Latest News- Data Science Platform Market: On-premises is expected to lead the Deployment segment during 2025-2029

The Data Science Platform Market is being driven by Integration of AI and ML technologies with data science platforms

The Data Science Platform Market is expected to grow at a CAGR of 40.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 763.9 million. Data science platforms can be efficiently deployed and scaled across various environments through the implementation of containerization technology. By packaging these platforms into lightweight, portable containers, organizations can easily distribute and manage them in on-premises data centers, public clouds, and edge devices. Furthermore, microservices architecture enhances scalability by breaking down monolithic applications into smaller, modular components, enabling independent deployment and management. This approach supports agile development practices, allowing for faster iteration, testing, and deployment of new features and updates. Containers also offer a resource-efficient runtime environment, optimizing resource utilization and maximizing hardware efficiency in data science applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Integration of AI and ML technologies with data science platforms
• Growing importance of data-driven business outcomes in industrial sectors
• Movement of Big Data to cloud

However, the market also witnesses some limitations, which are as follows:

• Data privacy and security risk of data science platforms
• Talent shortage and skill gap in data science
• Data integration issues associated with data science platform

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Market Scope in Data Science Platform Market Research Report

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Research Analysis Overview

In the Data Science Platform Market, Big Data is processed using Cloud-based solutions, IoT, Multimedia, Machine Data, Consumer Data, and Business Data are integrated. Relational Databases manage structured data, while Unstructured Data is handled using Data Science Tools. The complete life cycle of a data science project includes Data Acquisition, Preprocessing, Data Cleaning, Data Exploration, Model Development, Training, Model Distribution, and Visualization. Machine Learning and Artificial Intelligence (AI) are utilized for Modeling, with Machine Learning Models being trained and Machine Learning (ML) algorithms being used for prediction and analysis.

Market Research Overview

The global IT software market encompasses organizations specializing in the creation and distribution of application and system software. This sector comprises application software companies, focusing on developing specialized business and consumer software, including enterprise, technical, and cloud-based solutions. Technavio evaluates the IT software market size based on the consolidated revenue of businesses providing various software offerings, such as Big Data, Cloud Computing, Machine Learning, IoT, Multimedia, Consumer Data, Business Data, Relational Database, Unstructured Data, Data Science Tools, and Manufacturing applications. The market excludes entities involved in interactive home entertainment software and systems software production, specifically database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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