Top Data Science Service Providers – PeMa Quadrant 2024

The Data Science industry has become a critical driver of innovation and business growth across several sectors. As organizations increasingly rely on data-driven insights to guide strategic decisions, the demand for specialized Data Science service providers has surged.

To assess and identify leading service providers in the Data Science industry , AIM Research conducts an annual survey in which Vendors participate voluntarily to benchmark their capabilities against their peers. A total of thirty-six service providers participated in this year’s assessment. All the vendors featured in this report are analyzed through a survey, which gathered quantitative and qualitative data on various aspects of their operations, such as financial health, growth, customer confidence, client reach, work delivery, tech advancement, employee maturity, and support infrastructure.

Through this analysis, we aim to show how the industry has advanced over the past year and highlight the top Data Science service providers, with firms expanding their teams, enhancing their expertise, and forging strategic partnerships to stay competitive in a rapidly evolving market.

Access 2023 PeMa Quadrant for Data Science Service Providers

Key Developments in the space of Data Science Service Industry

• Expansion of GenAI Service Portfolios: Data science service providers are expanding their offerings beyond traditional data analytics to include advanced services such as AI and ML, Deep Learning , Computer Vision, and GenAI. Many service providers have introduced GenAI accelerators to quickly deliver advanced AI-driven analytics solutions and stay competitive in the evolving market.
• Emphasis on Industry-Specific Solutions: There is a trend towards specialization for developing industry-specific solutions that cater to the unique needs of sectors such as BFSI and Healthcare and Life Sciences. Providers focusing on the financial services sector are developing advanced risk assessment models, while those in healthcare are creating predictive analytics tools for patient outcomes.
• Demand for Cloud Native Solutions: There is a strong shift towards cloud-based and hybrid solutions, driven by the need for scalability, flexibility, and remote accessibility. Many providers are integrating their services with leading cloud platforms such as AWS, Google Cloud, and Microsoft Azure, offering clients the ability to scale their Data Science initiatives efficiently.
• Data Governance & Synthetic Data: Service providers are implementing policies and practices to address issues such as bias in AI models, data privacy, and compliance with regulatory standards like GDPR. With the rising concerns around data privacy, the creation of synthetic data, which can mimic the statistical properties of real data without containing any actual information, will become prominent.
• Focus on Upskilling & Reskilling: Vendors are focusing on upskilling and reskilling their teams in emerging areas like AI/ML, GenAI, cloud computing, and big data analytics. They are also investing in training their teams on industry-specific knowledge, especially in sectors like healthcare, finance, and retail, to enhance domain expertise.
• Partnerships and Alliances: Strategic partnerships and alliances are becoming a key component of growth strategies for Data Science service providers. These partnerships often involve collaboration in the areas of AI and cloud optimization with hyperscalers, academic institutions, and industry-specific leading organizations to enhance capabilities and extend market reach.

PeMa Quadrant

We measure the success of service providers in two key areas—Penetration and Maturity. By plotting their relative positions on the PeMa Quadrant, it reveals each company’s unique approach to delivering world-class services.

Assessment

The PeMa Quadrant assessment for Data Science Service Providers 2024 is conducted based on the participants’ responses to the below parameters.

Penetration (Pe)

• Financial Health: Analytics workforce, Revenue, Projects, Clients
• Growth: Y-o-Y growth in data science revenue and data science work force
• Customer Confidence: Fortune 500 clients, Billing structure
• Company Outreach: Office locations, Client locations, Industries/Markets

Maturity (Ma)

• Work Delivery: Advanced analytics, Data compliance standards, Competitive advantage
• Tech Advancement: Scalability, Changes in the field and Company’s approach
• Employee Maturity: Attrition rate, Experience, Average tenure, Performance metrics
• Support Infrastructure: R&D, Workforce training, Alliances/Partnerships

Data Science Service Providers 2024:

Leaders:

• Tiger Analytics
• Genpact
• Fractal
• EXL
• Axtria
• EY GDS
• MathCo
• WNS
• Tech Mahindra
• LatentView Analytics
• C5i

Growth Vendors:

• Concentrix
• eClerx Services
• Merkle, a dentsu company

Seasoned Vendors:

• Happiest Minds
• JK Tech
• SG Analytics
• Agilisium
• Aays
• Polestar Solutions
• Hansa Cequity
• Infocepts
• Factspan

Challengers:

• Gramener, A Straive Company
• Valiance Solutions
• Techvantage
• Akaike
• Artivatic
• Indus Net Technologies
• Impetus
• Loyalytics
• Ganit
• G-Square Solutions
• Think Analytics (Think360.ai)
• FN MathLogic
• Knowledge Foundry

Read the full report:

How has the previous Data Science PeMa Quadrant helped various stakeholders in the ecosystem?

1. Industry Standard: AIM Research is recognized as a leading analyst firm in the Data and AI fields. The annual PeMa initiatives are considered an industry standard and help businesses quickly assess the potential of vendors.
2. M&A: Several organizations have reached out to inquire about the vendors, particularly those positioned in the challengers quadrant. We conduct in-depth studies to analyze vendors (at their discretion) and connect them with the right players for further collaborations.
3. Benchmark Capabilities: Participants have the opportunity to compare themselves against peers in the market and identify future growth opportunities. The survey’s PeMa questions also serve as a framework for service providers to uncover insights about their businesses.
4. Vendor Recognition: The PeMa Quadrant’s findings can be used in various forms of communication to enhance market reach. It’s not just the Leaders, Growth Vendors, and Seasoned Vendors who gain recognition; Challengers, with their smaller size and scope of services, possess an advantage that rivals can’t match—superior training and delivery capabilities.

Refer to our Citation policy here.

AIM Penetration And Maturity (PeMa) Quadrant is an Industry Benchmark of Data Vendor Capabilities. Refer to this page.