Press Release / Technology / Data Science Platform (DSP) Market Emerging Technologies and Industry Growth by Forecast to 2023

Data Science Platform (DSP) Market Emerging Technologies and Industry Growth by Forecast to 2023

Market Highlights:

A data science platform is a framework of the entire life cycle of a data science project. Data science platform contains all the tools required for executing the lifecycle of the data science project spanning across different phases such as data ideation, integration and implementation, model development and model deployment. Data science platform helps organizations to enhance their analysis by helping them run, track, reproduce, share and deploy analytical models faster. In general, all these tasks require lot of engineering effort and are difficult to build and maintain analytical models. Data science platforms give the data science teams a leg up in the competitive race to leverage analytics effectively.

According to Market Research Future analysis, data science platform market is anticipated to grow at a significant rate over the forecast period, 2017-2023.

Data science refers to the process of uncovering patterns and insights hidden in huge volumes of messy data using techniques such as machine learning, data mining, predictive analytics, deep learning, and cognitive computing among others. Unlike traditional business intelligence and related approaches, data science is not confined to structured data, doesn’t require data to be organized into neat rows and tables, and isn’t limited to small data sets. Modern approaches to data management, such as Hadoop and cloud-based storage, make it more affordable than ever to store vast amounts of data. But storing Big Data doesn’t provide value in and of itself. Applying data science unlocks the value of Big Data by uncovering actionable insights.

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Major Key Players

Microsoft Corporation (U.S.),
IBM Corporation (U.S.),
Google, Inc. (U.S.),
Wolfram (U.S.),
DataRobot Inc. (U.S.),
Sense Inc. (U.S.),
RapidMiner Inc. (U.S.),
Domino Data Lab (U.S.),
Dataiku (France),
Alteryx, Inc. (U.S.),
Continuum Analytics, Inc. (U.S.)
According to MRFR, The global Data Science Platform Market is estimated to grow up to USD 115 billion with a CAGR ~ 29% through the forecast period.

Key Findings

First a real estate from Durham, using data science and machine learning to help real estate agents. Their SaaS platform analyzes over 700 personal factors such as demographics, income changes, and purchasing behavior and life events of every agent’s contact and cross-references them against national averages. The resulting seller score indicates how likely they are to sell their home, helping agents know exactly when to reach out for the best chance at landing a deal.

Veritone, Inc., a leading provider of artificial intelligence (AI) and cognitive solutions, has acquired the advanced data analytics software and related intellectual property (IP) assets of Atigeo Corporation.

American Family Insurance is accelerating its use of data through advanced analytics and artificial intelligence (AI) with its purchase of Chicago-based data and analytics software company Networked Insights.

Regional Analysis

The regional segmentation of the global data science platform market segments the market into continent-based regional markets namely North America, Europe, Asia Pacific, and the rest of the world (RoW). During the forecast period, the North American market is expected to hold the largest market share. This is because many capital-intensive industries are present across the region. Enterprises are embracing data science platform as the revered platform that helps to score a competitive edge in the marketplace. Many key players of this market are based in North America especially in the United States of America (USA), the biggest economy in this region. Other important country-specific markets in this region are Canada and Mexico.

Europe is another significant market because, after North America, Europe is the most technologically advanced region. The most important country-specific markets in this region include France, Germany, Italy, Spain, and the United Kingdom (UK). During the forecast period, the Asia Pacific region has been anticipated to emerge as the fastest growing market. Factors aiding the market growth in this region include digitalization, industrialization, and several smart city initiatives by the governments of various countries in this region. The significant country-specific markets in this region are China, India, and Japan, followed by the rest of Asia Pacific.

Segmentation

The market for global data science platform market is divided on the basis of business function, deployment model, vertical and region. The global data science platform covers a wide area of verticals such as BFSI, retail, healthcare, IT, transportation, energy and utilities, government and defense and many more. In the age of Big Data, there is a vast quantity of information available for analysis, particularly in retail. The type of information is varied and includes datasets such as historic sales data, consumer demand data, price variance data, lead rates, trends, social media, customer feedback, weblogs, online buying behavior and many more. Data science helps retail in stages like pricing, inventory management, customer service and CRM initiatives and online and retail marketing. Determining price points no longer has to be a guessing game. Using historic sales data and customer trends to understand exactly how much money customers are likely to spend based on a wide variety of factors such as time of year, buying behavior which helps retailer to set strategic pricing.

Connected Data Platforms gives retailers a single view of customer behavior. It lets them store data longer and identify phases of the customer lifecycle. Analytics increase sales, reduce inventory expenses and retain the best customers.

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Intended Audience

Independent Software Vendors
Business Analytics Software Providers
IT Service Providers
Cloud Service Providers
System Integrators
Application Design and Software Developers
LIST OF TABLES

Table 1 Global Data Science Platform Market: By Region, 2017-2023

Table 2 North America Data Science Platform Market: By Country, 2017-2023

Table 3 Europe Data Science Platform Market: By Country, 2017-2023

Table 4 Asia-Pacific Data Science Platform Market: By Country, 2017-2023

Continued…

LIST OF FIGURES

FIGURE 1 Global Data Science Platform Market segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis of Global Data Science Platform Market

FIGURE 4 Value Chain of Global Data Science Platform Market

Continued…

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