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Data Science Platform Market Industry Overview Global data science platform market is predicted to grow at 40.1% CAGR during the forecast period with the market size reaching USD 290.9 billion by 2024. The market is driven by factors such as advancements in big data technologies, increasing awareness regarding the benefits of these platforms among different enterprises or organizations. Industry players are the data science platform industry are integrating AI to advance its technology platform which provide them competitive edge over other players. On the basis of deployment type, the data science platform market is segmented into on-premise and on demand. On-premise category account for the larger share in the market whereas on-demand category is predicted to witness the higher CAGR of around 42% during the forecast period.
Data Science Platform Market Growth Drivers The market for data science platform devices is primarily driven by increased demand from BFSI sector for the platform. BSFI sector needs to simplify 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. Banking system needs to detect fraud very soon to minimize possible losses and account activities. Every data sets in BFSI sectors are different therefore, it requires advanced data mining techniques such as clustering, association and classification.
Data Science Platform Market Geographic Overview: North America accounted for the major share in the Data Science Platform industry in 2017, due to the supportive government initiatives, developed banking and financial sector and high awareness regarding the benefits of the technology. Moreover, Asia-Pacific is observed to witness the fastest growth in the Data Science Platform market. The developing infrastructures for IT and telecom, healthcare and life sciences, and transportation and logistics require need for efficient analysis of large volume data, thus fuelling the growth of the industry in the region. Explore Full Report Description At: https://www.vynzresearch.com/ict-media/data-science-platform-market
Data Science Platform Market Competitive Insight 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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