Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global data visualization market size is projected to reach USD 19.20 billion by 2027, exhibiting a CAGR of 10.2% in the forecast period. The rising adoption of visual information, analytics, scientific visualization, and other tools from business enterprises is expected to boost the demand for the product and people market growth shares Fortune Business Insights™ in its report titled "Data Visualization Market, 2020-2027."
Businessmen are investing heavily in the visualization of information and business statistics as they help to enhance analytics. For example, Salesforce.com undertook an acquisition of Tableau Software LLC in August 2019 to improve its analytical activities and offer insights to the consumers through artificial intelligence. Companies are utilizing visualization tools to analyze the company's sales performance and devise effective strategies to improve performance and make product launches. It provides the organization with real-time data by using a visual data detection system and gains insights from a huge clutter of data. It is used in several industries such as information technology, retail, e-commerce, and telecommunications. Hence, the technology adoption for mapping out data and providing an insightful analysis is expected to boost the demand for the product and fuel market growth.
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Impact of COVID-19
High Utilization of Visualized Data to Track Disease Spread will Bolster Market Growth
Several business enterprises are utilizing the software during the COVID-19 pandemic to track the spread of the infection and announce products accordingly to avoid loss. It helps the business organization to map out strategies and undertake measures to improve its positioning. The recent wave of lockdown in certain countries and the alarming spike in cases is expected to increase the sales of the visualization tools and positively affect the market growth.
Segments
By component, the market is segmented into software and services. As per the solution, it is bifurcated into standalone visualization software and embedded data visualization module. Based on enterprise size it is divided into small enterprises, medium enterprises, and large enterprises. On the basis of industry, it is classified into BFSI, construction and real estate, consumer goods, education, government, healthcare and pharmaceuticals, information technology, services and telecommunications, research, retail and e-commerce, transportation & logistics, and others. Regionally, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
This report analyzes the top segments and the recent trends. It comprehensively discusses the impact of COVID-19 on the market and the driving and restraining factors. Additionally, it examines the regional developments and the strategies implemented by the market's key players.
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Drivers and Restraints
Acceptance of Visualization for Structured Data Will Enable Speedy Market Expansion
Over the past few years, the data collected from the internet was cluttered and unstructured, resulting in inconveniency for organizations to streamline data. To gain structured data analysis and insights on the market, business organizations are increasingly adopting the technology to plan their activities and estimate their upcoming product launch or strategy. The visualization technology incorporates artificial intelligence (AI) and machine learning (ML) technologies to map out a detailed data-based report for the organizations. It provides personalization to the firms to understand statistics. For example, Deloitte Touche Tohmatsu Ltd announced a public data visualization using advanced technologies such as AI, ML, and blockchain to provide informative data. Further, companies are acquiring other players to enhance their technology. For example, Alphabet Inc. announced that Google LLC had planned the acquisition of data analysis software Looker Data Sciences in June 2019 for approximately USD 2.60 billion for providing a platform that enables to connect, visualize, and collect statistics from several platforms. The rising adoption of the software by major companies because of the advanced technology is expected to drive the data visualization market for the forecast period.
However, higher cost for the adoption of visualization system is expected to hinder the market growth.
Regional Insights
Presence of Major Companies in North America to Bolster Market Growth
North America is projected to dominate the market share because of the presence of companies and the adoption of data analysis systems across several industries. Additionally, the rising investment of business enterprises in the visualization system is expected to positively impact the market.
The European region is expected to exhibit a substantial CAGR because of the strong demand for analytical tools in the e-commerce, transportation, and retail sectors.
The Asia Pacific region is expected to grow significantly because of the increasing demand for visualization software as it offers them a huge opportunity to improve their business operations.
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Competitive Landscape
Key Players to incorporate Partnership Strategies to Support Industry
Companies have incorporated partnership strategies for incorporating data analysis technologies and help offer their consumers precise data. For example, QlikTech International AB engaged in a partnership with DataRobot Inc. in February 2019 to fuse machine learning technology in the data analysis software to enable users to obtain precise predictive data to help them make effective decisions in business. Further, companies have expanded their relationship with other players to provide their consumers with flexible cloud services. For example, Tableau Software, LLC expanded their strategic cooperation with Amazon Web Services, Inc. by launching "Modern Cloud Analytics (MCA) that enables them to accurately measure analytics and obtain flexible cloud-based self-service analytics.
Industry Developments
April 2020: Tableau Software, LLCpartnered with the U.S. Census Bureau to launch a Response Rate Map that provides data transparency to Census and improves the consumer's experience.
List of Key Players Profiled in the Data Visualization Market Report
- Adaptive Insights
- Alteryx Inc.
- ChartBlocks Ltd.
- Cluvio GmbH
- Domo, Inc.
- Dundas Data Visualization, Inc.
- Highsoft AS
- IBM Corporation
- Looker Data Sciences
- Microsoft Corporation
- QlikTech Corporation
- SAP SE
- Sisense, Inc.
- Tableau Software, LLC
- Visually, Inc.
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Table Of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- COVID-19 Impact Analysis
- Global Data Visualization Market Analysis, Insights and Forecast, 2015-2027
- Key Findings / Summary
- Market Size and Forecast – By Component (Value)
- Software
- On Premise
- Cloud
- Services
- Consulting Services
- Support Services
- Software
- Market Size and Forecast – By Solution (Value)
- Standalone Visualization Software
- Embedded Data Visualization Module
- Market Size and Forecast – By Enterprise Size (Value)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
- Market Size and Forecast – By Industry (Value)
- BFSI
- Construction and Real Estate
- Consumer Goods
- Education
- Government
- Healthcare and Pharmaceuticals
- Information Technology, Services and Telecommunications
- Research
- Retail and E-commerce
- Transportation and Logistics
- Others (Veterinary, Environmental Services, Non-Profit Organization Management etc.)
- Data Visualization Market Size and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Data Visualization Market Analysis, Insights and Forecast, 2015-2027
- Key Findings / Summary
- Market Size and Forecast – By Component (Value)
- Software
- On Premise
- Cloud
- Services
- Consulting Services
- Support Services
- Software
- Market Size and Forecast – By Solution (Value)
- Standalone Visualization Software
- Embedded Data Visualization Module
- Market Size and Forecast – By Enterprise Size (Value)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
- Data Visualization Market Size and Forecast – By Industry (Value)
- BFSI
- Construction and Real Estate
- Consumer Goods
- Education
- Government
- Healthcare and Pharmaceuticals
- Information Technology, Services and Telecommunications
- Research
- Retail and E-commerce
- Transportation and Logistics
- Others (Veterinary, Environmental Services, Non-Profit Organization Management etc.)
- Market Size and Forecast – By Country (Value)
- United States
- Canada
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