New York, US, May 12, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Visual Analytics Market by Deployment (On-Demand, On-Premise), by Component (Software, and Services), by Industry (IT, BFSI, Retail, Manufacturing, Military & Defense, Transportation & Logistics), by region– Forecast till 2030”.
The increasing adoption of visual analytics in the healthcare sector will boost market growth over the forecast period as it helps with exploring, analyzing, and communicating complicated healthcare data and enhancing decision-making. Visual analytics has the potential to improve healthcare outcomes by providing healthcare providers with real-time insights into complex data sets. By leveraging the power of visualization and interactivity, healthcare professionals can identify trends, make informed decisions, and improve patient outcomes. The different uses of visual analytics in healthcare comprise disease surveillance, population health management, clinical decision support, and patient engagement.
Visual Analytics Market Key Players -
Eminent industry players profiled in the global visual analytics market report include:
- IBM Corporation (U.S.)
- SAP (Germany)
- Oracle (U.S.)
- Tableau Software (U.S.)
- SAS Institute (U.S.)
- Qlik (U.S.)
- TIBCO Software (U.S.)
- Microsoft (the U.S.)
- MicroStrategy (U.S.)
- Alteryx (the U.S.)
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Visual Analytics Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 31.4 Billion |
| CAGR during 2022-2030 | 19.30% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Opportunities
Prevalence of ML and AI to offer Robust Opportunities
Analytics and data visualization benefit from rising AI & machine learning demand and implementation. AI and machine learning, which are on the rise, help organizations become more effective, precise, and efficient. The visual analytics market is rising as a result of the increased acceptance of these technologies.
Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness about visual analytics, dearth of skilled professionals, security concern, and high installation cost may act as market restraints over the forecast period.
Market Segmentation
The global visual analytics market is bifurcated based on industry, deployment, and component.
By component, services will lead the market over the forecast period.
By deployment, on-cloud will domineer the market over the forecast period.
By industry, IT will spearhead the market over the forecast period.
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COVID-19 Analysis
Due to the incidence of lockdowns in many nations throughout the world, the COVID-19 outbreak had a favorable effect on the visual analytics industry growth. Several manufacturing plants, physical stores, hotels, restaurants, amusement parks, and other places had to close due to lockdowns. Also, a variety of commercial and corporate offices were shut down, allowing companies to implement cutting-edge visual analytics technologies at a faster rate and boost overall business growth. In addition, the market for visual analytics saw a spike in new investments as a result of the rapid uptake of cutting-edge technology by significant firms. As a result, the market is growing more and more dependent on digital platforms for both customers and businesses.
Market Analysis
The global visual analytics market will touch USD 31.4 billion at a 19.30% CAGR by 2030, as per the present Market Research Future report.
Regional Analysis
North America to Lead Visual Analytics Market
North America held the majority of the global market share for visual analytics in 2021, and it is anticipated that it will continue to do so throughout the forecast period. This is due to technological developments, the emergence of new business models, and the quick uptake of business intelligence (BI), big data, and other related technologies by end users, all of which are having a positive effect on the market's expansion. The market in North America is anticipated to have the largest revenue share over the course of the forecast period that is primarily attributable to the region's developed economies, particularly the United States and Canada, which place a high priority on R&D-derived innovations and technologies.
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Other factors that are anticipated to contribute to the market's revenue growth include the region's developing IT sector, the development of the Internet of Things, cloud computing, and big data. One of the most significant geographical areas in the worldwide market for video analytics is North America. The area, especially the US, is home to many of the world's top investors and inventors in the field of technology. Also, the widespread use of end-user companies and the participation of regional governments in the construction of the infrastructure for video surveillance all contribute to the strong uptake of video analytics services in North America.
APAC to Have Admirable Growth in Visual Analytics Market
However, due to increased use of internet of things (IoT) and smart technologies, as well as government initiatives, Asia-Pacific is predicted to experience significant growth over the course of the projected period. As IoT and smart technologies are being used, along with other government programs like smart cities and digitization, the market revenue in the APAC region will grow at the quickest CAGR over the course of the projected year. At both local and national levels, digital government initiatives are growing swiftly in China. Now that the first generation of fundamental digitalization of government operations is complete, Chinese authorities are looking at how the cutting-edge technologies & big data may improve the government’s effectiveness further, both with regards to data-driven decision making & public services. As a result, the region's growing digitalization is anticipated to fuel market revenue development.
The visual analytics market is fragmented and fiercely competitive as a result of the presence of numerous domestic and international industry participants. To stay competitive and fulfill the clients & changing needs, they have employed a range of strategies, including joint ventures, collaborations, contracts, global expansions, new product releases, and more. In order to strengthen their portfolios and get a footing in the market, large firms are also heavily investing in R&D initiatives.
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Industry Updates
March 2023- The leading fundraising intelligence solution in the sector, iWave, is pleased to announce the release of its latest interactive dashboards & visual analytics for charitable, hospital, and educational institutions. With the help of the robust dashboards from iWave, organizations can quickly determine trends and potential business possibilities among their donors & prospects and make operational and strategic choices at a glance.
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