Portland, OR -- (SBWire) -- 12/21/2017 --Top executives have realized that the use of data science platform is extremely important and data analytics is going to shift the competitive landscape globally. Hence, organizations look at data science investments as ROI-based valuation, wherein they allocate budget for existing strategies and decide whether to invest in data acquisition, in developing a complex model or in both.
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Data science platform incorporates Market a set of new generation technologies and architecture that are especially designed as a framework of the entire data science project. It consists of tools that are required to execute the life cycle of the data science project, which consists of different phases such as data ideation, integration & exploration; model development, and model deployment. In the present scenario, it has become a critical investment choice that has significantly contributed to the growth of the smart and digital industry.
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The report does not consider open source platforms such as R and Python and it only evaluates commercial data science platform vendors. Furthermore, the market is classified based on type into solutions and services. The market is also classified based on end user into banking, financial services, and insurance (BFSI); telecommunication; transportation & logistics; healthcare; manufacturing, and others. The market is analyzed based on four regions-North America, Europe, Asia-Pacific, and LAMEA.
Rise in data collection; realization of the importance of data science platform by the organizations; and the advancement of different technologies, such as big data analytics, Internet of Things, and artificial intelligence, drive the market growth. However, lack of skilled workforce and growth in concern of data security and protection are anticipated to hamper the market growth during the forecast period.
The service segment is projected to grow at a CAGR of around 47% during the forecast period. Increase in competition and rise in the need of consultancy and outsourcing services are anticipated to boost this segment growth during the forecast period.
The others segment dominated the market in 2016, followed by Banking, Financial Services and Insurance (BFSI) segment. Furthermore, these segments collectively accounted for around 54% share of the overall market revenue in 2016. The manufacturing sector is expected to register highest CAGR of around 43%, owing to the implementation of new technology, such as intelligent robots, 3D printing, drones, and artificial intelligence.
The global data science platform market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as strategic collaborations and acquisitions. Some of the key vendors in the data science platform include Microsoft Corporation, IBM Corporation, SAS Institute, Inc., SAP SE, RapidMiner, Inc., Dataiku SAS, Alteryx, Inc., Fair Issac Corporation, MathWorks, Inc., and Teradata, Inc.
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Key Findings of the Data Science Platform Market:
The solutions segment dominated the market in 2016.
The manufacturing segment is expected to register the highest CAGR during the forecast period.
North America was the highest contributor in the overall data science platform market size in 2016; however, in terms of growth, Asia-Pacific is estimated to show highest growth rate.
U.S. led in terms of expenditure, on data science platform solutions and services, in 2016.
Data Science Platform Market- What Is It? Why It Is Important
As more companies recognize the need for a data science platform, more vendors are claiming they have one. Increasingly, we see companies describing their product as a “data science platform” without describing the features that make platforms so valuable