The data science platforms are the software hub around which data science activities take place. For example, including and exploring data from various sources, designing models, etc. Additionally, the platform allows data scientists to collect ideas from data, plan strategies, and discuss insights with other members of the organization.
Believing Markets & Markets growth forecast report, the data science market size is projected to reach US $322.9 billion in 2026. The market size will grow at a CAGR of 27.7%. Around 47% of McKinsey survey respondents stated that they get a competitive edge by leveraging data science.
There is a significant upward trend in the market in the coming years as a variety of industries require data-driven decision-making. The global data science platform market is assessed to reach US $133.70 billion by 2024 (Mordor Intelligence Report). Let us take you through major data science revelations for greater understanding.
Key Market Trends
The immense growth in the market of data science is supported by the rising availability of huge data sets. More data complexities and the availability of extremely large data sets are resulting in the demand for easily workable data science platforms.
- The healthcare sector is expected to dominate the market during the forecast period (2024-2029) as reported by Mordor Intelligence.
- NLP (natural language processing) advancements are offering rewarding growth opportunities in the market of data science. Advancements allow data analysts and scientists to use NLP techniques to better understand and assess user sentiment. The ability to measure customer satisfaction helps with effective data-driven decisions.
- Other key data science trends that help the market expansion include the increasing focus on the formation of excellent data visualization effects for effective marketing campaigns. These effects allow businesses to express their ideas easily and promptly to the target audience. The platforms provide the ease to evaluate different trends and patterns that can impact their marketing results.
Important Market Drivers
The significant rise of big data is one of the key drivers that is boosting the market for data science platforms. The increasing use of the IoT (Internet of Things), social media, and multimedia has created an overwhelming data flow in structured and unstructured formats. Quick technological advancements, increasing use of the data cloud-based infrastructure, and reducing average selling cost of smart products are also resulting in a huge volume of organized and unorganized data.
As a result, companies are having an ever-increasing amount of accumulated data. For instance, around 90% of the data of the world has been created in only the past two years (Statista). It goes on to reveal that 147 zettabytes of data will be generated in 2024. An average relational database doesn’t consist of over 80% of the data collected by an organization. Instead, it is trapped in images, social media posts, unstructured papers, machine logs, and other sources.
Obstacles
Despite the immense growth of the data science market, some challenges will surely be faced.
- The uncertainty of business challenges is one of the main hurdles.
- Organizations must take quality time to discover the business problems they think to utilize the data science platforms to overcome.
- It is not highly efficient to use the mechanical method of exploring datasets and evaluating data before getting a comprehensive and detailed knowledge of the business challenges that need to be overcome.
- To discover and leverage the potential of the platforms, businesses need to handle the challenges involved in their execution.
As the data science platform market is expected to swell substantially in the forthcoming years. This immense growth is being driven by numerous factors. For example, the huge volume of collected data, the development of new technologies, and the increasing requirement for detailed insights from large data sets to get a competitive advantage.
Opportunities
Well, with the challenges, there are some opportunities to handle the problems and successfully go ahead in data science.
- Businesses can now get the latest insights through innovative approaches and methods. All this is possible due to the excellent growth of data, which is pushing the market for data science platforms.
- Data preparation, model development, DevOps, and final business delivery are some crucial phases of the data science production procedure.
- These aspects are primarily covered by various data science platforms that depend on tools and technologies to assess and improve impact on business. It includes operationalized model management, uniform metadata, clear data access, robust enterprise authority, model generation and maintenance, and automated machine learning.
Market Share- By Industry
IT, Telecommunication, Life science, and Healthcare account for a great market share by industry. IT and telecommunication companies are using these platforms to reduce risks and fraud by predicting possible threats. In the life science and healthcare industry, data science platforms help in monitoring patient health and identifying diseases earlier.
Market Share- By Region
By region, North America holds a huge share of the data science platform market. The immense growth is provided by the solid presence of leading market players in the region. The market expansion is supported by rising investments by nations like the USA to assist businesses in enhancing their decision-making skills.
Conclusion
The U.S. Bureau of Labor Statistics reports that the data science sector is rapidly growing. The number of jobs in this field is projected to increase by about 36% through 2031. It also infers about 11.5 million new data science job openings by 2026. If you are an aspiring data scientist who dreams of a lucrative career, mastering core data science skills with the best certification program is the way ahead. Leap now!
The post Data Science Market 2024- Size, Trends, and Challenges Ahead appeared first on Datafloq.
