Data Science Platform Market Expected to Reach $101.37 Billion by 2021

The data science platform market size is estimated to grow from USD 19.58 Billion in 2016 to USD 101.37 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 38.9%.

(EMAILWIRE.COM, August 21, 2018 ) The logistics business function is expected to grow at the highest CAGR during the forecast period

The logistics business function is expected to have the largest market share, as well as, the highest growth rate. Most of the enterprises are embracing revered data science platforms to ingest data from numerous sources. These data science platforms have helped enterprises to address the business queries with the help of actionable insights delivered as an end result from data science platform solutions. This has led enterprises to enhance and maximize their Return on Investment (ROI). Moreover, data science platform also helps sort data to support efficient network planning and network optimization through analysis of historical data of transportation routes.

The on-demand deployment model to grow at the highest CAGR during the forecast period

The market by deployment model has been segmented into on-premises and on-demand model. The on-demand deployment model is expected to witness the highest CAGR during the forecast period. The on-demand deployment model will gain traction in the future, owing to low operational expenses, ease of deployment, and improved scalability & integration.

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North America is expected to dominate the data science platform market during the forecast period

The data science platform market segments the global market on the basis of regions, which includes North America, Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America. North America is expected to hold the largest share of the data science platform market in 2016, due to the presence of large enterprises, technical experts, and growing demands for data science platform in this region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The APAC market is expected to adopt data science platform significantly, owing to increased Foreign Direct Investments (FDIs), flexible government policies advocating the growth of digitalization, industrialization, and smart city initiatives by various governments, which will be instrumental in adoption of the technology by leaps and bounds.

The report also encompasses different strategies, such as acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their shares in the market. Some of the major technology vendors include 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.), and Continuum Analytics, Inc. (U.S.).

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