Data Mining Tools Market – Global Industry Analysis and Forecast (2023-2029) by Type, Application and Region

Data Mining Tools Market was valued at US$ 907.03 Mn. in 2022. Global Data Mining Tools Market size is estimated to grow at a CAGR of 11.8% over the forecast period.
Data Mining Tools Market Definition:
Data mining is a process for extracting and discovering new knowledge from data stored in a huge data warehouse in order to make better business decisions and formulate better strategies. Various firms are concentrating on data mining approaches in order to handle large amounts of data and quickly apply fascinating data mining algorithms and visualizations. Because of the rising demand for artificial intelligence and machine-learning technologies, the data mining tools industry is booming. Data mining technologies are transforming the industry by enabling digital transformation in a variety of industries, including banking, process manufacturing, professional services, federal/central government, and business processes.

Organizations have increased their use of big data solutions and business analytics to better understand their customers' needs and drive efficiencies as a result of the increase in organizational data. Data mining is a set of approaches for analyzing data from many perspectives and dimensions, uncovering hidden patterns, classifying, and summarising the discovered relationships.

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2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analysis, especially with the impact of lockdown by region.
Data Mining Tools Market Dynamics:
The market for data mining tools is being driven by strong demand for enhanced business intelligence tools and a shift toward artificial intelligence and machine learning technology. Additionally, the growing requirement among companies across industry verticals to acquire important insights into data created by various business processes, technological advances, and the adoption of cloud-based solutions are likely to propel the data mining tools market forward. In addition, the rapid rise of the smartphone and tablet markets has enticed many businesses to use data mining techniques to uncover immediate gaps in the digital consumer experience.

The growing trend of BYOD (bring-your-own-devices) in many workplaces, along with the proliferation of mobile devices and apps, has resulted in a tremendous increase in the amount of data generated, driving up demand for data mining tools. In addition one of the important reasons driving the growth of the data mining tools market is the rising demand for data mining tools from IT and e-commerce enterprises to quickly fix difficulties and problems in order to give higher levels of business user satisfaction at lower costs.

The increasing number of organizational data will become a major market growth driver. The expanding number of small and medium-sized businesses in developing economies, increased awareness among businesses to utilize accessible data assets, rising digitization of economies, and the increasing adoption of cloud technology will all contribute to the market's growth. Other factors driving the market's growth include increased acceptance of machine learning technology by various end-user sectors, regulatory and compliance demands, the growing need for developing insights from raw data, and rising public spending for the construction of IT infrastructure.

However, in poor and growing nations, a lack of experienced labor and technological competence, as well as a limited security budget, will limit the market growth. Furthermore, mounting data privacy, security, and dependability concerns around the world will stifle market expansion once more. In developing economies, a lack of a solid IT infrastructure will also stifle market growth during the forecast period.
Data Mining Tools Market Segment Analysis:
Based on the Business Function, the Data Mining Tools Market is segmented into Marketing, Finance, Supply chain and logistics, and Operations. The Marketing segment held the largest market share accounting for 41% in 2021. The marketing business function allows companies to understand their consumers' previous transaction patterns, which aids in the planning and management of future marketing campaigns. Furthermore, data mining provides insights into customer purchasing patterns and assists businesses in managing demand and supply while providing tailored services to their customers.

Based on the Organisation Size, the Data Mining Tools Market is segmented into Large Enterprises and Small and Medium-sized Enterprises (SMEs). The Small and Medium-sized Enterprises (SMEs) segment held the largest market share accounting for 74% in 2021. Cost-effectiveness is a critical requirement for SMEs, as they are always constrained in their ability to advertise themselves and achieve awareness due to their limited finances. With vital insights from data, data mining technologies may be incredibly beneficial for enterprises in reaching their business objectives, earning profits, and discovering new business prospects in this digital era. Most SMEs prefer cloud-based solutions to on-premises solutions, and this trend is expected to continue in the near future, resulting in significant market size for cloud deployments during the projection period. During the projection period, SMEs have a tremendous opportunity to grow in the data mining tools market.

