SAN FRANCISCO, Oct. 14, 2020
SAN FRANCISCO, Oct. 14, 2020 /PRNewswire/ -- The global data science platform market size is expected to reach USD 25.94 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.9% from 2020 to 2027. Technological advancements such as integration of Natural Language Processing (NLP) and Machine Learning (ML) are at a remarkably quick pace. Companies such as Microsoft Corporation today are shifting towards the adoption of high-level strategies to gain a competitive edge in the market. With rapid transformation, data has become a very critical asset for any organization. Thus, it has become essential for companies to look for data science teams to gain substantial insights from the gathered data.
Key suggestions from the report:
Read 100 page research report with ToC on "Data Science Platform Market Size, Share & Trends Analysis Report By Application (Marketing & Sales, Logistics), By Component (Platform, Services), By Vertical, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/data-science-platform-market
Numerous data science teams have grown out of their existing tools and are experiencing a lack of collaboration and scalability as they become overpowered by commonplace operational errands. To overcome this problem, companies are now opting for data science platforms that are modular or open, collaborative, scalable, multi-user, and support the entire pipeline of production. Factors such as business optimization, model deployment, model sharing, model management, scalability, reproducibility, and agility provided by these platforms have substantially contributed to rapid adoption.
Data science has become very critical for business today. As the number of tools, models, and model creators is increasing, the need for a uniform data science platform that can provide comprehensive solutions is increasing. To understand which tool to use when and manage the complexity associated with managing a vast quantity of data and gain flexibility, the adoption of these platforms is increasing. These platforms are providing companies with an end-to-end process of managing, deploying, and creating analytics models in a collaborative and open environment.
Further, the COVID-19 outbreak has also impacted the market tremendously. The emergence of new data and data patterns has changed the market scenario. Apart from changing data analysis models, it has provided a wide opportunity for data scientists to make use of advanced tools and techniques to help businesses make better decisions in such an environment that is uncertain, speedy, and lacks data. Also, data science platforms have assisted several companies in harnessing insights from the data and speed up the process of medical research.
Grand View Research has segmented the global data science platform market based on application, component, vertical, and region:
List of Key Players of Data Science Platform Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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