Data visualization is a term that covers a wide range of applications such as rankings, dashboards, business intelligence, graphics, analytics, and big data. These are just a few of the technologies and concepts that use the notion of displaying data. It enables organizations to generate meaningful reports from an ever-increasing, diverse, and massive quantity of business data.
The retail business has been collecting a large quantity of data in recent years through various channels such as blogs and social media sites. The bulk of the unstructured data created is never used, even though it has the potential to give valuable information if used appropriately. Data visualization tool benefits company in a variety of ways, including improved comprehension, accurate data analysis, better decision making, increased sales, and discovery of various trends and patterns in the competitive market.
Data visualization facilitates in the identification of inter-relationships between multi-dimensional collections of data as well as providing useful characteristics for comprehending them. As a result, the majority of small, medium, and large businesses are using data visualization techniques to analyze consumer purchasing and other business operating trends in order to anticipate their future sales tactics. The global data visualization tools market is expected to develop significantly owing to the growing interest in visual analytics and scientific visualization among small and big businesses. The development of Internet of Things (IoT) and artificial intelligence (AI) technologies is expected to result in a huge data pool for both unstructured and structured data, allowing the industry to develop more rapidly in the future.
Capturing, storing, analyzing, sharing, finding, and displaying data are the most difficult aspects of Big Data. When statistics are represented graphically, it is far easier for human brain to see patterns and make decisions based on them. Data visualization is a simple and rapid approach to communicate and depict complicated information. The visualization tools should be able to offer with interactive visualization at the lowest feasible latency. Some of the most popular visualization tools in market include Tableau, Microsoft Power BI, Microsoft Excel, Plotly, and Gephi.
Global Data Visualization Tools Market - Impact of Coronavirus (Covid-19) Pandemic
The market for data visualization tools have seen several advancements, particularly in tools supplied by industry companies. Various sectors such as retail, manufacturing, and energy & utilities have witnessed a modest drop as a result of the COVID-19 pandemic, although certain verticals such as government, BFSI, and healthcare & life sciences have seen a little impact. Simple data visualizations have been frequently used to communicate important information to the public about the COVID-19 epidemic. The most attractive changes that have occurred as a result of the COVID-19 scenario are that firms who excel at dashboard creation combine analytics and decision-making techniques and distribute them widely across all linked channels.
|Base Year:||2020||Market Size in 2020:||US$ 5.1 Bn|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||11.1%||2028 Value Projection:||US$ 11.6 Bn|
Tableau Software Inc., SAP SE, IBM, Oracle Corporation, Microsoft Corporation, AWS, Sisense, Dundas Data Visualization Inc., TIBCO Software Inc., Qlik, GoodData, Domo, Klipfolio, Datafay, Whatagraph, Databox, Datapine, Alteryx, SAS Institute Inc., Alibaba Cloud, and MATLAB.
|Restraints & Challenges:||
North America held dominant position in the global data visualization tools market in 2020.
North America held dominant position in the global data visualization tools market in 2020, accounting for 34.2% share in terms of value.
Figure 1: Global Data Visualization Tools Market Share (%), By Region, 2020
Among regions, North America is expected to exhibit significant growth during the forecast period, in the global data visualization tools market. North America is anticipated to have the biggest market size, while Asia Pacific (APAC) is expected to expand at the fastest CAGR during the forecast period.
BFSI segment is expected to drive the market growth during the forecast period.
Among end use vertical, the BFSI segment is expected to hold dominant position in the global data visualization tools market during the forecast period. The BFSI vertical is expected to account for the largest market size during the forecast period.
Figure 2: Global Data Visualization Tools Market Value (US$ Bn) Analysis and Forecast, 2017 - 2028
The global data visualization tools market was valued at US$ 5.1 Bn in 2020 and is expected to reach US$ 11.6 Bn by 2028 at a CAGR of 11.1% between 2021 and 2028.
Major players operating in the global data visualization tools market include Tableau Software Inc., SAP SE, IBM ,Oracle Corporation, Microsoft Corporation, AWS, Sisense, Dundas Data Visualization Inc., TIBCO Software Inc., Qlik, GoodData, Domo, Klipfolio, Datafay, Whatagraph, Databox, Datapine, Alteryx, SAS Institute Inc., Alibaba Cloud, and MATLAB.
Data visualization is driving a change toward analytically driven businesses, where clients may review data in a variety of graphical representations that were previously only available in tabular reports. The data visualization industry is expected to grow due to the rising use of data visualization in small and medium enterprises (SMEs).
Various factors such as the growing demand for an interactive view of data for faster business decisions and increasing developments in Augmented Reality (AR) and Virtual Reality (VR) to enable the interaction of companies with data in 3D formats, are expected to drive the demand for data visualization tools. Data collected from E-commerce and social media websites is unstructured and difficult to analyze for the businesses. So these business organizations are increasingly using data visualization technology to plan their operations and forecast their forthcoming product launch or strategy in order to get structured data analysis and market insights. Data visualization tools are used in the cloud enable companies to conduct data analysis in a cost-effective and scalable manner. Through Business Intelligence (BI), organizations can discover business drivers and Key Performance Indicators (KPIs). Companies may use data visualization tools to remove superfluous data and identify patterns, insights, trends, and utilization strategies, allowing them to influence their data. For instance, banks can look at how online consumers arrived at the application page, which can help them figure out how to attract more customers. By using data visualization techniques, companies may get useful insights.
Factors such as a lack of expertise and funding, as well as a lack of technical capabilities for report development, are impeding the global data visualization tools market growth.
Key features of the study: