GITNUX MARKETDATA REPORT 2024

Must-Know Data Mining Statistics [Recent Analysis]

Highlights: The Most Important Data Mining Statistics

  • The process mining software market is worth $933 million and is expected to grow at a CAGR of 49.5% to $15.5 billion by 2029, rivaling the value of established and dominating industries such as crude oil.
  • Data mining roles range in salary from $81,000 to $126,000 a year and are projected to increase by 11% through 2029.
  • The average data mining specialist earns $67,407 per year according to Payscale, a reliable compensation software and data company. This statistic matters in the context of data mining statistics because it provides an accurate estimate of the earning potential of data mining specialists.
  • 90% of world data is from after 2014 and its volume doubles every 1.2 years, and 80% of organizations that apply business intelligence consider data mining a strategic practice.
  • 80-90% of data is unstructured and 95% of businesses cite the need to manage it as a problem, which can be interpreted by a data miner and used for marketing strategies, resulting in more customers.
  • North America and the Asian Pacific regions are the largest markets for data mining, with Europe in third place, and a CAGR of 6.9% estimated by 2027.
  • China is expected to add $121.2 million in data mining projects over the next few years, indicating a growing market in Data Mining.

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Data mining is a powerful tool used to uncover patterns and trends in large datasets. It has become an essential part of the modern business world, allowing companies to make informed decisions and gain valuable insights into their customers, products, and services. In this blog post, we’ll explore the basics of data mining statistics and how they can be used to gain a better understanding of your data. We’ll also look at some of the common techniques used in data mining and how they can be applied to your own data. Finally, we’ll discuss the importance of data mining statistics in today’s business world and how it can help you make better decisions.

Data Mining Statistics 2023: That is why they are so important

Data mining roles range in salary from $81,000 to $126,000 a year and are projected to increase by 11% through 2029.

The average data mining specialist earns $67,407 per year according to Payscale, a reliable compensation software and data company.

90% of world data is from after 2014 and its volume doubles every 1.2 years, and 80% of organizations that apply business intelligence consider data mining a strategic practice.

Data Mining Statistics: Statistics Overview

The process mining software market is worth $933 million and is expected to grow at a CAGR of 49.5% to $15.5 billion by 2029, rivaling the value of established and dominating industries such as crude oil.

This statistic matters in the context of Data Mining Statistics because it shows the potential of the process mining software market and its ability to rival established and dominating industries. It also highlights the potential for growth in the market, which could be beneficial for businesses and investors.

Alphabet, Microsoft, and Amazon are the largest companies in data mining, with 196, 269, and 269 hedge fund holdings respectively. This statistic matters in the context of data mining statistics because it shows the level of influence and presence that these companies have in the data mining industry.

This is important because it gives an indication of the potential opportunities and resources available to those looking to enter the data mining industry.

Data mining roles range in salary from $81,000 to $126,000 a year and are projected to increase by 11% through 2029.

This matters in the context of Data Mining Statistics because it shows that data mining is a lucrative career path with potential for growth. It also shows that the salary range for data mining roles is competitive and can increase with experience.

The average data mining specialist earns $67,407 per year according to Payscale, a reliable compensation software and data company. This statistic matters in the context of data mining statistics because it provides an accurate estimate of the earning potential of data mining specialists.

This information is valuable to potential data mining specialists, as it can help them make informed decisions about their career path. Additionally, it can help employers set competitive salaries for data mining specialists to attract and retain top talent.

90% of world data is from after 2014 and its volume doubles every 1.2 years, and 80% of organizations that apply business intelligence consider data mining a strategic practice.

This statistic is important because it highlights the importance of data mining in the context of business intelligence. Data mining is a valuable asset that can be used to find patterns and trends in data, which can help organizations make better decisions and gain a competitive advantage.

80-90% of data is unstructured and 95% of businesses cite the need to manage it as a problem, which can be interpreted by a data miner and used for marketing strategies, resulting in more customers.

This statistic is important in the context of Data Mining Statistics because it demonstrates the potential of data mining to help businesses better manage their unstructured data and use it to their advantage by incorporating it into marketing strategies. This can result in more customers and increased profits.

Every person generates 1.7 megabytes of data per second, an unimaginable amount. This statistic is important in the context of Data Mining Statistics because it highlights the sheer volume of data that is being generated and stored, which can then be mined and analyzed to gain insights and make decisions.

Python was mentioned the most in job ads, followed by R, SQL, Scala, and SAS. This matters in the context of Data Mining Statistics because it shows which programming languages employers are looking for when hiring for data mining roles.

North America and the Asian Pacific regions are the largest markets for data mining, with Europe in third place, and a CAGR of 6.9% estimated by 2027.

This statistic matters in the context of data mining statistics because it shows the current market share of the different regions, as well as the expected growth rate of the industry, which can be used to inform decisions about investment and development in the data mining sector.

China is expected to add $121.2 million in data mining projects over the next few years, indicating a growing market in Data Mining.

This statistic is important because it shows that China is investing in Data Mining, which indicates that Data Mining is becoming increasingly popular and important in the country. This could be a sign of increased demand for Data Mining services and products, and could lead to more opportunities for businesses and individuals in the Data Mining industry.

     

Conclusion

In conclusion, data mining statistics is a powerful tool for businesses to gain insight into their customers and their data. It can be used to identify trends, uncover patterns, and make predictions about future customer behavior. Data mining statistics can be used to improve customer service, increase sales, and optimize marketing strategies. With the right data mining techniques, businesses can gain a better understanding of their customers and use this knowledge to make informed decisions.

References

1 – https://finance.yahoo.com/news/15-biggest-data-mining-companies-171633362.html

2 – https://www.insidermonkey.com/blog/5-biggest-data-mining-companies-in-the-world-1089670/5/

3 – https://bootcamp.rutgers.edu/blog/what-is-data-mining/

4 – https://careerkarma.com/blog/how-to-become-a-data-mining-specialist/

5 – https://www.iberdrola.com/innovation/data-mining-definition-examples-and-applications

6 – https://www.safe.com/blog/2022/09/dataminingexamples/

7 – https://techjury.net/blog/big-data-statistics/#gref

8 – https://www.springboard.com/blog/data-science/data-mining/

9 – https://www.maximizemarketresearch.com/market-report/data-mining-tools-market/11529/

10 – https://www.datamation.com/big-data/data-mining-market/

ZipDo, cited June 2023: Data Mining Statistics

FAQs

What is data mining?

Data mining is the process of discovering patterns in large datasets involving methods at the intersection of machine learning, statistics, and database systems.

What are the benefits of data mining?

Benefits of data mining include improved customer relationships, improved decision-making, improved efficiency, and improved fraud detection.

What are the techniques used in data mining?

Techniques used in data mining include clustering, classification, regression, association rule mining, and anomaly detection.

What are the applications of data mining?

Applications of data mining include customer segmentation, market basket analysis, fraud detection, and recommendation systems.

What are the challenges of data mining?

Challenges of data mining include data quality, scalability, privacy, and interpretability.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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