The global Autonomous Data Platform Market is expected to grow from USD 810 million in 2019 to USD 2,210 million by 2024, at a CAGR of 22.2% during the forecast period. The rise in adoption of cognitive computing technology and advanced analytics, increasing volume of unstructured data (due to the phenomenal growth of interconnected devices and social media), and increasing volume of complex data are expected to drive the growth of autonomous data platform market across the globe. Furthermore, growing demand from SMEs and increasing adoption of cloud technology are expected to provide an opportunity for autonomous data platform market players to grow globally.
The platform segment to hold a higher market share than the services segment during the forecast period
Based on component, the autonomous data platform market has been segmented into platform and services. Between the two components, the platform segment is expected to lead the market during the forecast period.
Enterprises are increasingly adopting autonomous data platforms to effectively and efficiently manage the growing volumes of data in order to enhance productivity and maintain business continuity. Autonomous data platforms not only improve the quality of data-driven insights but also help enterprises enhance their data management capabilities. The proliferation of data has forced data management platform vendors, such as Oracle, MapR, IBM, and AWS, to develop and design autonomous data platforms that help IT teams simplify and manage processes. The autonomous data platform providers are competing with each other to increase their market coverage and expand their presence in newer markets.
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Retail vertical to witness the highest CAGR during the forecast period
With the increasing use of the Internet, the retail vertical has become more consumer-centric. Advancements in technologies have also made this vertical witness the rapid changes in consumers’ behavior. Therefore, the autonomous data platform has become an integral part of the retail vertical, helping retailers attain enhanced customer loyalty in the highly competitive market. The platform helps retailers in tracking the customers’ shopping journey in real-time, thus enabling retailers to understand and address their customers’ needs and requirements.
The retail vertical needs a robust autonomous data platform to collect different types of data, including structured and unstructured, from different sources in real-time. The major challenges faced by this vertical include the demand for omnichannel experience and the tracking of consumers in real-time. As autonomous data platforms and services help efficiently address these challenges, their adoption by retailers is expected to increase in the coming years.
The major autonomous data platform vendors include Oracle (US), Teradata (US), IBM (US), AWS(US), MapR (US), Cloudera (US), Qubole (US), Ataccama (Canada), Gemini Data (US), DvSum (US), Denodo (US), Zaloni (US), Datrium (US), Paxata (US), and Alteryx (US). These vendors have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, collaborations, and acquisitions, to further expand their presence in the global autonomous data platform market. These strategies have helped them innovate their offerings and broaden their customer base.
Oracle is a key player in the autonomous data platform market. The company invests a significant amount of its revenue in R&D, and this investment has been enhanced further during the last 3 consecutive years. The company focuses primarily on organic growth through innovations in data management solutions. It generates 80% revenue from its Cloud and License segment. With organizations moving toward enhancing their customer experience, the Oracle customer data management cloud offering is expected to gain traction among enterprises across the globe. Oracle is also focusing on providing extended data management solutions in order to enable its end clients to spread their business models and revenue streams. The company prioritizes inorganic growth—for instance, in May 2018, it acquired DataScience.com, whose platform helps Oracle to centralize data science tools, projects, and infrastructure in a fully-governed workspace.
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Teradata is a leading analytics solutions company. It generates the majority of its revenue from the service business segment. The company is continuously focused on R&D activities to enhance its product offerings. For instance, it invested USD 0.3 billion in R&D activities in 2018. The company has adopted a mix of organic and inorganic growth strategies to enhance its position in the market. In January 2017, it announced the availability of the Teradata Database on Azure, for Q1 2017, providing customers with more choices of cloud options in Teradata software.
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