Sellbyville, DE -- (SBWire) -- 11/28/2018 --Data Science Platform Market size is predicted to witness significant growth during the forecast timeframe. Businesses have transitioned their focus from profit-centric to customer-centric approach. This has caused a rising integration of predictive modeling and advanced analytics into business processes to optimize decision making in order to provide value to customers. An ineffective flow of information across disconnected tools has given rise to the necessity of a data science platform that allows smooth functioning between the various software.
This software provides highly efficient tools to integrate and explore information acquired from various sources ensuring simplicity in data organization, transparency and scalability of the work performed. This has, consequently, led to the advancements in big data technologies which is a major driving force in the data science platform market. Enterprises that have increased their focus on ease of use methods to propel the growth of their business are driving the data science platform market. Application of such software has enable the data scientists to analyze collected information, build models and uncover concealed information.
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Several government regulations pertaining to the security and privacy of the customers are restraining the data science platform market growth. Data governance is a quality control discipline which has hindered the industry demand. It ensures the formal management of essential data assets throughout the enterprise and enforces transparency and accountability. There is a lack of reliability on data science in organizations. The cost of investing into these tools is very high. Furthermore, the reliability of the data acquired is unstable and challenges the adoption of these platforms into an organization. To benefit from this software and to stay ahead, constant updating of the software is a necessity to cope with advances in data sources and tools which may provide growth prospects for the data science platform market.
The deployment model segment is bifurcated into on premise and cloud-based deployment model. On premise segment will hold a significant industry share in the data science platform market due to confidentiality and privacy of organizational data. Cloud based systems are gaining in prominence across organizations, which will further propel the industry growth.
Based on business function, the data science platform market in segmented into marketing, logistics, human resources and operations. The logistics vertical segment is predicted to grow at a steady rate owing to easier information collection and ability to answer business queries with inputs derived through various sources. Effective network planning and optimization achieved through historical information insights of transportation routes is enabled.
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The U.S data science platform market is expected to acquire a large industry share attributing to the presence of many capital-intensive industries across this region. Growing awareness of the benefits of these platforms, enterprises will be predicted to integrate the systems into their operational system to enable them to gain a competitive advantage in the marketplace.
APAC revenue is driven by India, which is predicted to encounter a high growth rate due to exponential increase in foreign direct investments, lenient government policies encouraging the development of industrialization. Furthermore, digitalization, and smart city initiatives will intensify the adoption of these platforms in the region
Players operating in the data science platform market include IBM Corporation, Google, Domino Data Lab, Sense Inc., Wolfram, Datarobot, Inc., Continuum Analytics, and Rapidminer, Inc. They are adopting business strategies such as agreements, partnerships, collaborations, software developments and upgradations. In September 2016, Microsoft and Adobe entered a strategic partnership to boost its cloud capabilities that help enterprises to offer personalized experiences through various phases of customer relationship management. This partnership will aid businesses to empower their brands through Microsoft Azure, Microsoft Dynamics 365, and Adobe Marketing Cloud. In October 2016, IBM released the Watson platform to allow data scientists to incorporate artificial intelligence into businesses.
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Data Science Platform Market Size and Growth Analysis by 2024 - Top Competitorsare IBM Corporation, Google, Wolfram, Datarobot Inc., Continuum Analytics, Rapidminer Inc
Several government regulations pertaining to the security and privacy of the customers are restraining the data science platform market growth.