The 'Microsoft.ACE.OLEDB.12.0' provider is not registered on the local machine

When trying to import data from Excel 2007/2010 file using the import wizard in Management Studio 2008, you receive the following error message:


SQL Server Import and Export Wizard
The operation could not be completed.

Additional information:
The 'Microsoft.ACE.OLEDB.12.0' provider is not registered on the local machine. (System.Data)

This can be easily solved by installing  "2007 Office System Driver: Data Connectivity Components" which can be found here.