The global data visualization market was valued at US$8.227 billion in 2018 and is expected to grow at a CAGR of 8.24% over the forecast period to reach a total market size of US$13.227 billion in 2024. The growth of the market is majorly attributed to continuously increasing penetration of digital technologies into business functions across industries. As the digitization of processes continues across all major verticals, the focus of enterprises towards capitalizing on the huge volumes of data generated is increasing, thus increasing the demand for data visualization solutions. Furthermore, intensifying competition across industries has been pushing industry players towards adopting strategies and technologies which can keep them at par or ahead of their rivals in order to avoid losing market share on account of failing to align with continuously changing industry trends. As this continues, both SMEs and large enterprises across all major industries are adopting advanced Business Intelligence (BI) and data visualization solutions which facilitate keeping a close and continuous watch on rivals’ moves seamlessly besides giving end-users clear insights into all business functions across the enterprise. This is further increasing the demand for data visualization solutions, thus boosting the growth of the market. The presence of a large number of players in this market with wide solution offerings for diverse business needs is also supporting the growth of the market.
Geographically, North America and Europe together account for a significantly large share in the overall market. Asia Pacific also holds a large share in the market and the market growth in this region is being driven by the heavy inflow of investments by major players across industries into this region. South America and Middle East and Africa will continue to witness decent growth in this market.
By Deployment Model
By deployment model, the data visualization market is segmented as on-premise and cloud. The cloud segment is expected to show impressive growth over the projected period on account of the increasing migration of workloads by enterprises of all sizes to the cloud.
Geographically, the data visualization market is segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The market in Asia-Pacific is expected to witness significant growth on account of the rapid growth of end-user industries in this region.
The Data Visualization market has been segmented by the deployment model, end-user industry and geography.
By Deployment Model
By End-User Industry
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