Global Data Mining Tools Market – Industry Trends and Forecast to 2030

Data Mining Tools Market Analysis and Size

The growth in data generation, data mining and data storage across different organizations, such as banking, process manufacturing, marketing and ongoing digital transformation, will enhance the market growth during the forecast period. Data mining aids marketing companies to create prototypes based on past data to calculate appropriate results showcasing new marketing operations such as direct mail, online marketing operations, and others and ensuring marketers to have a precise method to provide personalized products to targeted customers.

Data Bridge Market Research analyses that the data mining tools market is expected to reach USD 2045.79 million by 2030, which is USD 832.19 million in 2022, at a CAGR of 11.90% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Data Mining Tools Market Scope and Segmentation

Market Definition

Data mining can be well-defined as the set of methodologies which are used in analyzing data from numerous perspectives and dimensions, finding previously unknown hidden patterns, grouping and classifying data and summarizing the identified relationships. Data mining tools also involve in loading, extracting and managing data in a multidimensional database system to attain organizational efficiency.    

Data Mining Tools Market

Drivers

• Increasing usage of data mining tools in banking industry

The data mining tools are widely used in banking industry. Distributed data mining has been modeled, examined and developed to support identify credit card scams. Data mining tools provide data to financial organizations on credit reports and loans. The generated data can determine good or bad credits by making a model for historical clients. It also supports banks in detecting false transactions by credit cards and also helps in the delivery of high security to customers. For instance, BBVA announced its partnership with Intel in 2019 for, recognizing Intel as BBVA’s priority partner This agreement has given BBVA access to a collection of tools, products and capacities and allowed it to increase the performance of its data processing and storage systems.

• Surging demand of data mining tools to enhance organizational efficiency

Data mining technologies contain extraction, loading, and management of data in a multidimensional database system. Due to this, the demand for the data mining tool increases to enhance the organizational efficiency. The growing number of organizational data will become a major factor for market growth. The rising number of small and medium-sized businesses in developing countries, augmented awareness regarding the value of data assets among businesses will contribute to the market’s growth.

Opportunities

• Several benefits associated with data mining tools

Data mining tools bring many profits to retail companies, through data analysis. These devices have a proper production and sales process that highlighting on repeated purchasing products instantaneously by consumers. Furthermore, it also increases retail corporations to provide discounts for products that will attract more and more consumers. Also, a rise in demand for artificial intelligence technologies and machine learning creates numerous opportunities for the growth of the marketcreates numerous opportunities for the market. Moreover, the surge in the need for embedded intelligence and the increasing requirement for generating insights from raw data to gain a competitive benefit are also anticipated to make major advantages in the market.

 Restraints

• Concerns associated with security and data privacies

Concerns related to security and data privacies and numerous government rules and protocols will hamper the market growth all over the globe. Concerns regarding personal security have been increasing tremendously, mainly when the internet is booming with social blog, networks, forums, e-commerce, and others. As a result of privacy issues, consumers are scared to share their personal data; moreover, hackers can use data in immoral ways that can cause a lot of problems.

This data mining tools market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the data mining tools market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Data Mining Tools Market Scope

The data mining tools market is segmented on the component, service, business function, industry vertical, deployment type and organization size. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Tools
• Services

Service Managed Service

• Consulting and Implementation
• Others

Support and Maintenance

Training and services

 Business Function

• Marketing
• Finance
• Supply Chain and Logistics and Operations

Industry Vertical

• Retail
• Banking
• Financial Services, and Insurance
• Healthcare and Life Sciences
• Telecom and IT
• Government and Defense
• Energy and Utilities
• Manufacturing
• Others

Deployment Type

• On-Premises
• Cloud

Organization Size

• Large Enterprises
• Small and Medium-Sized Enterprises

Data Mining Tools Market Regional Analysis/Insights

The data mining tools market is analyzed and market size insights and trends are provided by country, component, service, business function, industry vertical, deployment type and organization size as referenced above.

The countries covered in the data mining tools market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the data mining tools market in terms of revenue and market share due to the sufficient availability of the supporting infrastructure required for the implementation of leading-edge technologies to prevent the organizational data. Furthermore, increasing the adoption of data mining tools by healthcare, BFSI, retail and consumer goods, and Telecom and IT will boost the market growth rate. 

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to increasing expenditure for the development of IT infrastructure. Furthermore, growing commercial investments by numerous companies and surging number of small scale businesses in the APAC region will boost the market growth rate.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Data Mining Tools Market Share Analysis

The data mining tools market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to data mining tools market.

Some of the major players operating in the data mining tools market are:

• IBM (U.S.)
• KNIME (Switzerland)
• Minitab, LLC (U.S.)
• VMware, Inc. (U.S.)
• Fortinet Inc. (U.S.)
• Frontline Systems, Inc. (U.S.)
• Hewlett Packard Enterprise Development LP (U.S.)
• SAS Institute Inc. (U.S.)
• Oracle (U.S.)
• Microsoft (U.S.)
• Teradata (U.S.)
• The MathWorks, Inc. (U.S.)
• H2O.ai (U.S.)
• Intel Corporation (U.S.)
• ALTERYX, INC. (U.S.)
• SAP SE (U.S.)
• RapidMiner (U.S.)
• FICO (U.S.)
• Salford Systems (U.S.)
• BlueGranite, Inc. (U.S.)

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