Data Science Market 2024- Size, Trends, and Challenges Ahead

neub9
By neub9
5 Min Read

Data science platforms serve as the central software hub for a wide range of data science activities, such as data exploration, integrating data from multiple sources, and model designing. Additionally, these platforms enable data scientists to brainstorm ideas, strategize, and share insights with other team members within an organization.

According to the growth forecast report by Markets & Markets, the data science market is projected to reach a size of US $322.9 billion by 2026, with an expected CAGR of 27.7%. The report also indicates that 47% of respondents in a McKinsey survey believe that leveraging data science provides them with a competitive edge.

The global data science platform market is estimated to reach US $133.70 billion by 2024, as stated in the Mordor Intelligence Report. Let’s explore some key trends and insights in the data science market to gain a better understanding of its potential.

Key Market Trends

The unparalleled growth in the data science market is driven by the growing availability of large data sets. The healthcare sector is expected to dominate the market in the forecast period (2024-2029), according to Mordor Intelligence. Additionally, advancements in natural language processing (NLP) are creating growth opportunities by enabling data analysts and scientists to better understand user sentiment, ultimately aiding in making data-driven decisions.

Other key trends contributing to market expansion include a heightened focus on creating effective data visualization effects for marketing campaigns. These effects allow businesses to communicate their ideas to target audiences and evaluate various trends and patterns impacting their marketing results.

Important Market Drivers

One of the key drivers propelling the data science platform market is the significant rise of big data, fueled by increased utilization of the IoT, social media, and multimedia. These drivers, along with technological advancements and cloud-based infrastructure, have resulted in the exponential growth of both structured and unstructured data. As a result, companies are facing increasingly large volumes of accumulated data, presenting new opportunities for utilizing data science platforms to gain insights and competitive advantages.

Obstacles

Despite the rapid growth of the data science market, businesses are likely to encounter various challenges. For instance, the uncertainty of business challenges and inefficient methods for exploring datasets before fully understanding business hurdles may hinder the successful implementation of data science platforms. To fully tap into the potential of these platforms, businesses must address these challenges.

Amidst these challenges, there exist opportunities for overcoming them and progressing in the field of data science. For example, the growing data volume provides innovative pathways for gaining new insights, and data science platforms cover various crucial phases of the production process, from data preparation to business delivery.

Market Share- By Industry

The market share of data science platforms by industry is significant in IT, Telecommunication, Life Science, and Healthcare. Companies in the IT and telecommunication industry leverage these platforms to mitigate risks and fraud, while the life science and healthcare sectors benefit from improved patient monitoring and early disease identification.

Market Share- By Region

North America holds a major share of the data science platform market, largely due to the presence of leading market players in the region. The region’s market expansion is further fueled by substantial investments by countries like the USA to enhance businesses’ decision-making capabilities.

Conclusion

The data science field is rapidly growing, with the U.S. Bureau of Labor Statistics projecting a 36% increase in data science jobs by 2031. Aspiring data scientists can seize the abundant opportunities in the market by mastering core data science skills through certification programs. Taking the leap now can lead to a rewarding and prosperous career.

The post Data Science Market 2024- Size, Trends, and Challenges Ahead appeared first on Datafloq.

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