Data Science Platform Market Growth and Expectations
Data Science Platform Market Growth and Expectations
The continued exceptional growth of Big Data is driving adoption of solutions
It’s been estimated that over 90% of the data produced on the planet has been generated over the past couple of years, and well over 75% of this amount is being held in formats and origin structures that are relationally standardized. These figures are rather astonishing and have been produced by a combination of consumer-based activity that is ever increasingly put together in real time along with the addition of various forms of machine learning, AI, IoT, and other contributors that have been churning out unstructured data as well as more defined pieces of information at exponential growth rates.
Recent estimates show that the current market for platform suppliers is just a bit below $100 billion. That amount is expected to increase by at least a factor of three when 2026 begins and should rather easily eclipse the $850 billion mark by 2030. The opportunity for companies that can provide data science platform packages across an array of verticals is superb, and we have been working with a number of leaders in relevant spaces to help construct highly efficient and knowledgeable teams to take full advantage of this need.
Where are the opportunities?
Industry Verticals
• Banking, Financial Services, and Insurance – various reports show that about 20% of overall spend arises from this sector of the data science platform market. Given the essential function that these solutions provide in this industry and the continued explosive growth of information in all capacities, it’s very reasonable to assume that opportunities for revenue will remain on an upward trajectory for some time. Customer expectations continue to be refined and more demanding on a yearly basis, regulatory requirements demand ever increasingly capable approaches, and improved means of insight into various systems are required in order to fully and properly utilize all resources available.
• Defense/Government – Modernization, secure functionality, and real-time capabilities are imminent needs across a swath of organizations operating in these areas.
• Energy/Utilities – Infrastructure, grid management, exploration, secure operations, and other requirements will always demand proper insights and maintenance.
• Healthcare/Life Sciences –This area will undoubtedly see exceptional growth to bolster revenue opportunities already seen for a number of years.
• IT/Telecommunications – There has been a clear focus by many companies that operate in this field to employ products and solutions that generate more tactile insights and options, automate processes, and improve overall operations.
• Manufacturing – Forecasting, product design, logistics, automation, and an array of additional components all can show marked improvement due to the implementation of data science solutions.
• Media/Entertainment – Demand in this realm has increased substantially and is being used for items including production, planning, budgeting, scheduling, and comprehensive organizational recommendations.
• Retail/ecommerce – Marked improvements in AI components in particular have allowed advertising spend rates, targeting, recommendations, conversion rates, price optimization, inventory management, forecasting, and overall customer satisfaction with services to become substantially more optimized across the board.
• Transportation/Logistics – Warehouse management, route optimization, improved goods transport, supply chain improvement, risk prediction, centralized communication, tracking, reliability assessment, contract reliability and rates, efficiency and emissions reduction, fleet location and disbursement, partnership relations, and a host of additional components are readily targeted and refined by companies offering data science platform solutions.
• Other – Construction, natural resource management, outsourcing providers, education, food and beverage, and a number of other verticals all will remain strong targets for those seeking to introduce viable options.
Additional considerations
• Platform sales currently account for almost 85% of the market and on-premises deployment is being selected by an increasing number of companies that have the necessary resources and personnel to properly utilize this approach.
• The services segment – integration, set up, maintenance/support, and other relevant components – is expected to grow as data platforms become fairly essential for all organizations.
• Sales and marketing departments continue to hold a plurality of usage percentage, a figure that should stay fairly steady during the upcoming years.
• North America and Europe account for about 65% of current sales while the APAC realm is expected to fuel rapid growth and reach almost $50 billion in revenue by the aforementioned 2026 frame cap given current demands in the area.
Data science solutions will continue to provide ever greater capabilities throughout all organizational divisions
There has been a distinct shift in recent years that has allowed employees in various parts of a company to effectively utilize data offerings that were once almost solely the domain of technical and engineering professionals. From finance to marketing and across numerous other corporate spheres, having the ability to rapidly ingest, analyze, and act on the insights gleaned has become a necessary part of countless roles. The benefits from a revenue standpoint along with greater efficiency are clear, and providers who are actively devising products that fully address specific the specific needs of many of the outlined sectors should do incredibly well over the next 5+years.
