Data Science Platform Market Price Analysis 2021, COVID19 Impact, Size, Share and Global Business Opportunities to 2027
Data science helps in exploring data on large machines without the need for DevOps and infrastructure setup and facilitate seamless use of new tools and packages. To put it simply, they combine statistics, data analysis, and associated techniques to understand and gauge data. Data science techniques can be applied at a large scale to massive volumes of semi-structured and unstructured data such as text-based data, machine data, sensor data, and social media data. By predicting the likelihood of events before they occur, data science allows companies to be proactive and take actions to optimize outcomes.
The evolution of internet of things (IoT) and related connected technologies has generated massive amount of data through every device such as smartphones, routers, and switches. Rapid advancement in big data analytics has made organizations realize the benefits of dealing with the structured and unstructured data to produce actionable insights, which are valuable for business continuity.
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Some of the key players in global data science platform ecosystem comprises solutions and service providers are 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.).
North America leads the market for global data science platform market. Due to the presence of major market players such as IBM, Microsoft, Google and many more led to development in this sector. TD Bank Group acquired Layer 6 Inc., a world-renowned artificial intelligence (AI) company based in Toronto, Ontario. Layer 6 adds new capabilities to TD’s growing base of innovation talent and know-how. Artificial Intelligence has the potential to power a new generation of data-driven applications from personalized and real-time advice to predictive analytics that will shape the future of banking for millions of individuals.
Asia Pacific is anticipated to grow at rapid rate through the forecast period. Data science companies are setting up in Asia Pacific to meet the growing demand to maximise in-house data production and analysis. In November 2017, French software developer Dataiku Inc., which owns predictive analytics software platform Data Science Studio, announced its intention to accelerate its expansion in this region.
Brands like Cisco Systems have seen the value in having in-house data science teams because it is moving more of its marketing to digital. Asia Pacific region that is seeing much of the action as more and more data science companies are being setup with government initiatives.
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