Data Mining Tools Global Market Report 2024

The data mining tools market size has grown rapidly in recent years. It will grow from $1.02 billion in 2023 to $1.16 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth observed during the historical period can be attributed to several factors, including increased automation in manufacturing processes, rising labor costs, growth in e-commerce activities, the flexibility of applications, and heightened safety standards.

The data mining tools market size is expected to see rapid growth in the next few years. It will grow to $1.88 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The anticipated growth in the upcoming period can be attributed to several factors, including increasing cybersecurity measures in robotics, rapid expansion of the manufacturing industry, growing adoption of Industry 4 technologies, strong government support, and government-driven initiatives. Major trends expected in the forecast period encompass the rise of collaborative robotics (cobots), ongoing product innovation, advancements in technology, integration of artificial intelligence (AI) and machine learning, as well as expansion into new industries.

The increasing adoption of cloud-based solutions is poised to drive the expansion of the data mining tools market in the future. Cloud-based solutions encompass services and applications accessed over the Internet, utilizing remote servers for data storage, management, and processing, offering users flexibility and on-demand access. Data mining tools play a crucial role in boosting the adoption of cloud-based solutions by enabling organizations to extract valuable insights and patterns from extensive datasets, thereby optimizing decision-making processes and enhancing the efficiency of cloud-based applications. For example, as reported by the European Commission (EC) in December 2023, the adoption of cloud-based solutions in the European Union witnessed a notable increase of 4.2% points compared to 2021, with 45.2% of enterprises procuring cloud computing services. This surge underscores the significant role of cloud-based solutions in driving the growth of the data mining tools market.

Key players in the data mining tools market are intensifying their focus on developing advanced software, including data mining software, to gain a competitive advantage. Data mining software is specialized software that employs algorithms and techniques to analyze large datasets, extracting valuable patterns, insights, and knowledge crucial for informed decision-making. For instance, in January 2023, Nextpoint, a US-based software development company, unveiled a new data mining software named Data Mining, which boasts processing speeds 30 times faster for early case assessment and complex data analysis. This software facilitates real-time analysis of large datasets, resulting in a 10-fold reduction in review costs and time.

In September 2022, Altair Engineering Inc., a US-based information technology company, completed the acquisition of RapidMiner for $100 million. This acquisition strengthens Altair's data analytics portfolio, offering advanced solutions and seamless integration with existing tools, thereby empowering a diverse user base to address data analytics challenges more effectively. RapidMiner, a US-based data science platform, analyzes the impact of an organization's data, complementing Altair's data analytics capabilities.

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.

North America was the largest region in the data mining tools market in 2023. 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. The countries covered in the data mining tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The data mining tools market includes revenues earned by entities by providing services such as predictive analytics, pattern recognition, anomaly detection, machine learning integration, and custom data analysis solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The data mining tools market consists of sales of such as RapidMiner, KNIME, Weka, Orange, and IBM SPSS Modeler. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Data mining tools are software applications that leverage statistical, mathematical, and artificial intelligence techniques to identify trends, patterns, and insights from large datasets, enabling informed business decisions and extracting valuable knowledge.

The main types of data mining tools are categorized as tools and services. A tool refers to a software application used to aid in accomplishing specific tasks, such as shaping, forming, or finishing materials, or performing a particular operation. These tools can be deployed on-premise or in the cloud and are utilized by various sectors including retail and e-commerce, banking, financial services, insurance (BFSI), government and defense, manufacturing, energy and utilities, education, IT and telecom, healthcare, among others. Both large enterprises and small and medium-sized enterprises (SMEs) utilize these data mining tools.

The data mining tools market research report is one of a series of new reports that provides data mining tools market statistics, including data mining tools industry global market size, regional shares, competitors with a data mining tools market share, detailed data mining tools market segments, market trends and opportunities, and any further data you may need to thrive in the data mining tools industry. This data mining tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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