What is Data Mining Software Market?
Data mining software is a tool to convert raw and unstructured data into useful information in order to optimize the decision making ability. This software offers enterprises an ability of predictive analysis which helps them forecasting marketing strategy and consumers behavior. Steps involved in data mining include data collection, data processing and then software sort the data depending on user's result in the form of graph or table.
The market study is being classified, by Application (Financial Data Analysis, Retail Industry, Telecommunication Industry, Biological Data Analysis, Other Scientific Applications and Intrusion Detection) and major geographies with country level break-up. According to AMA, the Global Data Mining Software market is expected to see growth rate of 12.6% and may see market size of USD1.13 Billion by 2026.
IBM [United States], RapidMiner [United States], GMDH [United States], SAS Institute [United States], Oracle [United States], Apteco [United Kingdom], University of Ljubljana [Slovenia], Salford Systems [United States] and Lexalytics [United States] are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Intel [United States], SAP SE [Germany], KNIME [Switzerland], Teradata [United States], MathWorks [United States], H2O.ai [United States], Alteryx [United States], FICO [United States], Angoss [Canada], Salford Systems [United States], BlueGranite [United States], Megaputer [United States], Biomax Informatics [Germany], Frontline Systems [United States], Dataiku [France], Wolfram [United States], Reltio [United States], SenticNet [Singapore], Business Insight [Belgium] and SunTec India [Delhi].
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Data Mining Software market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Data Mining Software market by Type, Application and Region.
On the basis of geography, the market of Data Mining Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Need to Manage Data Influx Effectively
- Rising Big Data or Predictive Analysis Technologies and Their Potential Benefits
- Growing Multimedia Data Mining Applications
- Integration of Data Mining with Various System Such as Database systems, Web Database Systems and Data Warehouse Systems
- Varying Data Protection Rules Across Countries
- Complexity Involved in Analyzing Large Unstructured and Incomplete Data
- Rising Adoption of Machine Learning and AI
- Growing Use of Data Mining Application in Banking, Financial Services and Insurance (BFSI)
- Protection of Privacy and Information Security in Data Mining
- Issue Related with Scalability and Efficiency of Data Mining Algorithms
Key Target AudienceGlobal Data Mining Solution Providers, Professional Service Providers, Government and Research Organizations, Information Technology (IT) Companies, Cloud service Providers, System Integrator, Re-sellers and Distributors, Investor and Venture Capitalists, Associations and Industrial bodies and Others