How Has the Data Mining Tools Market Size Evolved in Recent Years?
The data mining tools market has seen considerable growth due to a variety of factors.
• The market size for data mining tools has experienced swift expansion over recent years, projected to rise from $1.16 billion in 2024 to $1.31 billion in 2025 at a compound annual growth rate (CAGR) of 13.3%.
The notable growth observed in the historic period can be credited to the rise in manufacturing automation, heightened labor costs, growth in e-commerce, versatility in applications, and the augmentation of safety standards.
What Is The Forecast For The Data Mining Tools Market Size?
The data mining tools market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for the data mining tools market size indicate a swift expansion in the upcoming years. Its projected growth will take it to $2.13 billion by 2029, registering a compound annual growth rate (CAGR) of 12.9%.
The surge in this forecasted period is due to growing cybersecurity needs in robotics, robust expansion of the manufacturing sector, widespread adoption of the industry 4.0, powerful government backing, and initiatives driven by the state. The forecast period will also be shaped by notable trends such as collaborative robotics (cobots), product innovation, technological advancements, incorporation of AI and machine learning, and penetration into new business sectors.
What Are The Essential Drivers Behind The Growth Of The Data Mining Tools Market?
The increasing use of cloud-based solutions is anticipated to spur the expansion of the data mining tools market. Cloud-based solutions entail services and applications accessed and provided over the internet, using remote servers for data storage, processing, and management. These solutions offer users the flexibility and ability to access on-demand. Data mining tools promote the use of cloud-based solutions by allowing businesses to extract important trends and insights from large data sets, improve decision-making, and increase the effectiveness of cloud-based programs. For example, the European Commission (EC) reported in December 2023 that the adoption of cloud-based solutions in the European Union had grown by 4.2% points in 2023, with 45.2% of businesses procuring cloud computing services. This was a significant increase compared to 2021. Hence, the growing uptake of cloud-based solutions fuels the data mining tools market's expansion.
How Is The Global Data Mining Tools Market Divided Into Key Segments?
The data mining tools market covered in this report is segmented –
1) By Component: Tools, Services
2) By Platform: On-Premise, On-Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By End-Use: Retail And E-commerce, Banking, Financial Services, And Insurance (BFSI), Government And Defense, Manufacturing, Energy And Utilities, Education, IT And Telecom, Healthcare, Other End Uses
Subsegments:
1) By Tools: Data Mining Software, Data Visualization Tools, Data Preparation Tools, Predictive Analytics Tools, Reporting Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training Services
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What New Trends Are Influencing The Data Mining Tools Market?
Significant firms in the data mining tools market are shifting their focus towards creating sophisticated software, such as data mining software, to achieve a market advantage. Data mining software serves as a unique tool, employing algorithms and techniques to evaluate vast datasets, and bring out crucial patterns, insights, and knowledge instrumental for making informed decisions. For example, in January 2023, Nextpoint, a software development organization based in the US, introduced a new data mining software named Data Mining. This software boosts processing speeds by 30 times for preliminary case evaluations and intricate data analysis. It enables real-time analysis of extensive datasets, cutting down review expenses and duration by 10 times.
Who Are the Key Players In The Data Mining Tools Market?
Major companies operating in the data mining tools market report are:
• Microsoft Corporation
• Dell Technologies Inc.
• Intel Corporation
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Hewlett Packard Enterprise Development LP
• Fortinet Inc.
• SAS Institute
• Salford Systems
• Teradata
• Frontline Systems
• Fair
• Isaac and Company (FICO)
• MathWorks
• Alteryx
• SunTec India
• Sisense
• Dataiku
• Reltio
• Minitab LLC
• CB Insights
• KNIME
• Biomax Informatics
• BlueGranite Inc.
• Crunchbase Inc.
• RockDaisy
• Megaputer Intelligence Inc.
• H2O.ai
• Angoss Software Corporation
• Splunk
What Are The Regional Insights Into The Data Mining Tools Market?
North America was the largest region in the data mining tools market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data mining tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
