Data Mining Tools Market Size, Share & Industry Analysis, By Deployment (Cloud and On-Premise), By Enterprise Type (Large Enterprises and Small & Medium Enterprises), By Industry (BFSI, Healthcare, Retail, IT & Telecom, Manufacturing, Education, Government and Others), By Application (Marketing, Supply Chain & Procurement, Intrusion Detection, Business Transaction, and Others), and Regional Forecast, 2024-2032

The global data mining tools market size was valued at USD 1.01 billion in 2023. The market is projected to grow from USD 1.13 billion in 2024 to USD 2.99 billion by 2032, exhibiting a CAGR of 12.9% during the forecast period.

Data mining tools analyze, detect patterns, and executes data to create a model that can help in effective business operations. The rapid digital transformation is expected to fuel the demand for these tools across industries. By identifying data set patterns, these tools can support enterprises in managing business operations, supply chain, anomaly detection, marketing strategies, and more.

In addition, data mining in cloud computing is extracting structured information from unstructured web data sources that allow organizations to manage software and data storage with efficient, reliable and secure services for their users. For instance,

• In October 2023, MaxMine, a technology solution for open-pit mine sites, collaborated with Snowflake, a data cloud company, to provide high-quality and real-time data analysis to help mining administrators and operators optimize their operations and achieve net zero by the year 2050.

Due to the COVID-19 pandemic, enterprises deployed data mining tools to understand the pattern of huge datasets present online. Various social media companies, along with healthcare providers, offered datasets to enable the tools to analyze data. Thus, the increase in data volume during the pandemic boosted the growth of the data mining tools market.

Data Mining Tools Market Trends

Incorporation of Data Mining and Machine Learning Solutions to Propel Market Growth

The rapid advances in futuristic technologies are significantly transforming the industry across the globe. One of these industries is transportation & logistics. According to a 2023 report by Industrial Insights, 65% of senior executives indicated a technological shift in the transportation & logistics sector after the adoption of Machine Learning (ML), Artificial Intelligence (AI), data mining, telematics, and other such technologies.

With the adoption of ML technology, the fleet management sector can achieve higher accuracy in detecting fleet collision and avoiding delays. However, the technology still cannot match the human caliber in achieving these results. Thus, integrating data mining solutions with machine learning can offer valuable human judgement insights and many other advanced solutions. Similarly, this combination can also help in managing traffic by detecting and predicting irregular traffic congestions. Thus, using machine learning can boost data mining tools market share.

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Data Mining Tools Market Growth Factors

Increasing Focus on Customer Satisfaction to Drive Market Growth

Today, owing to rising business complexities and tough market competition, enterprises are focusing on strategies that can enhance customer satisfaction. To identify the factors that can improve customer experience, businesses are investing in these tools. These tools predict and spot trends from available data assets that help enterprises in making future strategies. By drilling the data, enterprises can achieve key insights such as customer preferences, top product segment, and customer satisfaction level.

As the tools provide various customer insights, they can highlight their behavior pattern. By analyzing shopping patterns, the company can launch customer-specific campaigns. These targeted marketing campaigns help organizations build personal collaborations with their customers. Moreover, enterprises are investing in using data mining tools to improve their customer’s experience and help to discover insights about customers interacting with the company and using information, such as customer conversations, user data and purchasing information.

Thus, the focus on customer satisfaction is expected to drive the market growth.

RESTRAINING FACTORS

Requirement of Skilled Technical Resources Likely to Hamper Market Growth

These tools require certain skills and qualifications to handle and manage them across platforms. Also, a data analytics specialist is required to understand and interpret the outcome of the pattern analysis. Their complexity can act as a barrier for small and medium-sized enterprises while implementing data mining tools. Moreover, strict laws on data and privacy protection of customers makes it difficult for enterprises to deploy these solutions. Thus, it is essential for companies to safeguard the data used in data mining tools. Thus, higher skill-sets and stringent government rules are expected to hinder the market growth.

Data Mining Tools Market Segmentation Analysis

By Deployment Analysis

Need for Robust Security to Protect Crucial Client Data to Boost Deployment of On-premise Tools

Based on deployment, the market is categorized into cloud and on-premise.

The on-premise segment is anticipated to dominate the market during the forecast period as this model deals with crucial client data. The in-house storage of this data can increase its security and offer direct control and governance.

The cloud segment is predicted to showcase rapid growth rate during the forecast period. Considering the limited IT funds and growing network of small and medium-sized enterprises, key market players are offering open-source cloud-based tools. The adoption of data mining tools delivered by the cloud allows the customer to pay for data mining tools rather than complex data mining suites and no maintenance of hardware infrastructure as it deploys through a browser.

By Enterprise Type Analysis

Higher IT Investment Capabilities to Drive Product Adoption Across Large Enterprises

Based on enterprise type, the market is bifurcated into large enterprises and small & medium enterprises.

The large enterprises segment is set to gain the maximum market share during the forecast period. These enterprises deal with vast sets of data across various locations that need to be analyzed quickly to draw business strategies. The IT spending capability of such organizations is strong and thus, the adoption of data analyzing tools is growing in large enterprises.

By Industry Analysis

Growing Volume of Digital Data to Propel Product Adoption in IT & Telecom Industry

By industry, the market is segmented into BFSI, healthcare, retail, IT & telecom, manufacturing, education, government, and others.

The IT & telecom segment may dominate the market considering the early adoption of data mining tools to analyze the increasing volume of digital data. The industry can use these tools to understand the changing patterns of the collected information for making informed decisions on various business operations.

