Mar 24, 2020, 07:56 EST
New York, United States, Mar 24, 2020, 07:56 /Comserve / -- Data mining tool usage has grown rapidly in last few years. In BFSI sector, data mining is used to create accurate risk models for loans and mortgages.
According to a recently published report by Research Nester on “Global Data Mining Tool Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global data mining tool market in terms of market segmentation by service type, by function type, by industry type, by deployment type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Data mining tool usage has grown rapidly in last few years. In BFSI sector, data mining is used to create accurate risk models for loans and mortgages. Additionally, they are very helpful when detecting fraudulent transactions. In marketing, data mining tool enables enterprises to understand the historical transaction patterns of customers, thus helping them plan and manage new marketing campaigns. Furthermore, data mining provides insights into customer-buying patterns and helps organizations in managing the demand and supply match while offering customized offerings to their clients. Owing to these factors, the market is expected to grow from USD 591 Million in 2018 to USD 1376.8 Million by 2027, at CAGR of 11.45% during the forecast period i.e. 2019-2027.
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The market is segmented on the basis of function type into marketing, finance, supply chain & logistics and operations. The market is further segmented by service type into consulting, managed and others. On the basis of industry type into retail, healthcare and life sciences, BFSI, energy and utilities, government, manufacturing, IT and telecommunication, others. By deployment type, the market is segmented into on premises and cloud.
North America is expected to have leading share in the revenue and continue to dominate the market owing to stringent government policies which forms a crucial driver for the growth of the data mining tools market in the region. Asia Pacific region is projected to showcase significant growth over the next few years. There are huge opportunities and increasing commercial investment in different verticals in the region. Increasing adoption of cloud technology by huge population, start-up entrepreneurs, and booming e-commerce have led to the rapid implementation of data mining tools and services in the APAC countries.
Expanding Data Volume and Potential for New Insights to Foster the Market Growth
With the use of data mining tool, large pool of data can be brought together and analyzed to discern patterns and make better decisions. It has become the basis of competition and growth for individual firms, enhanced the productivity and has created significant value for the world economy by reducing waste and increasing the quality of products and services. Data around us is growing at a rapid pace. To make use of all the data, businesses need proper data mining tool thus, data mining tool market is anticipated to grow at a healthy rate during the forecast period.
Apprehension about Misuse of Information
Information gathered through data mining, intended for the ethical purposes, can be misused. This information may be exploited by unethical people or businesses to take benefits of vulnerable people or discriminate against a group of people. With consumers being worried about sharing information due to privacy and security issue it would directly impact the data mining industry. This would hinder the growth of data mining tool market.
This report also provides the existing competitive scenario of some of the key players of the global data mining tool market which includes company profiling of IBM, SAS Institute, Oracle, Microsoft, Teradata, Math Works, H2O.ai, Intel, Alteryx, SAP.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global data mining tool market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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