Data Mining Tools Market size is predicted to witness lucrative growth during the forecast period propelled by an increase in data generation and increased perception among companies to leverage the benefits of accessible data resources. The demand for the data analysis for unstructured data is rapidly increasing along with the rising demand for these tools.
The rise in data generation, data storage, and data mining across different organizations, such as process manufacturing, marketing, banking, and ongoing digital transformation, and growing awareness among businesses to control accessible data assets are major factors driving the market. For instance, data mining helps marketing companies to develop prototypes based on past data to predict relevant results showcasing new marketing operations such as online marketing operations, direct mail, etc. ensuing marketers to have an accurate method to deliver personalized products to targeted clients.
Data mining brings a lot of benefits to retail companies, through data analysis, a store can have a proper production & sales procedure that emphasis on repeated purchasing products simultaneously by consumers. In addition, it also improves retail corporations offer discounts for products that will attract more consumers. Furthermore, an increase in demand for machine learning and artificial intelligence technologies is also driving data mining tools market growth. The increasing need for creating insights from raw data and surge in the need for embedded intelligence to gain a competitive advantage are also anticipated to create major advantages in the market.
Data mining tools help enterprises to extract valuable data from large data sets that include raw data, thereby analyzing data patterns to transform into useful information. Data mining managed services are widely used by companies to gain high traction in the industry. These managed services deliver several benefits to organizations and increase the core competence of businesses. Managed service providers mine and analyze data from organizations and deliver insights from hidden data patterns. Therefore, they help enterprises to deliver customer-centric performance and add value to business operations.
The banking industry has a huge demand for data mining tools. Distributed data mining has been examined, modeled, and developed to help recognize credit card frauds. Data mining tools deliver data to financial organizations on loans and credit reports. The generated data can determine bad or good credits by creating a model for historical clients. It also helps banks to detect fake transactions by credit cards, aiding in the delivery of high security to customers. In 2019, BBVA announced its partnership with Intel, recognizing Intel as BBVA’s priority partner The agreement has given BBVA access to a collection of products, tools, and capacities, enabling it to advance the performance of its data storage and processing systems.
Concerns related to security & data privacies and many government rules & protocols across the globe will hamper the market growth. Concerns about personal security have been growing extremely, particularly when the internet is flourishing with social networks, forums, e-commerce, blog, etc. Due to privacy issues, consumers are frightened to share their personal data; furthermore, hackers can use the data in immoral ways that can cause a lot of trouble.
North America is likely to hold a major market share in the data mining tools market owing to the faster adoption of newer technologies in healthcare, banking, and other industries, particularly in the U.S. The country has several leading players such as Intel Corporation, Microsoft Corporation, IBM, Oracle, and SAS Institute, among others. Increasing demand for artificial intelligence and cloud-based platforms will further add to the growth of the data mining tool market in the region. The Asia Pacific region will witness significant growth in the market due to the growing industrial sector. Data mining has already impacted the Indian and Chinese commerce, market research, and marketing industries greatly. It delivers products with opportunities for businesses to get to know their clients well and make appropriate decisions to enhance business operations.
Key players in the market are Microsoft, IBM, Oracle, SAS Institute, Intel, RapidMiner, Teradata, KNIME, SAP SE, Salford Systems, Megaputer, Biomax Informatics, Dataiku, Reltio, SenticNet, Wolfram, Business Insight, MathWorks, Alteryx, H2O.ai, Angoss, Frontline Systems, Biomax Informatics, FICO, and Sisense. Companies are majorly focusing on research & development activities to enhance their position. For instance, in February 2019, IBM announced a new product portfolio of IoT (Internet of Things) solutions that provide advanced analytics and Artificrketial Intelligence (AI) to improve asset-intensive incorporation, such as Metropolitan Atlanta Rapid Transit Authority (MARTA), and maintain policies. This solution also helps companies to reduce the risk of disasters such as manufacturing robots, mining, vehicles, turbines, and others.
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