Data Science Platform Market Size, Share & Trends Analysis Report By Product (Platform, Services), By Application, By Vertical, By Region, And Segment Forecasts, 2024 - 2030

Data Science Platform Market Size & Trends

The global data science platform market size was valued at USD 96.25 billion in 2023 and is projected to grow at a CAGR of 26.0% from 2024 to 2030. The exponential growth of data generated by digital activities drives market growth. With the proliferation of the Internet of Things (IoT), social media, e-commerce, and mobile technologies, organizations are amassing vast amounts of data daily. To harness this data effectively, businesses require sophisticated tools and platforms to analyze, process, and derive actionable insights, making data science platforms indispensable.

The advancements in artificial intelligence (AI) and machine learning (ML) technologies further fuel the demand for data science platforms. These technologies require substantial computational power and sophisticated algorithms often embedded within data science platforms. The need for powerful data science tools grows correspondingly as AI and ML applications become more prevalent in areas such as predictive analytics, natural language processing, and computer vision. This trend is further accelerated by the democratization of AI and ML, where user-friendly data science platforms enable even non-experts to develop and deploy complex models. Moreover, the increasing dependence on machine learning and businesses' growing interest in data-sensitive tactics will speed up the market growth during the projected timeframe. In addition, the growing popularity of cloud-based solutions and services is projected to boost the expansion of the data science platform market. The rising incidences of data breaches in several industries drive demand for these platforms.

Another driving force behind the rising demand is the increasing recognition of data-driven decision-making as a critical competitive advantage. Companies leverage data science to optimize operations, enhance customer experiences, and innovate products and services. The growing emphasis on regulatory compliance and data privacy pushes organizations to adopt sophisticated data science platforms. These platforms offer capabilities to manage and secure data effectively, ensuring compliance with stringent regulations like GDPR and CCPA. As regulatory landscapes evolve, businesses are compelled to adopt platforms that provide analytical power and ensure the ethical and lawful use of data.

Product Insights

The platform segment held the largest market revenue share of 83.9% in 2023. Technological improvements, such as data mining, advanced computing, and robotics, significantly drive the segment's growth. These advancements empower data scientists to create, train, scale, and share machine learning algorithms more effectively. Automation is becoming more and more popular in different industries. Data science platforms are crucial for industrial advancement as they streamline activities such as model training, design, and scaling. Furthermore, the increasing demand for efficient data handling is driving the popularity of data science platforms.

The services segment is projected to grow at the fastest CAGR over the forecast period. Organizations are increasingly acknowledging the importance of data-driven decision-making. Thus, the need for services offering advanced analytics such as data exploration, predictive modeling, and statistical analysis is increasing. The rapid increase in data from different sources, such as IoT devices, social media, and sensors, drives the strong demand for data science services. These services aid organizations in deriving insightful information from extensive and intricate datasets. Businesses in various sectors, including manufacturing, focus on business intelligence to obtain a competitive advantage. Data science services are vital in converting unprocessed data into valuable insights, allowing for enhanced strategic choices and operational effectiveness.

Application Insights

The marketing and sales segment held the largest market revenue share in 2023. Data science platforms help marketing and sales teams obtain a more profound understanding of consumer behavior. Businesses can comprehend consumer preferences, forecast trends, and enhance marketing approaches through data analysis. Using information from data, marketing experts can make informed choices about how to distribute resources, assess the success of campaigns, and target customers effectively. This results in improved ROI and overall success for the business.

The logistics segment is projected to grow at the fastest CAGR over the forecast period. The logistics industry increasingly leverages data science to enhance efficiency and reduce costs by optimizing routes, managing inventory, and predicting demand. The proliferation of e-commerce has amplified the need for sophisticated logistics solutions that can handle large volumes of transactions and ensure timely deliveries. Additionally, machine learning and artificial intelligence advancements enable logistics companies to gain deeper insights into supply chain operations, thus improving decision-making and operational agility. As businesses strive to meet consumer expectations for faster and more reliable services, adopting data science platforms becomes crucial in maintaining a competitive edge. This growing reliance on data-driven strategies to enhance logistical operations underpins the escalating demand for data science platforms in the logistics segment.

Vertical Insights

The BFSI segment dominated the market in 2023. The BFSI sector increasingly leverages big data analytics to enhance decision-making, improve customer experiences, and drive operational efficiencies. With the growing volume of financial transactions and customer interactions, banks and financial institutions are adopting data science platforms to analyze vast amounts of data for insights into customer behavior, risk management, and fraud detection. Additionally, regulatory requirements for risk and compliance management are prompting BFSI companies to utilize advanced analytics to ensure adherence to stringent regulations.

The healthcare segment is projected to grow at the fastest CAGR over the forecast period. Healthcare organizations increasingly use data analytics to improve patient outcomes, enhance operational efficiency, and support decision-making processes. Integrating data science allows for more precise predictive analytics to forecast disease outbreaks, personalize patient treatment plans, and optimize resource allocation. Moreover, the growing volume of healthcare data, driven by adopting electronic health records (EHRs) and the proliferation of wearable health devices, necessitates advanced data management and analysis tools. These platforms also play a crucial role in accelerating medical research by enabling faster and more accurate data processing, essential for developing new treatments and understanding complex diseases.

