How big is the data mining tools market today, and what are its future growth expectations?
The data mining tools market size has grown rapidly in recent years. It will grow from $1.16 billion in 2024 to $1.31 billion in 2025 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to increased automation in manufacturing, increased labor costs, e-commerce growth, flexibility in applications, increased safety standards.
The data mining tools market size is expected to see rapid growth in the next few years. It will grow to $2.13 billion in 2029 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to increasing cybersecurity in robotics, rapid expansion of the manufacturing industry, increasing adoption of the industry 4.0, strong government support, government-driven initiatives. Major trends in the forecast period include collaborative robotics (cobots), product innovation, technology advancements, ai and machine learning integration, expansion into new industries.
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What key drivers have fueled the data mining tools market’s development over the years?
The rise in the adoption of cloud-based solutions is expected to propel the growth of the data mining tools market going forward. Cloud-based solutions refer to services and applications that are provided and accessed over the Internet, utilizing remote servers to store, manage, and process data, offering flexibility and on-demand access for users. Data mining tools contribute to the rise in the adoption of cloud-based solutions by enabling organizations to extract valuable insights and patterns from vast datasets, optimize decision-making processes, and enhance the efficiency of cloud-based applications. For instance, in December 2023, according to the European Commission (EC), the Belgium-based executive body of the European Union (EU), the adoption of cloud-based solutions in 2023 in the European Union increased by 4.2% points, with 45.2% of enterprises purchasing cloud computing services, showcasing a notable rise compared to 2021. Therefore, the rise in adoption of cloud-based solutions is driving the growth of the data mining tools market.
What is the segmentation for the data mining tools market?
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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Who are the most influential companies 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 top industry trends projected to impact the data mining tools market?
Major companies operating in the data mining tools market are increasing their focus on developing advanced software, such as data mining software, to gain a competitive edge in the market. Data mining software is a specialized tool that uses algorithms and techniques to analyze large datasets, extracting valuable patterns, insights, and knowledge that can be used for informed decision-making. For instance, in January 2023, Nextpoint, a US-based software development company, launched a new data mining software called Data Mining, which offers processing speeds 30 times faster for early case assessment and complex data analysis. This software allows for real-time analysis of large datasets, reducing review costs and time by 10 times.
What are the major regional insights for the data mining tools market, and which region holds the top position?
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.
What Does The Data Mining Tools Market Report 2025 Offer?
The data mining tools market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Data mining tools are software applications that utilize statistical, mathematical, and artificial intelligence techniques, for identifying trends, patterns, and insights, to make informed business decisions, and extract valuable knowledge from vast amounts of data.
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