The global data visualization market is expected to grow from a market size of US$8.227 billion in 2018 to US$13.227 billion by 2024 at a CAGR of 8.24%. Data Visualization is a map for understanding the information represented in an organized manner. Consequently, data visualization tools are an access to the data maps enabling the consumer to fathom patterns, trends and outliers in data. In the age of an incessant flow of Big Data which is being increasingly recognized as the most valuable resources supplanting the established cognizance of the very particular phrase. Thus, emerges the role of visualization tools that are not only fundamental to an efficacious and appealing way of storytelling that is a vital accompaniment of a great analysis.
The need for sound analytical strategies ranges from streamlining various organizational operations and future endeavors, analyses data to identify new markets and acquire customers, to understand trends and opportunities for further business developments, ensure better customer experience, among others. The space of data visualization tools is rapidly evolving. There are tools like Qlik and Tableau, which offer consumers the ease of setup, the ability to access data from various sources and as well as the opportunity to familiarize the employees with the nitty-gritties of data visualizations. Furthermore, organizations like IBM, Microsoft, SAP, among others, offer business intelligence and reporting platforms that are normally built to address relatively complex needs and are equipped with offering a wider range of capabilities. Nevertheless, this range of tools necessitates the organizations integrating such tools to train personals in order for a fuller utilization of the same as well as requiring the IT department to setup and integrate the tools.
The ever-growing adoption of digital technologies and the resulting cosmos of data is estimated to drive the growth of the market during the forecast period. Getting a grasp on consumption behavior, customer trends and outlook is another factor that would bolster the growth of this market for the reason that organizations needs to be abreast of the latest developments in order to stay ahead their counterparts. Moreover, the presence of a variety of solutions that are being offered in the market is poised to buttress the data visualization market. This market has been further categorized into segments, which are deployment model, end-user industry and geography.
Data Visualization Market Analysis By Development Model
By deployment model, the data visualization market is segmented into two broad categories, namely On-Premise and Cloud. For instance, the tableau platform which has been acquired by Salesforce.com, Inc. (NYSE: CRM) in 2019 offers a combination of deployment models, whereby the analytics could be visualized and store either on the cloud or on-premise. Despite the hybrid nature of this tool, cloud-based deployment is in relatively more demand because of their due to the accompanying convenience and ease of accessibility. Further the use-friendly data visualization tools over handheld devices have the potential to save time and provide more convenience for senior management or the leadership team.
Data Visualization Market Analysis By End-User Industry
By end-user industry, the data visualization market is segmented into retail, media and entertainment, BFSI, communication and technology, consulting and others. Al the end-use applications have adopted data visualization tools. The foremost of the above is that of BFSI that extensively employs financial analytics. The aforesaid primarily finds its use in research in corporate bonds and equity markets. Investigation of financial statements and health, competitive advantages, management, competitors and markets are estimated to be the predominant applications of this sector. Moreover, the utilization of financial analytics hence the adoption of data visualization tools by the BFSI is also to improve standard financial functions. A few of the major players in this segment are International Business Machines Corporation (IBM), Oracle Corporation, SAP A.G., and TIBCO Software Inc.
Data Visualization Market Analysis By Geography
By geography,the data visualization market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The regions with emerging economies or BRICS nations and developing countries are estimated to experience a good growth in the segment due to expansion business operation of transitional organization, emergence of new entrants which are causing disruption to well established business models and due to favorable regulatory measures, which are projected to catapult the growth of this market to new heights as well. In case of China, the government policy and increasing integration of technology are one of the major driving factors for the growth of data visualization tools market. BFSI, retail and communication and technology are the sectors that are the major consumers of big data technologies that are inclusive of but not limited to, data visualization tools. Due to India’s well-established IT services industry, the country is one of the key contributors to the growth of the data visualization market.
Towards An Inclusive Business Intelligence Ecosystem
Almost every facet of business is surrounded by data which encompasses investments, business development, employee performance as well as operations. In order fathom the efficiency of all the process and keep all the stakeholders of the business entities in sync requires data analysis reinforced by what has been monikered as data journalism or storytelling. This is the space that not only facilitates a better data literacy among the consumers but also enables everyone to see the larger landscape of processed information and ask questions that aids in a deeper connection with consumers who are increasingly better informed and educated.