Data Mining Tools Market Size, Share, Growth, Analysis, Trend, and Forecast Research Report by 2027
Posted: Mar 09, 2021
Growing demand for data mining tools in BFSI, SMEs to analyze risks, and management of regulatory compliances along with considerable investments in R&D for data mining are the key factors influencing the market growth of data mining tools.
Market Size: USD 696.95 million in 2019, Market Growth: CAGR of 27.6%, Market Trends: Extensive use of data mining tools in the eCommerce sector for marketing and sales business applications.
The Global Data Mining Tools Market is estimated to reach USD 1,826.59 Million By 2027 from USD 696.95 million in 2019, with a significant CAGR of 27.6% during the projected period.
Data mining is a process used to analyze data from various domains, dimensions, and perspectives and find the previously utilized hidden patterns of a diverse set of data and group them into similar data clusters. It helps to convert the raw data into relevant information.
Data mining tools help us gain relevant insights from massive data that is produced globally every second by rapidly utilizing data mining algorithms by statistics, visualization, and artificial intelligence. The data mining tools are used for customer behavior and target analysis, targeted and appropriate PR campaigns in marketing and sales, fraud investigation, and identification.
Due to the extensive adoption of data mining tools for relational, heterogeneous, and transactional databases, SMEs are presumed to make a remarkable contribution during the prediction era.
The digitalization preference across all the industrial sectors has been the primary reason for the expansion of the data mining tools market. The global data mining tools market is extensively growing as vast data is being evaluated drastically worldwide.
Due to the high digitalization proliferation, the digital data's total size is expected to double at least every 2-3 years. The development of the digital network has been reported to be almost 55 fold in the last decade.
Key players in the data mining tools market:
- Salford Systems
- Biomax Informatics
- SAS Institute
- Microsoft Corporation
- IBM Corporation
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/data-mining-tools-market
For the purpose of this report, Reports and Data has segmented the global data mining tools market on the basis of deployment type, business application, component, organization size, end-use industries, and region:
Deployment Type Outlook (Revenue: USD Million; 2017-2027)
Business Application Outlook (Revenue: USD Million; 2017-2027)
- Human Resourcing
- Finance Management
- Supply Chain & Logistics
- Operation Management
Component Outlook (Revenue: USD Million; 2017-2027)
- Integration & Implementation
- Training & Consulting
- Mining Tools
- Support & Maintenance
Organization Size Outlook (Revenue: USD Million; 2017-2027)
- Large Enterprises
End-Use Industry Outlook (Revenue: USD Million; 2017-2027)
- Healthcare Sectors
- Media & Entertainment
- IT & Telecommunication
- Government & Public Sectors
- Retail & E-commerce
- Manufacturing Industries
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Further key findings:
- The IT and telecommunication sub-segment led the market with the highest share of 16.1% by 2019 and is approximated to expand at a CAGR of 13.8% during the projected period. The IT and telecommunication sectors gather significant data such as age group, credit history, location-based analysis, and monthly income.
- In 2019, the on-premise sub-segment had the largest share of around 66.4% of the data mining tools market and is expected to grow at a CAGR of 12.3%.
- The media and entertainment sub-segment is estimated to grow at a CAGR of 11.7%, and the market share is foreseen to be 12.3% by 2027.
- Europe is expected to occupy around 26.7% of the data mining tools market by 2027, with a CAGR of 10.9% during the projected period. The leading market players are from the United Kingdom and France.
- North America held a significant market share of about 37.6% by 2019 and is estimated to dominate the market with a CAGR of 12.8% during the forecast period. The U.S. holds the highest share in the global data mining tools market.
- APAC region is predicted to observe the fastest growth at a CAGR of 17.3% during the projected period due to the rising utilization of data mining tools, particularly in the BFSI sector and SMEs in India, China, and Singapore.
- SMEs in North America, Europe, and Asia Pacific observe the fastest adoption rate, particularly in the finance, eCommerce, and manufacturing sectors.
Regional Outlook (Revenue: USD Million; 2017-2027)
Middle East & Africa
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