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Data Mining Tools Market Segmented By Component such as Tools and Services with Organization Type such as Large Enterprises, Small and Medium Enterprises
Data mining has emerged as a technique of extracting and discovering new knowledge in data implicit in a large data warehouse to enable better business decisions and strategy formulation. Various organizations are focusing on data mining techniques to handle the huge amount of data and to apply interesting data mining algorithms and visualizations in quick time.
The data mining tools market is witnessing the rapid growth, owing to the growing demand for artificial intelligence and machine-learning technologies. Data mining tools are reshaping the market by enabling digital transformation across industries such as banking, process manufacturing, professional services and federal/central government and business processes.
Due to increase in organizational data, the adoption of big data solutions, and usage of business analytics have been increased in the organizations to better understand the customers’ requirement and drive efficiencies.
Data mining is the set of methodologies used in analysing data from various dimensions and perspective, finding hidden patterns, classifying and summarizing the identified relationship.
As the world is becoming more digital and connected, data mining tools are creating new opportunities for data collection, storage and intelligence processing and analysis. With the huge amount of data generation, data storage and data capture, data mining tools have emerged as an important technology to study and solve data-related problems.
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Drivers
Strong demand for advanced business intelligence tools and the shift towards the artificial intelligence and machine learning technologies are the primary factors driving the growth of the data mining tools market. Furthermore, the growing need among organizations across industry verticals to gain valuable insights into the data generated from different business processes, technological advancements, and the use of cloud-based solutions are expected to drive the growth of the data mining tools market. Moreover, the growth of smartphone and tablet market is enthralling many organization to adopt data mining tools to identify immediate needs in digital customer experience.
Apart from this, the rising trend of BYOD (Bring-your-own-devices) in multiple organizations and the growth of mobile devices and apps has directly resulted in a massive increase in the amount of data generated, and due to this, the demand for data mining tools is increasing rapidly.
Moreover, the rapid demand for data mining tools from IT and e-commerce organizations to quickly resolve issues and problems in order to provide higher level of business user satisfaction at reduced cost is one of the significant factors driving the growth of the data mining tools market.
Challenges
Changing government rules and regulations are the major factors expected to restrict the growth of the data mining tools market. Furthermore, less development in technology base, and less spending on research & development by various countries in Latin America and Middle East & Africa are the major challenges that may hamper the growth of the data mining tools market.
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Key Players
The prominent players in the global data mining tools market are IBM Corporation, SAS, RapidMiner, Inc., KNIME AG, MathWorks, Inc., Alteryx, Angoss Software Corporation, SAP SE, Oracle Corporation, Fair Isaac Corporation, Teradata, Microsoft Corporation, Salford Systems, and BlueGranite, Inc.
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North America is expected to be a large market for data mining tools due to the early adoption of digital technologies and presence of various key players in the region.
The demand for data mining tools in APAC and Europe is expected to grow rapidly in the coming few years due to the increasing adoption of cloud and mobile technologies by various small- and medium-sized companies and the rapid growth in number of the e-commerce retailers in countries such as Japan, Germany, China, the U.K., and India.
The data mining tools markets in Latin America and the MEA are also expected to witness high growth in the coming period due to the rise in digital technologies and increasing adoption of smart phones and tablets in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
