The data science platform market is anticipated to grow at a significant CAGR of over 25% during the forecast period. The companies across the globe are pursuing data-driven digital transformation, which in turn, is driving the global data science platform industry. The data science platform is flexible, integrative, and supportive, and includes of all the tools required by the team and company. The function of the data science platform includes integrating and exploring data from various sources. Then coding and building models that leverage that data and deploying those models into production and hence serving up the results.
The use of a data science platform saves a lot of time on basic operations such as maintaining models once deployed, which is driving the adoption of the platform. Also, the need for collaboration is rising rapidly whether it’s between two organizations or within the company. The data science platform fosters collaboration and encourages high-quality work. The task of collaboration within the team is frustrating that could be solved with the data science platform as it can create logical workflows and facilitate integrations as well as provide with version controls. Data science platforms are also used for the scaling process of the company as it eases the process of deployment and creates better models with less laborious maintenance. All these functionalities offered by the data science platform to the companies across the globe are driving the growth of the data science platform market.
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Moreover, MATLAB is one of the most commonly known data science platforms offered by MathWorks. MATLAB is designed for use within data analysis in the finance sector which is rising rapidly in recent years. It is easy to understand the platform and employs option for cloud processing, neural systems, and machine learning, allowing to scrub huge amounts of data. Hence, such data science platforms are found to be increasing their use in the organization, which in turn, is driving the data science platform market growth during the forecast period.
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Data Science Platform Market- Segmentation
By Deployment Type
· Cloud-Based
· On-Premises
By Business Functions
· Sales
· Marketing
· Logistics
· Others
By Industry Verticals
· IT & Telecom
· Healthcare
· BFSI
· Manufacturing
· Retail
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
