Data Mining Tools Market Size Hit USD 2,321.3 Million at CAGR of 13.2%, By 2030
Increasing demand for data mining tools in the BFSI SMEs for risk analysis and regulatory compliances managemnt, coupled with high investments in R&D of data mining tools, are fueling the market growth.
Market Size – USD 764.3 Million in 2021, Market Growth – CAGR of 13.2%, Market Trends – Increase in demand for public data mining tools in the eCommerce industries for sales & marketing business application.
The global data mining tools market is forecast to reach USD 2,321.3 Million by 2030, according to a new report by Reports and Data. Data Mining is the process of analyzing data from various dimensions, domains, perspectives, and finding the previously used hidden patterns of heterogeneous set of data, to classify and group into the same clusters of data with respect to the identified relationships. Data mining tools help us get the valuable insights from huge amount of data, that is generated every second worldwide by applying data mining algorithms through machine leering, statistics, artificial intelligence, and visualizations in quick time. The global market is growing predominantly as the amount of data every second is being drastically elevated globally. SMEs are expected to contribute remarkably in the forecast period due to a massive adoption of the data mining tools for their relational, transactional and heterogeneous databases. Sales & marketing sub-segment in the business application has the highest usage of these tools and is also calculated to achieve the highest growth rate.
Data mining is the process of discovering anomalies, patterns, and correlations within large data sets to predict outcomes. Information gathered through this process can be deployed to increase revenues, cut costs, improve customer relationships, reduce risks, and others. Data mining also enables analyzing data from different domains and identifying previously unknown patterns and relationships among heterogeneous sets of data to classify and group components according to the relationship.
APAC is forecasted to achieve the fastest growth of about 14.1% in the period 2021 – 2030, due to an increase in adoption of the data mining tools in SMEs of all the industries in the countries like China, Singapore, and India. North America holds the highest market share of 37.6% in 2018 because of the prodigious rate of deployment of the data mining solutions in the conglomerates.
Key participants include Microsoft Corporation, Oracle, SAS Institute, H2O.ai, Intel, Salford Systems, IBM Corporation, Teradata, Biomax Informatics, and SAP.
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Further key findings from the report suggest
- IT & telecommunication sub-segment had a market share of 16.1% in 2018 and is expected to grow at a CAGR of 13.8% during the forecast period. IT & telecommunication industries possesses considerable amount of data in consumer behavior, such as age group, monthly investment, credit history, earning amount and source, location based analysis and others. These information stand highly remunerative if the data mining tools are incorporated.
- Cloud sub-segment is expected to reach 35.5% of market share by 2028, having grown with a CAGR of 13.5% throughout the forecast period. Data mining over cloud rather than on premises deployment, falls under this segment. Microsoft has its cloud-based analytics program, and power BI.
- Human resourcing requires data mining tools to predict the future events based on category based data pattern such as gender, data, age, location and others. Also the employee event based data and external economic data patterns also help in the future event management. The recruitment and performance parameter needs these tools for the best employee engagement for the company. The segment had a market revenue of USD 62.5 Million in 2018. The CAGR is calculated to be 11.2% during the forecast period.
- Europe would reach a market share of 26.7% by 2028, having grown at a CAGR of 10.9% in the forecast period. United Kingdom and France have the most valuable players in this region.
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For the purpose of this report, Reports and Data have segmented the global data mining tools market on the basis of the deployment type, business application, component, organization size, end-use industries, and region:
Component Type Outlook (Revenue, USD Million; 2019-2030)
Service Type Outlook (Revenue, USD Million; 2019-2030)
- Managed Services
- Consulting & Implementation
Deployment Outlook (Revenue, USD Million; 2019-2030)
Business Application Outlook (Revenue, USD Million; 2019-2030)
- Supply Chain and Logistics
Organization Size Outlook (Revenue, USD Million; 2019-2030)
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
End-use Outlook (Revenue, USD Million; 2019-2030)
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare and Life Sciences
- Telecom and IT
- Government and Defense
- Energy and Utilities
Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Advantages of Data Mining Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Data Mining industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Data Mining market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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