Based on the Application, the Data Mining Tools Market is segmented into, Retail, Banking, Financial Services, and Insurance (BFSI), Healthcare and life sciences, Telecom and IT, Government and defense, Energy and Utilities, Manufacturing, and Others. The Banking, Financial Services, and Insurance (BFSI) segment held the largest market share accounting for 34% in 2021. Commercial banks, insurance businesses, non-banking financial enterprises, stock brokerage firms, and payment gateway providers are all part of the Banking, Financial Services, and Insurance (BFSI) industry vertical. In their day-to-day financial operations, BFSI firms deal with important credit management, collection management, and fraud detection management. In addition, the BFSI industry vertical deals with massive amounts of client and transactional data from a variety of sources. BFSI companies are eager to create customer-friendly digital solutions and software platforms so that they may better serve their clients. In terms of revenue, the BFSI industry vertical is a big contributor to the data mining tools market.
Data Mining Tools Market Regional Insights:
The North American region held the largest market share accounting for 37% in 2021. Because of the rapid adoption of newer technologies in healthcare, banking, and other industries, particularly in the United States, North America is expected to hold a significant market share in the data mining tools market. Intel Corporation, Microsoft Corporation, IBM, Oracle, and SAS Institute are just a few of the country's biggest companies. The data mining tool market in the region will continue to develop as demand for artificial intelligence and cloud-based platforms grow. Due to the expanding industrial sector, the Asia Pacific area will see significant market expansion. The Indian and Chinese business, market research, and marketing industries have already been profoundly impacted by data mining.

The objective of the report is to present a comprehensive analysis of the global Data Mining Tools Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Data Mining Tools Market dynamic, structure by analyzing the market segments and projecting the Data Mining Tools Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Data Mining Tools Market make the report investor’s guide.
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Global Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 907.03 Mn.


Forecast Period 2023 to 2029 CAGR:
11.8%
Market Size in 2029:
US $ 1980.2 Mn.


 Segments Covered:
by Deployment Type
• On-premises
• Cloud-based


by Business Function
• Marketing
• Finance
• Supply chain and logistics
• Operations


by Application
• Retail
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare and life sciences
• Telecom and IT
• Government and defense
• Energy and Utilities
• Manufacturing
• Others


by Component
• Tools
• Services


by Organisation Size
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)



Data Mining Tools Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Data Mining Tools Market, Key Players are:
• SAP SE
• SAS Institute
• Oracle
• Intel
• IBM Corporation
• Microsoft Corporation
• SAS Institute Inc.
• RapidMiner, Inc.
• KNIME AG
• The MathWorks, Inc.
• Alteryx Inc.
• Crunchbase Inc.
• Angoss Software Corporation
• Fair Isaac Corporation
• Teradata
• Microsoft
• Minitab LLC
• BlueGranite, Inc.
• FICO
• Frontline Systems
• Dataiku
• Reltio
• SunTec India

Frequently Asked Questions:

1] What segments are covered in the Global Data Mining Tools Market report?
Ans. The segments covered in the Data Mining Tools Market report are based on Deployment Type, Business Function, Component, Organisation Size, and Application.

2] Which region is expected to hold the highest share in the Global Data Mining Tools Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Data Mining Tools Market.

3] What is the market size of the Global Data Mining Tools Market by 2029?
Ans. The market size of the Data Mining Tools Market by 2029 is expected to reach US$ 1980.2 Mn.

4] What is the forecast period for the Global Data Mining Tools Market?
Ans. The forecast period for the Data Mining Tools Market is 2023-2029.

5] What was the market size of the Global Data Mining Tools Market in 2022?
Ans. The market size of the Data Mining Tools Market in 2022 was valued at US$ 907.03 Mn.