The global data visualization market is evaluated at US$9.060 billion for the year 2019 and is projected to grow at a CAGR of 7.83% to reach a market size of US$15.358 billion by the year 2026.
The data visualization market has been majorly triggered by the rapid pace of data generation which has led to an increased need for proper data visualization techniques to make data-driven decisions. Dashboards are becoming one of the most valuable tools for organizations to gain visibility into how they are performing as well as help develop ways for increasing overall efficiency. Whether as part of larger business intelligence (BI) solution or as a standalone solution, organizations are looking at dashboards to help solve their business problems. Dashboards let organizations gain insights into their business, monitor key performance metrics, and help visualize information in a way that is easier to quantify. By understanding the value of using dashboards as part of a larger BI project or as a way to manage and monitor performance, the ability to attain buy-in and to understand the overall value of dashboards to the business increases.
Furthermore, the rise in the data generated by social media platforms has been a key factor in the rise in the demand for data visualization dashboards and techniques. The generated information is hugely valuable and makes it possible to analyze trends and patterns and to use big data to draw connections between events. Thus, data visualization can be an effective mechanism for presenting the end-user with understandable information in real-time.
The process of data visualization majorly includes, filtering and processing, translation & visual representation, perception & interpretation. Visuals aim to lead the viewer down a path to describe situations, answer questions, support decisions, communicate information, or solve specific problems. When you attempt to explain something through data visualization, you start with a question, which interacts with the data set in such a way that enables viewers to make a decision and, subsequently, answer the question.
The market has been significantly driven by the fact that the technology has been finding newer applications in various sectors. The rise in awareness about data visualization techniques to better manage businesses has led to increased demand from various industries.
The growth of the market is majorly attributed to the 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.
The advent of COVID-19 harmed the global Data Visualization market. The immense downturn in the global technology industry has been a significant reason for the decline in the demand for Data Visualization at a global level. Even though the level of data generation maintained the pace, the pace for newer adoption of data visualization techniques got slow as the upcoming and ongoing projects were stalled due to the lockdowns and the protocols that were required to be followed. Moreover, the market witnessed a slow growth in the initial period of the year, the demand for data visualization witnessed signs of recovery during the second half of the year wherein the dashboards were required to analyze the data generated by the pandemic and consequently take more data-driven decisions to curb the pandemic at the earliest. The adoption from several other sectors is expected to rise as the pandemic has fuelled the penetration of technology which in turn has increased the pace of data generation.
The segmentation of the global Data Visualization market has been done into the deployment model, end-user industry, and geography. By deployment model, the classification of the market has been done into On-Premise, Cloud. By end-user industry, the classification of the market has been done into Retail, Media And Entertainment, BFSI, Communication And Technology, Consulting, Others. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Various investments techniques and technological developments being done by the companies is expected to drive the market during the forecast period
The growth of the Data Visualization market is fuelled by the increasing developments and innovations being done by the companies to attract more end-user customers to opt for data visualization techniques has fuelled the market in recent years. For instance, in January 2019 - Tableau expands data prep capabilities with Tableau Prep Conductor, a product, which enables organizations to schedule and manage self-service data preparation. Tableau Prep Conductor is part of a new subscription offering called “Tableau Data Management Add-On”. This helps the customers to ensure that governed and timely data is available and ready for analysis. Similarly, in January 2018 - Tableau launched Hyper, new data engine technology included within Tableau 10.5. With Hyper’s ability to slice and dice massive volumes of data in seconds, customers can see up to 5X faster query speed and up to 3X faster extract creation speed. Such key developments have led to an increased awareness amongst consumers about the importance of data visualization dashboards for business and personal use.
The players in the global Data Visualization market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.
|Market size value in 2019||US$9.060 billion|
|Market size value in 2026||US$15.358 billion|
|Growth Rate||CAGR of 7.83% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Deployment Mode, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Salesforce.com Inc. (Tableau Software Inc.), SAP SE, SAS Institute Inc., Microsoft Corporation, Oracle Corporation, TIBCO Software Inc., IBM Corporation, Information Builders, Dundas Data Visualization Inc., Pentaho Corporation|
|Customization scope||Free report customization with purchase.|
Frequently Asked Questions (FAQs)
Q1. What will be the size of the data visualization market by 2026?
A1. The data visualization market is projected to reach a market size of US$15.358 billion by the year 2026.
Q2. What is the size of the global data visualization market?
A2. Data Visualization Market was valued at US$9.060 billion in 2019.
Q3. What are the growth prospects for the data visualization market?
A3. The global data visualization market is projected to grow at a CAGR of 7.83% during the forecast period.
Q4. What are the key factors behind the data visualization market growth?
A4. The data visualization market has been majorly triggered by the rapid pace of data generation which has led to an increased need for proper data visualization techniques to make data-driven decisions.
Q5. How is the global data visualization market segmented?
A5. The global data visualization market has been segmented by deployment mode, end-user industry, and geography.