Regional Insights

North America held the largest data science platform market revenue share of 34.1% in 2023. The presence of major technology hubs and a high concentration of skilled data scientists further fuel this demand as businesses seek to harness their expertise through sophisticated data science solutions. The proliferation of big data across various industries necessitates advanced analytics tools to derive actionable insights. Companies in finance, healthcare, and retail sectors are increasingly leveraging data science to enhance decision-making processes, optimize operations, and gain competitive advantages.

U.S. Data Science Platform Market Insights

The U.S. dominated the regional market in 2023. The demand for data science platforms in the U.S. is increasing due to the need for advanced data analytics and machine learning capabilities across various industries. The U.S. strongly emphasizes innovation and technology adoption, driving the demand for sophisticated data science tools that can streamline processes, enhance operational efficiency, and facilitate predictive analytics. Integrating AI and machine learning into business strategies further propels the need for scalable and versatile data science platforms that support these advanced technologies.

Europe Data Science Platform Market Insights

The Europe data science platform market is projected to witness significant growth in the coming years. The region's growth is attributed to the generation of large amounts of data from several sources, such as social media, IoT devices, and digital transactions, which is a significant driver for Europe's data science platform market. The competitive business landscape in Europe necessitates leveraging data to gain market insights and achieve a strategic edge, making data science platforms an essential investment for organizations seeking to remain relevant and competitive.

The UK data science platform market is anticipated to witness prominent growth in the coming years. Businesses in the UK are shifting towards cloud-based solutions as they seek flexibility, scalability, and cost-effectiveness. Cloud platforms help companies to install data science tools without a significant change in infrastructure. The UK government has been promoting initiatives to enhance digital skills and foster innovation within technology sectors. This support helps create an environment conducive to the growth of data science platforms.

Asia Pacific Data Science Platform Market Insights

Asia Pacific is projected to grow with the fastest CAGR over the forecast period. The rapid economic growth and digital transformation in countries such as China generate vast amounts of data, which businesses seek to analyze for strategic insights. Government initiatives promoting digital economies, smart cities, and AI adoption are also playing a crucial role. Furthermore, the region's increasing internet and smartphone penetration leads to higher data generation, necessitating advanced data science tools. Companies are investing in data science to gain a competitive edge, improve operational efficiency, and cater to the tech-savvy consumer base prevalent in the region.

India data science platform market is projected to grow significantly in the coming years. The rapid digital transformation across industries, including finance, healthcare, retail, and manufacturing, has created a surge in data generation. Businesses increasingly recognize the value of leveraging this data to gain insights, optimize operations, and drive innovation. Additionally, India's growing tech ecosystem, bolstered by many skilled professionals and a growing number of startups, is fueling the need for advanced data science tools to enhance decision-making processes.

Key Data Science Platform Company Insights

Some of the key companies in the data science platform market include Google LLC; Microsoft; IBM Corporation; H2O.ai.; Oracle; and others

• Google LLC provides a comprehensive suite of data science platform offerings through its Google Cloud Platform (GCP).  These platforms are designed to facilitate data management, analytics, and machine learning, enabling organizations to derive insights and value from their data efficiently. Google Cloud Storage offers scalable and secure storage for unstructured data, allowing users to store vast amounts of data in numerous formats.

• Microsoft Power BI is a comprehensive business intelligence (BI) platform that provides a variety of tools and features tailored for data science professionals. Power BI supports the ingestion of various data structures, including relational databases, big data, IoT data, and streaming data. It offers over 100 native data source connectors, enabling users to connect seamlessly with different types of databases and online services.

Recent Developments

• In March 2024, Microsoft announced a collaboration with NVIDIA to advance healthcare and life sciences innovation using cloud AI and accelerated computing. The collaboration aims to improve patient care by accelerating access to precision medicine and AI-powered diagnostics, ultimately driving significant advancements in the healthcare industry.

• In June 2024, IBM Corporation announced a collaboration with Telefónica Tech. This collaboration will drive the adoption of Artificial Intelligence (AI), analytics, and data governance solutions and respond to the continuous and dynamically developing requirements of enterprises.

Data Science Platform Market Report Scope

Global Data Science Platform Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the Data Science Platform market report based on product, application, vertical, and region.

• Type Product (Revenue, USD Million, 2018 - 2030)

  • Platform

  • Services

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Marketing and Sales

  • Logistics

  • Finance and Accounting

  • Customer Support

  • Others

• Vertical Outlook (Revenue, USD Million, 2018 - 2030)

  • IT & Telecommunication

  • Healthcare

  • BFSI

  • Manufacturing

  • Retail

  • Energy and Utilities

  • Government

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Africa

  • Latin America

    • Brazil

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE