Increasing demand for data mining tools in the BFSI SMEs for risk analysis and regulatory compliances managemnt, coupled with high investments in R&D of data mining tools, are fueling the market growth.
Market Size – USD 707.6 Million in 2020, Market Growth – CAGR of 27.6%, Market Trends – Increase in demand for public data mining tools in the eCommerce industries for sales & marketing business application.
The global Data Mining Tools Market is forecast to reach USD 1,763.0 Million by 2028, according to a new report by Reports and Data. Data Mining is the process of analyzing data from various dimensions, domains, perspectives, and finding the previously used hidden patterns of heterogeneous set of data, to classify and group into the same clusters of data with respect to the identified relationships. Data mining tools help us get the valuable insights from huge amount of data, that is generated every second worldwide by applying data mining algorithms through machine leering, statistics, artificial intelligence, and visualizations in quick time. The global market is growing predominantly as the amount of data every second is being drastically elevated globally. SMEs are expected to contribute remarkably in the forecast period due to a massive adoption of the data mining tools for their relational, transactional and heterogeneous databases. Sales & marketing sub-segment in the business application has the highest usage of these tools and is also calculated to achieve the highest growth rate.
APAC is forecasted to achieve the fastest growth of about 17.3% in the period 2019 – 2028, due to an increase in adoption of the data mining tools in SMEs of all the industries in the countries like China, Singapore, and India. North America holds the highest market share of 37.6% in 2018 because of the prodigious rate of deployment of the data mining solutions in the conglomerates.
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Key participants include Microsoft Corporation, Oracle, SAS Institute, H2O.ai, Intel, Salford Systems, IBM Corporation, Teradata, Biomax Informatics, and SAP.
Further key findings from the report suggest
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 have segmented the global data mining tools market on the basis of the deployment type, business application, component, organization size, end-use industries, and region:
Deployment Type Outlook (Revenue: USD Million; 2018-2028)
Business Application Outlook (Revenue: USD Million; 2018-2028)
Component Outlook (Revenue: USD Million; 2018-2028)
Organization Size Outlook (Revenue: USD Million; 2018-2028)
End-Use Industries Outlook (Revenue: USD Million; 2018-2028)
Regional Outlook (Revenue: USD Million; 2018-2028)
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Market Report includes major TOC points:
Conclusively, all aspects of the Data Mining Tools market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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