According to a recently published report by Research Nester on “Data Mining Tool Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global data mining tool market in terms of market segmentation by source, by application, by distribution channel and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global data mining tool is segmented by service type into consulting, managed and others; by function type into marketing, finance, operation and others; by industry type into retail, healthcare and life sciences, BFSI, energy and utilities, government, manufacturing, IT and telecommunication and others; by deployment type into on-premises and cloud. The data mining tools market is expected to grow from USD 591 Million in 2018 to USD 1376.8 Million by 2027, at CAGR of 11.45% during the forecast period
Data mining tool usage has grown rapidly in last few years. The growth rate can be attributed to its tremendous use across various industries. In BFSI sector, data mining is used to create accurate risk models for loans and mortgages. They are also very helpful when detecting fraudulent transactions. The marketing business function enables enterprises to understand the historical transaction patterns of customers, thus helping them plan and manage new marketing campaigns.
North America is expected to account for the largest market size and will continue to dominate the global market during the forecast period. This region has stringent government policies which forms a crucial driver for the growth of the data mining tools market in North America. APAC is expected to be a cash cow market for data mining tool and service providers during the forecast period. There are huge untapped opportunities and increasing commercial investment in different industry verticals in the region.
Potential for New Insights that Drive Competitive Advantage
Developing a better understanding of customers is increasingly a strategic requirement, because fast-moving markets, new technologies, and new business models are changing what customers want and how they make purchase. With the utilization of data mining tool, large pools of data can be brought together and analyzed to discern patterns and make better decisions. It will become the basis of competition and growth for individual firms.
Significant Increase in Data Volume
Data around us is growing at a very fast rate. The smartphones and data plans are getting cheaper, data speeds are getting faster, and social media is becoming a trendy way of connecting with friends or voicing one’s opinions. All these changes are generating a lot of data around us and organizations realize that all this data can be cleaned and analyzed to find useful information.
However, with consumers being apprehensive about sharing information due to privacy and security issue it would directly impact the data mining industry. This would hinder the growth rate of data mining tool market.
This report also provides the existing competitive scenario of some of the key players of the global data mining tool market which includes company profiling of IBM, SAS Institute, Oracle, Microsoft, Teradata, MathWorks, H2O.ai, Intel, Alteryx, SAP. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global data mining tool market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.