Global data science platform market will be valued at USD 290.9 billion by 2024, with a CAGR of 40.1% during the forecast period. The platform is being utilized for different business functions such as marketing, logistics, customer support, human resource, sales, majority contributing to the demand for data science platform during the forecast period. The market has huge demand for these platforms over the last few years it offers as more and more enterprises realized the benefits of this platform.
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Advancements in big data technologies, increasing awareness regarding the benefits of these technologies among different enterprises or organizations and ease of use methods to drive businesses are the key factors leading to the growth in the data science platform market, globally. Also, the increased demand from BFSI sector for the platform owing to the need for simplifying complexities of operations in banking and finance sector significantly drive the global market. Increasing numbers of fraud in banking sector related to accounting, credit cards, insurance, and others lead to the significant growth of the market.
Geographically, largest revenue from data science platforms is generated from North America. The supportive government initiatives, developed banking and financial sector and high awareness regarding the benefits of the technology lead to the largest share of the region, globally. U.S. is the larger market in the North American market, due to the larger presence of banking and finance organizations and developed IT infrastructure across different industry verticals.
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Market players in the data science platform industry are integrating AI to advance its technology platform, thus gaining competitive advantage over other players. In March 2018, IBM Corporation unveiled a new data science and machine learning platform and an elite consulting team to help enterprises accelerate their AI roadmaps. The new Cloud Private for Data of IBM is an integrated data science, data engineering and app building platform. Alphabet, Inc., Wolfram, Microsoft Corporation, IBM Corporation, RapidMiner Inc., Domino Data Lab, Sense Inc., DataRobot Inc., Alteryx, Inc. and Dataiku are some of the key players offering platforms for data science.
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