Increase in the amount of data generation, data mining, and data storage across different industries such as banking, process manufacturing, and ongoing digital transformation in many sectors and increased awareness among enterprises to leverage the available data assets are the major factors that drive the data mining tools market growth.
In addition, the growth in demand for artificial intelligence and machine-learning technologies further fuels the growth of the market. However, various data privacy & security concerns and various government rules and regulations across the global hamper the market growth.
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Furthermore, an increase in the need for creating insights from raw data and a surge in the need for embedded intelligence to gain competitive advantage are anticipated to create major opportunities in the data mining tools market.
Different industries across the global are using data mining with pattern recognition and other useful tools to enhance their data mining capabilities which is propelling the demand for data mining tools market. Data mining tools can uplift customer knowledge and enable smart decision-making.
The market is segmented into components, deployment mode, organization size, industry vertical and region. In terms of component, the market is segmented into tools and services. Based on deployment mode, it is divided into on-premise and cloud.
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As per organization size, it is segmented into large enterprises and small & medium enterprises. As per industry vertical, data mining tools market is categorized into BFSI, retail & e-commerce, manufacturing, government & defense, energy & utilities, IT & telecom, education, healthcare and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the data mining tools market analysis are IBM Corporation, Microsoft Corporation, Oracle Corporation, Intel Corporation, Teradata, SAS Institute Inc., SAP SE, Fair Isaac Corporation, RapidMiner Inc., and Megaputer Intelligence Inc. The current and future data mining tools market trends are outlined to determine the overall attractiveness of the market.
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KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global data mining tools market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about the key drivers, restraints, and opportunities and their impact analysis on the market share is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the data mining tools industry.
- The quantitative analysis of the global data mining tools market is provided to determine the market potential.
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