Data Science Platform Market Expected To Grow To $224.3 Bn By 2026: Report
The global data science platform market is predicted to grow to USD 224.3 billion by 2026. This growth will be augmented by increasing adoption of data analytical tools.
According to the latest report by Research Dive, global data science platform market is predicted to grow at a stable CAGR of 31.1 per cent in the 2019-2026 timeframe, garnering USD 224.3 billion by 2026.
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.
Further, the report noted that 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.
By type, the service sub-segment is predicted to have the fastest growth rate and is expected to garner a substantial revenue of USD 76 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.
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 per cent by 2026.
Major players in the data science platform market include Databricks, Civis Analytics, IBM Corporation, Alphabet Inc. (Google), Cloudera, Inc., Altair Engineering, Inc., Domino Data Lab, Inc., Anaconda, Inc., Microsoft Corporation and Dataiku.
The report also surmised that the data science platform market in Asia-Pacific region is expected to flourish immensely and generate USD 48 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.
