-2027 (%)

• 9.12 UK – Market size and forecast 2022-2027
• Exhibit 97: Chart on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors
• Exhibit 107: Matrix on vendor position and classification

• 12.3 Alphabet Inc.
• Exhibit 108: Alphabet Inc. – Overview
• Exhibit 109: Alphabet Inc. – Business segments
• Exhibit 110: Alphabet Inc. – Key news
• Exhibit 111: Alphabet Inc. – Key offerings
• Exhibit 112: Alphabet Inc. – Segment focus

• 12.4 Altair Engineering Inc.
• Exhibit 113: Altair Engineering Inc. – Overview
• Exhibit 114: Altair Engineering Inc. – Business segments
• Exhibit 115: Altair Engineering Inc. – Key offerings
• Exhibit 116: Altair Engineering Inc. – Segment focus

• 12.5 Alteryx Inc.
• Exhibit 117: Alteryx Inc. – Overview
• Exhibit 118: Alteryx Inc. – Product / Service
• Exhibit 119: Alteryx Inc. – Key news
• Exhibit 120: Alteryx Inc. – Key offerings

• 12.6 Anaconda Inc.
• Exhibit 121: Anaconda Inc. – Overview
• Exhibit 122: Anaconda Inc. – Product / Service
• Exhibit 123: Anaconda Inc. – Key offerings

• 12.7 Cloudera Inc.
• Exhibit 124: Cloudera Inc. – Overview
• Exhibit 125: Cloudera Inc. – Business segments
• Exhibit 126: Cloudera Inc. – Key offerings
• Exhibit 127: Cloudera Inc. – Segment focus

• 12.8 Databricks Inc.
• Exhibit 128: Databricks Inc. – Overview
• Exhibit 129: Databricks Inc. – Product / Service
• Exhibit 130: Databricks Inc. – Key offerings

• 12.9 Dataiku Inc.
• Exhibit 131: Dataiku Inc. – Overview
• Exhibit 132: Dataiku Inc. – Product / Service
• Exhibit 133: Dataiku Inc. – Key offerings

• 12.10 Domino Data Lab Inc.
• Exhibit 134: Domino Data Lab Inc. – Overview
• Exhibit 135: Domino Data Lab Inc. – Product / Service
• Exhibit 136: Domino Data Lab Inc. – Key offerings

• 12.11 International Business Machines Corp.
• Exhibit 137: International Business Machines Corp. – Overview
• Exhibit 138: International Business Machines Corp. – Business segments
• Exhibit 139: International Business Machines Corp. – Key offerings
• Exhibit 140: International Business Machines Corp. – Segment focus

• 12.12 Microsoft Corp.
• Exhibit 141: Microsoft Corp. – Overview
• Exhibit 142: Microsoft Corp. – Business segments
• Exhibit 143: Microsoft Corp. – Key news
• Exhibit 144: Microsoft Corp. – Key offerings
• Exhibit 145: Microsoft Corp. – Segment focus

• 12.13 RapidMiner Inc.
• Exhibit 146: RapidMiner Inc. – Overview
• Exhibit 147: RapidMiner Inc. – Product / Service
• Exhibit 148: RapidMiner Inc. – Key offerings

• 12.14 SAS Institute Inc.
• Exhibit 149: SAS Institute Inc. – Overview
• Exhibit 150: SAS Institute Inc. – Product / Service
• Exhibit 151: SAS Institute Inc. – Key news
• Exhibit 152: SAS Institute Inc. – Key offerings

• 12.15 The MathWorks Inc.
• Exhibit 153: The MathWorks Inc. – Overview
• Exhibit 154: The MathWorks Inc. – Product / Service
• Exhibit 155: The MathWorks Inc. – Key offerings

• 12.16 Vista Equity Partners Management LLC
• Exhibit 156: Vista Equity Partners Management LLC – Overview
• Exhibit 157: Vista Equity Partners Management LLC – Product / Service
• Exhibit 158: Vista Equity Partners Management LLC – Key news
• Exhibit 159: Vista Equity Partners Management LLC – Key offerings

• 12.17 Wolfram
• Exhibit 160: Wolfram – Overview
• Exhibit 161: Wolfram – Product / Service
• Exhibit 162: Wolfram – Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist
• Exhibit 163: Inclusions checklist
• Exhibit 164: Exclusions checklist

• 13.3 Currency conversion rates for US$
• Exhibit 165: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 166: Research methodology
• Exhibit 167: Validation techniques employed for market sizing
• Exhibit 168: Information sources

• 13.5 List of abbreviations
• Exhibit 169: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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