The Data Science market is a dynamic ecosystem that incorporates aspects of data analysis, machine learning, statistics, and related methodologies to extract valuable insights from data.
As part of the evolution of the field, emerging trends like MLOps (the combination of machine learning and operations), real-time analytics, AutoML, and serverless data science are being increasingly adopted
Graphical evaluations provide a clear, impartial, and third-party assessment of data science service providers, aiding businesses in quickly determining a vendor’s potential and suitability for their requirements. The 2023 PeMa study for Data Science service providers is underpinned by rigorous primary and secondary industry-wide research. Primary research data was collated via a survey distributed among participating firms.
The survey queries were thoughtfully devised following initial research to pinpoint the key factors that best define the Penetration and Maturity of a Data Science vendor. Each question was scored using a uniform evaluation criterion based on the vendors’ responses. Outliers were capped, and scores were normalized between 0 and 1. The means of these normalized scores resulted in sub-index scores, which were subsequently averaged to derive the Penetration and Maturity indices for each vendor.
Penetration evaluates a vendor’s market presence across different sectors and the measures taken to broaden their client base.
High market penetration denotes a strong presence in the market, a considerable portion of the client base, and a firm industry reputation.
Maturity conveys the level of proficiency and experience of data science vendors in delivering top-tier solutions to clients.
It gauges a vendor’s ability to consistently offer value-added services that address their customers’ evolving needs.
A total of 36 data science service providers took part in the study. Participation was voluntary and without cost, with responses provided through a Google Form.
Follow-ups were carried out with nominees to rectify discrepancies or clarify responses, as needed.
In addition to the above, vendor briefing calls were also scheduled in order to understand data science vendors and their offerings.
Data science service providers are evolving beyond merely supplying fundamental analytics and modeling capabilities, as these have now become commonplace in the industry.
Instead, the emphasis on differentiation is increasingly focused on advanced, unique offerings in the data science landscape.