The Global Data Science Platform Market size is expected to reach $165.5 billion by 2026, rising at a market growth of 27% CAGR during the forecast period. The data science platform can be considered as a technology of software that is being extensively utilized by industries today. This software includes several innovations for numerous advanced analytics and machine learning. It enables data scientists to design strategies, uncover insights from data, and impart those experiences all through a venture inside a single situation. The projects performed in data science include numerous instruments designed at each step of the data modeling process.
The adoption of data science platforms is expanding quickly today. The software gives high adaptability to open source instruments and scalability of computer resources. It can also be handily aligned with different data architecture. Besides, the platforms empower version control, which empowers the data science team to collaborate on ventures without losing the work that has recently been done. Such advantages are significantly adding to the development of the market.
The COVID-19 (Coronavirus Disease) pandemic has affected each industry. The pandemic has also influenced the data science industry. The models prior utilized for estimating or segmentation is failing because of rapid changes in online traffic or shopping trends. The borders have been locked down, and the supply chain has been disrupted. Hence, organizations are presently focusing on laying short, medium, and long-term data-driven plans to make educated choices.
The organizations are amending the assumption made during data analysis. New cycles are being made. Data substitution, changes in traffic, focus on healthcare-related supply chains are some trends being seen in the market in the current situation. The most affected segment during the pandemic is healthcare. Experts in the healthcare sector are focusing on utilizing data from nations that were recently affected by the pandemic to make more exact choices.