Data Visualization Tools Market worth $10.2 billion by 2026, growing at a CAGR of 11.6%: Report by MarketsandMarkets™

Chicago, July 26, 2023 (GLOBE NEWSWIRE) -- The global Data Visualization Tools Market size is projected to grow from $5.9 billion in 2021 to $10.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period, according to a new report by MarketsandMarkets™.

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.

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The Data Visualization Tools Market has witnessed several advancements in terms of tools offered by the industry players. Verticals such as manufacturing, retail, and energy and utilities have witnessed a moderate slowdown, whereas BFSI, government, and healthcare and life sciences verticals have witnessed a minimal impact. The COVID-19 pandemic has given rise to increased use of line charts, bar charts, and choropleth maps in the news. Simple data visualizations have become the key to communicating vital information about the coronavirus pandemic to the public. While these terms might not be familiar to all, the visualizations themselves certainly are. One of the most interesting developments due to the current COVID-19 crisis is that organizations that excel at the developments of dashboards centralize analytics and decision-making approaches and scale them exponentially across all connected channels.

The Data Visualization Tools Market by tools, is segmented into standalone and integrated. The standalone segment is expected to have at the larger market size during the forecast period. Standalone tools help businesses identify factors that affect customer behavior, pinpoint areas that need to be improved or need more attention, make data more memorable for stakeholders, understand when and where to place specific products, and predict sales volumes.

The SMEs segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed due to the growing need of SMEs to store data of the growing target audience across the globe and extract greater value from the data are expected to drive the adoption of data visualization tools among SMEs. SMEs are more open toward the adoption of new technologies to smoothen and enhance business processes.

The cloud deployment mode segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed due to easy deployment and minimal capital requirement benefit of cloud technology facilitate the adoption of the cloud deployment model. The adoption of cloud technology solutions is expected to be supported by the COVID-19 pandemic, as lockdowns and social distancing practices are encouraging companies to move to cloud solutions that can be managed remotely.

The marketing and sales business function segment is expected to account for the largest market size during forecast period. The growth can be attributed as data visualization tools enable sales managers to monitor sales performance against quarterly goals for revenue, the percentage of closed deals, and status of the deal stages in the sales funnel. Data visualization tools also help them in planning marketing strategies.

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The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. To gain access to unstructured data such as output from medical devices, image reports, and lab reports is not useful to improve patient health. Healthcare providers are adopting data visualization tools that help them to gather real-time data insights to improve patient health.

North America is expected to account for the largest market size during the forecast period. The region is witnessing significant technological advancements in the data visualization tools space due to the presence of prominent data visualization tools vendors. The growth of the region can also be attributed to the growing focus of companies on investments for cloud-based data visualization tools which support real-time data. APAC is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to increased take-up of digital technologies among consumers as well as businesses in key countries, such as China, India, and Japan.

Major vendors in the global Data Visualization Tools Market include Salesforce (US), SAP (Germany), Microsoft (US), Oracle (US), IBM (US), AWS (US), Sisense (US), Alteryx (US), SAS Institute (US), Alibaba Cloud (China), Dundas (Canada), TIBCO Software (US), Qlik (US), GoodData (US), Domo (US), Klipfolio (Canada), Datafay (US), Zegami (England), Live Earth (US), Reeport (France), Cluvio (Germany), Whatagraph (The Netherlands), Databox (US), Datapine (Germany), Toucan Toco (France), and Chord (US).

Top Trends in global Data Visualization Tools Market:

• Interactive and Real-Time Visualization: Data visualization equipment are an increasing number of focusing on supplying interactive and real-time competencies to users. This permits for greater dynamic and instant insights into data, empowering customers to make quicker and data-driven decisions.
• Advanced Analytics Integration: Data visualization equipment are integrating extra superior analytics features, such as desktop gaining knowledge of algorithms and predictive analytics, to allow customers to obtain deeper insights and find hidden patterns inside the data.
• Mobile-Friendly Visualizations: With the upward jostle of cell devices, facts visualization equipment have been adapting their interfaces to be extra mobile-friendly, enabling customers to get right of entry to and engage with records on the go.
• Data Storytelling: Storytelling via facts visualization has grow to be a necessary trend, as groups and groups are looking for to speak complicated insights in a extra enticing and on hand manner. Tools are presenting facets that facilitate developing data-driven narratives.
• Big Data Visualization: As the volume, velocity, and range of information proceed to grow, information visualization equipment are adapting to manage big datasets and furnish significant visible representations of this information.
• Integration with Business Intelligence (BI) Platforms: Data visualization equipment are integrating greater seamlessly with BI platforms, permitting customers to mix facts from more than a few sources and create complete dashboards and reports.
• AI-Powered Visualization: Artificial talent is being leveraged to decorate facts visualization capabilities, from mechanically deciding on the most gorgeous chart kinds to suggesting insights primarily based on patterns in the data.
• Augmented Reality (AR) and Virtual Reality (VR) Visualization: While nonetheless emerging, AR and VR applied sciences are beginning to be included into statistics visualization tools, presenting immersive and novel methods to discover data.
• Data Security and Privacy: With the growing focal point on information safety and privacy, facts visualization equipment are imposing extra sturdy safety measures to shield touchy information.
• Cloud-Based Visualization Solutions: Cloud-based information visualization equipment have received reputation due to their scalability, ease of access, and collaborative capabilities.

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Key Industry Development in global Data Visualization Tools Market:

• Increased Demand for Self-Service Analytics: Businesses throughout industries have been embracing self-service analytics, main to a greater demand for records visualization equipment that empower non-technical customers to create their very own visualizations and achieve insights from information except relying on IT or information science teams.
• Integration with Data Preparation Tools: Data visualization equipment have been integrating extra intently with information instruction tools. This integration streamlines the manner of facts cleansing, transformation, and visualization, permitting customers to work with cleaner and extra correct facts for analysis.
• Collaboration and Sharing Capabilities: Data visualization equipment have been focusing on bettering collaboration features, enabling groups to work collectively on shared tasks and dashboards. Real-time collaboration, commenting, and sharing selections have grow to be extra prevalent.
• Embedded Analytics: Many facts visualization equipment now provide embedded analytics capabilities, permitting groups to combine visualizations at once into their purposes or websites. This permits end-users to get right of entry to insights inside the context of their each day workflows.
• Mobile-First Approach: Data visualization device builders have been prioritizing mobile-friendly interfaces, recognizing the growing use of cellular gadgets for records consumption and analysis. Mobile apps and responsive designs have end up trendy features.
• Integration with Cloud Services: Cloud-based records visualization tools have won widespread traction due to their flexibility, scalability, and ease of deployment. Integration with famous cloud structures like AWS, Azure, and Google Cloud has emerge as extra widespread.
• Natural Language Processing (NLP) Integration: Some records visualization equipment have started out integrating NLP capabilities, enabling customers to engage with records and create visualizations the usage of herbal language commands.

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