Global data visualization tools market was valued at US$ 5.1 Billion in 2020 and is expected to surpass US$ 11.6 Billion by 2028, registering a CAGR of 11.1% during the forecast period (2021-2028), according to the Global Data Visualization Tools Market Report, by Deployment (On-premise, and Cloud), by Tool (Standalone, and Integrated), by Organization Size (Large Enterprises, Small and Medium Enterprises (SMEs)), by End Use Vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Manufacturing, Government, and Other), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Global data visualization tools market is expected to grow by 2028, driven by factors such as increasing demand for an interactive view of data for faster business decisions and increasing developments in Augmented Reality (AR) and Virtual Reality (VR) to enable companies to interact with data in 3D formats.
BFSI, government, healthcare, retail and E-commerce, manufacturing, telecommunication, IT and logistics, are the end use verticals of data visualization tools market. During the forecast period, the BFSI sector is likely to dominate the market. Data visualization tools enable sales managers to track sales performance against quarterly revenue objectives, the proportion of closed transactions, and the status of deal stages in the sales funnel, which has contributed to the market growth. Data visualization tools assist companies to plan future strategies. Unstructured data, such as output from medical equipment, picture reports, and lab results, are not valuable in improving patient health. Data visualization technologies are being used by healthcare professionals to assist them obtain real-time data insights and enhance patient’s health.
During the forecast period, North America region is estimated to account for the highest market share. Because of the presence of important data visualization tools providers in the region, the region is seeing substantial technical developments in the global data visualization tools market. The region's development can also be linked to firms' increasing attention on cloud-based data visualization technologies that enable real-time data. During the projection period, Asia Pacific is expected to expand at the fastest rate. Increased use of digital technology by individuals and enterprises in important nations such as China, India, and Japan has driven the expansion of data visualization tools market. Additionally, new investments and technological developments are driving the growth of data visualization tools market.
Global Data Visualization Tools Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 is an unprecedented worldwide public health crisis that has impacted nearly every business. Due to Covid-19 pandemic, there has been an increase in the usage of line charts, bar charts, and scatter plot maps in the news. Data visualizations technology made easy to communicate vital information in simplified manner. Due to COVID-19 several healthcare organizations have started using interactive data visualization tools. In post pandemic scenario the data visualization tools market will see the growth as various industries will start using data visualization tools.
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