Data mining tools are adopted by companies across the globe to extract meaningful information from the large chunks of raw data. Furthermore, these tools enable organizations to analyze hidden data patterns and store them into a centralized location, such as data warehouses, for future references. Data mining tools empower enterprises to gather valuable information about their customers and formulate effective strategies for different business functions. Due to the significant increase in the use of smart devices and internet services, a large volume of data is generated at a rapid pace. This factor is driving the demand for data mining tools.
MarketsandMarkets forecasts the data mining tools market to grow from USD 591.2 Million in 2018 to USD 1,039.1 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.
Major vendors who offer data mining solutions and services across the globe include International Business Machines Corporation (IBM), Microsoft Corporation (Microsoft), SAS Institute (SAS Institute), Oracle Corporation (Oracle), Intel Corporation (Intel), SAP SE (SAP), RapidMiner (RapidMiner), KNIME (KNIME), Teradata Corporation (Teradata), The MathWorks (MathWorks), H2O.ai (H2O.ai), Alteryx (Alteryx), Fair Isaac Corporation (FICO), Angoss Software Corporation (Angoss), Salford Systems (Salford Systems), BlueGranite (BlueGranite), Megaputer Intelligence (Megaputer), Biomax Informatics AG (Biomax Informatics), Frontline Systems (Frontline Systems), Dataiku (Dataiku), Wolfram Research (Wolfram), RELTIO (RELTIO), SenticNet (SenticNet), Business Insight (Business Insight), and SunTec India (SunTec India). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and mark their presence in the data mining tools market.
IBM adopted effective inorganic growth strategies to enhance its product offerings. In March 2017, IBM partnered with Salesforce, one of the global leaders in Customer Relationship Management (CRM) solutions. This partnership would enhance the whole analytical process of Artificial Intelligence (AI)-based platforms, such as IBM Watson and Salesforce Einstein. With the help of this partnership, IBM can help its clients forecast business trends and improve customer engagements across different business domains.
Microsoft is another top player in the data mining tools market. The company focuses on strengthening its expertise in targeted industry verticals in the data mining tools market. To achieve this expertise, the company has undertaken several partnerships and product developments and enhancements. For instance, in May 2016, Microsoft partnered with SAP SE to deliver support for the SAP HANA platform that is deployed on Microsoft Azure. This partnership would enable Microsoft to integrate its Office 365 Suite with cloud-based solutions from SAP SE and provide enhanced data management, data mining, and security for custom-based SAP Fiori apps.
Data Mining Tools Market by Component (Tools and Services), Business Function (Marketing, Finance, Supply Chain and Logistics, and Operations), Industry Vertical, Deployment Type, Organization Size, and Region - Global Forecast to 2023
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