Global Data Science Platform Market: Overview

Up until recently, oil was considered the most valuable resource on earth for it powers the cars on our roads and airplanes in the sky and is an important source of generating electricity needed to operate industries and light up our homes. Not anymore. The most valuable resource these days is data. With the proliferation of smart mobile gadgets, popularity of Internet of Things (IoT), and cloud, organizations these days are staring at gazillions of data. Just like oil, the data is of no use as such, but hold out immense potential if tapped into properly. To do so, data science platforms come in handy.

A data science platform comprises of all the tools needed for carrying out the lifecycle of the data science project spanning various phases such data ideation, integration and exploration, model development, and model deployment. It enables data scientists to improve their analysis by running, tracking, reproducing, sharing, and deploying analytical models faster. Typically, such tasks need massive engineering for building and operating analytical models. This is where a data science platform can help by offering additional powerful tools to improve analysis, which in turn, allows framing of better strategies.

Global Data Science Platform Market: Trends and Opportunities

The market for data science platform is expected to see booming growth over the course of next few years on account of surging application of data analytics and big data for different business decisions and operations. Enterprises across the world are increasingly opting for methods for simpler use of data through big data technologies to promote their business and this is catalyzing demand for data science platforms.

The data science platforms help derive insights from raw data, reproduce data tables for descriptive statistics, and create segments depending upon date, module, and event type for root cause analysis through data visualization. The algorithm leveraged in a data science platform can also offer functionality for predictive modeling and a mechanism, which can bring in the predictive models into operations.

Depending upon the type, the global market for data science platform can be split into close platform and open platform. The key end users driving up demand in the market are pharmaceuticals and healthcare, BFSI, meteorology, logistics, and transportation.

Global Data Science Platform Market: Regional Outlook

Latin America, North America, Eastern Europe, Western Europe, Japan, Asia Pacific excluding Japan (APEJ), and the Middle East and Africa are some of the key regions in the global market for data science platform. The region which holds a dominant position among them at present is North America. Presence of numerous large data centers and swift development of data science platform products in the region have phenomenally boosted its market.

APEJ, powered by nations of Singapore, India, and Korea, the flourishing IT industry and growing number of data centers, is also emerging as an attractive data science platform market. Western Europe and Eastern Europe are other key regions.

Companies Mentioned in the Report

Domino Data Lab, Inc., Cloudera, Inc., IBM, Wolfram, and ANGOSS SOFTWARE CORPORATION are to name a few of the prominent participants in the global data science platform market. The report by Transparency Market Research throws light on their key strategies and services. It also studies their sales and revenues and possible growth trajectory. To that end, it makes use of analytical tools such as SWOT Analysis and Porter’s Five Forces.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market    

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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