The BFSI segment is expected to showcase rapid CAGR during the forecast period owing to the rapid digitalization of industries. The segment deals with tremendous amount of crucial digital customer data for its services, and thus, banking and financial institutes are significantly investing in data mining tools. The adoption of data mining tools in banking industries identifies fraudulent transactions or fraud detection, allowing banks to detect fraud quickly for numerous aspects, including financial statement fraud, credit card products, and money laundering operations.

The healthcare segment is also set to showcase significant growth rate during the forecast period. The tools can help healthcare systems in handling the supply chain and procurement of medicines and medical instruments. Also, the insights can offer immense support during emergency situations, such as the COVID-19 pandemic in analyzing pattern-based diseases and their root cause. Similarly, with the increasing number of online shoppers globally, the rise in unstructured data is prompting retailers to implement data management tools.

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By Application Analysis

Focus on Better Customer Service to Boost Product Use in Supply Chain & Procurement Applications

By application, the market is categorized into marketing, supply chain & procurement, intrusion detection, business transaction, and others.

The supply chain & procurement segment is anticipated to gain the maximum market share during the forecast period. Data mining solutions help in quickly identifying bottleneck errors and increasing the efficiency of various tasks in the supply chain operations. By using data mining in supply chain operations, organizations can attain the visibility that is required to create business compliance, efficiency, and profitability, further creating a more scalable business growth path and long-term sustainability. Thus, timely identification of the task that is causing delays can help boost the quality of customer services.

The intrusion detection segment is projected to showcase a rapid growth rate owing to the high risk of data theft. As enterprises store important business and consumers’ data, it is essential to secure them using different tools. Data mining tools can identify any unusual patterns and immediately send an alert.

Also, various businesses are using these tools to understand the purchasing pattern of consumers to plan future strategies. These factors may significantly drive the growth rate of the marketing segment during the forecast period.

REGIONAL INSIGHTS

Geographically, the market is fragmented into five major regions such as North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further categorized into countries.

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North America to dominate the market share during the forecast period owing to the emergence of advanced technologies such as artificial intelligence, machine learning, Internet of Things, and more. Large volumes of data are generated from industries across the globe. Due to this, the demand for data analysis and pattern recognition has gained major traction. The U.S., with the early adoption of technologies and various data sources, is set to lead the market during the forecast period. Also, the presence of key market players is expected to fuel the country’s dominance in the market.

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The Asia Pacific market is expected to record a rapid growth rate during the forecast period due to the robust economic growth of various nations and rising number of internet users in the region. China is expected to capture the maximum market share owing to the country’s rapidly growing e-commerce sector and consumer insights contributing to data generation. India is set to witness rapid growth rate during the forecast timeframe due to the growing footprint of multinational corporations, propelling the adoption of data analytics and mining tools.

The Europe market might also showcase significate growth, owing to increasing investment in data management tools and services by industries. With the growing skill shortage and lack of expertise in managing big data analytics, the adoption of such tools is gaining traction.

The Middle East & Africa market is expected to register considerate growth rate owing to the increase in strategies and investments in the development of various advanced technologies. Similarly, South America might grow steadily due to the expanding internet penetration and rising volume of customer data.

List of Key Companies in Data Mining Tools Market

Increasing Strategic Acquisitions Adopted by Key Players to Expand their Product Offerings

Key players in the market are strategically expanding their geographical presence through new innovations and developments. The players are keen on integrating advanced technologies to meet the growing demand for industrial and digital transformation. They are acquiring prominent companies of the market to gain technological expertise and cater to the growing requirements of customers. Similarly, they are entering into partnership and collaboration deals to expand their product offerings. For instance,

• October 2022 – Visiopharm announced its collaboration with NanoString Technologies, Inc. to boost pathology science using Machine Learning and spatial imaging. The companies’ intention of using tissue data mining tools powered by artificial intelligence is to enhance the pathology process and translational research applications.


• September 2022 – Altair Engineering Inc. acquired RapidMiner to expand and strengthen its end-to-end data analytics portfolio. RapidMiner’s market expertise and technical team expertise will support Altair in its market expansion endeavors.

List of Key Companies Profiled:

• Oracle Corporation (U.S.)


• IBM Corporation (U.S.)


• KNIME AG (Switzerland)


• Altair Engineering Inc. (RapidMiner) (U.S.)


• Orange (Ljubljana)


• Rattle GUI (Togaware Pty Ltd) (Australia)


• Sisense Inc. (U.S.)


• Kaggle (Google LLC) (U.S.)


• SAS Institute Inc. (U.S.)


• Teradata Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2023 – WiMi Hologram Cloud Inc. introduced a new data interaction system developed by combining neural network technology and data mining. Using real-time interaction, the system can offer reliable and safe information transmission.


• May 2023 – U.S. Data Mining Group, Inc., operating in bitcoin mining site, announced a hosting contract to deploy 150,000 bitcoins in partnership with major companies such as TeslaWatt, Sphere 3D, Marathon Digital, and more. The company is offering industry turn-key solutions for curtailment, accounting, and customer relations.


• April 2023 – Artificial intelligence and single-cell biotech analytics firm, One Biosciences, launched a single cell data mining algorithm called ‘MAYA’. The algorithm is for cancer patients to detect therapeutic vulnerabilities.


• May 2022 – Europe-based Solarisbank, a banking-as-a-service provider, announced its partnership with Snowflake to boost its cloud data strategy. Using the advanced cloud infrastructure, the company can enhance data mining efficiency and strengthen its banking position.

REPORT COVERAGE

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The research report examines key regions across the world to help users better understand the market. Additionally, it gives insights into the most recent market trends and an analysis of technologies deployed at a global scale. Using various research methodologies, the report also highlights some of the market's growth-stimulating factors and restrictions, allowing the reader to understand the market thoroughly.

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