NEW YORK, Dec. 12, 2022 /PRNewswire/ -- In 2021, the data science platform market had a size of $92.4 billion, and it is predicted to hit $708.8 billion by 2030, progressing at a rate of 25.4% from 2021 to 2030, according to the latest market research report published by P&S Intelligence.
This is mainly ascribed to the growth in the need for big data technologies, with the rising penetration of data analytics platforms in several businesses. Furthermore, the increasing size of data sets and the need of several departments in a business to access them are projected to contribute to the growth of the industry.
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Why Platforms Produce Higher Revenue?
In 2021, the platforms category held a gigantic revenue share, of above 80%. Due to the rising usage of big data by medium-sized and large businesses, IT vendors are concentrating on developing data science platforms that offer both efficiency and consistency.
Moreover, the services category is projected to witness a significant growth rate in the years to come. The major services provided by the companies in this field are deployment, integration, support, training, and consulting. As data science platforms offer incredible development prospects, numerous industries are looking for ways to involve them in their operations, to improve productivity and efficiency.
Increasing Data Flow Powering Industry
The surging usage of multimedia platforms and IoT is generating a huge amount of data in an unstructured or structured format. For instance, around 90% of the world's data has been generated in just the last two years.
Furthermore, machine-produced and human-based data volume is growing around 10 times faster than conventional commercial data, which is propelling the need for software that can collect, store, and analyze it.
In 2021, the BFSI industry had the largest revenue share, of approximately 19.2%, and it is projected to continue its dominance in the years to come. The incorporation of data sciences in financial businesses and banks has become important, to use their resources more efficiently, make better decisions, and improve their work according to their standard objectives.
Moreover, BFSI companies deal with money and related information, which has to be kept safe at all costs. There are even stringent government regulations for the financial data security of customers, which compels the industry to use advanced data collection, storage, and analysis solutions, particularly those integrated with strong cybersecurity measures.
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North America Is Major Revenue Contributor
North America is the frontrunner in the industry due to its already well-established IT infrastructure, a large number of research and development studies, and the existence of key players in the region.
In addition, the comprehensive aftersales services offered by the key IT vendors and the presence of several capital-intensive companies in North America will lift the demand for data science platforms. Because of the increasing consciousness about the benefits of such platforms, they continue to be integrated into the current operating systems by companies, to get a competitive edge.
Data Science Platform Market Report Coverage
By Component
- Platform
- Services
- Professional Services
- Support & Maintenance
- Consulting
- Deployment & Integration
By Deployment Mode
- Cloud
- On-Premises
By Organization Size
- Small & Medium Sized Enterprises (SMEs)
- Large Enterprises
By Business Function
- Marketing
- Sales
- Logistics
- Finance & Accounting
- Customer Support
- Business Operations
By Industry Vertical
- IT & Telecommunication
- Healthcare
- BFSI
- Manufacturing
- Retail & E-commerce
- Energy and Utilities
- Government
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
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