Pune, Aug. 10, 2023 (GLOBE NEWSWIRE) -- “As per the SNS Insider report, the Data Visualization Tools Market was valued at approximately $6.99 billion in the year 2022. It is projected to attain a valuation of around $16.08 billion by the year 2030, exhibiting a compound annual growth rate (CAGR) of roughly 10.98% during the forecast period spanning from 2023 to 2030.”
Market Overview
Data visualization tools are software applications or platforms that facilitate the creation of graphical representations of data sets, enabling users to gain insights, identify patterns, and communicate information effectively. These tools play a crucial role in transforming complex and often large datasets into easily understandable visual formats, such as charts, graphs, maps, and interactive dashboards. By presenting data visually, these tools make it easier for individuals, businesses, and organizations to make informed decisions, communicate findings, and discover trends that might otherwise remain hidden in raw data.
Market Analysis
In the rapidly evolving landscape of data-driven decision-making, data visualization tools have emerged as essential components for businesses and organizations seeking to extract meaningful insights from their data. The data visualization tools market is poised for significant growth due to a convergence of factors that are shaping the business environment. In today's competitive landscape, data-driven decision-making is crucial for staying ahead. Data visualization tools provide a clear and comprehensive view of data, facilitating better understanding of trends, patterns, and correlations. This, in turn, empowers businesses to make informed decisions and seize opportunities swiftly. Predictive analytics is gaining traction as organizations seek to anticipate future trends and outcomes. Data visualization tools play a pivotal role in illustrating predictive models, making it easier for users to grasp the potential implications of various scenarios.
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Key Players Included in this Report are:
- SAP
- Microsoft
- Oracle
- IBM
- AWS
- Sisense
- Alteryx
- SAS Institute
- Alibaba Cloud
- Dundas & Other Players
Impact of Recession on Data Visualization Tools Market Growth
A recession can influence the data visualization tools market by causing budget constraints, delayed purchasing decisions, increased competition, and a shift in customer priorities. However, it can also foster a greater emphasis on efficiency, subscription models, open-source tools, and predictive analytics capabilities. The long-term impact depends on how businesses adapt and evolve their strategies during and after the recession.
Data Visualization Tools Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 6.99 Bn |
| Market Size by 2030 | US$ 16.08 Bn |
| CAGR | CAGR of 10.98% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Data Visualization Tools Market: Key Segmentation | • By Tool (Standalone, Integrated) • By organization size (Large Enterprises and Small and Medium-sized Enterprises) • By deployment mode (On-premises and Cloud) • By business function (Marketing and Sales, Human Resources, Operations, and Finance) • By vertical (BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Manufacturing, Transportation and Logistics, Telecommunications and IT, Other Verticals) |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Get an Excel-Data Sheet of the Data Visualization Tools Market with Detailed Analysis (Sheet Included Market Size & Share of Regions, Countries, and Continents Data) | Get Excel-Data Sheet |
Impact of the Russia-Ukraine War
While the direct impact of the Russia-Ukraine war on the data visualization tools market might not be immediately discernible, its ripple effects through the global economy, regional demands, and strategic decision-making processes could potentially shape the industry's trajectory. The degree of impact would likely depend on the duration, intensity, and geographic reach of the conflict's consequences.
Key Regional Developments
North America, often considered a global technology hub, remains a driving force in the data visualization tools market. With the presence of tech giants, startups, and research institutions, the region witnesses continuous innovation and development of cutting-edge visualization tools. In Europe, the adoption of data visualization tools varies significantly across different countries due to varying industry strengths and regulatory environments. The Asia-Pacific region is experiencing rapid economic growth and widespread digital transformation, which fuels the demand for data visualization tools.
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Key Takeaway from Data Visualization Tools Market Study
- The BFSI segment and Large Enterprises are set to dominate the market due to their complex operational needs and the pivotal role of data-driven insights in their decision-making processes. By leveraging the capabilities of these tools, these segments are poised to gain competitive advantages, adapt to changing market conditions, and remain agile in their respective industries.
- As data continues to grow in importance, the demand for advanced and user-friendly data visualization tools is only expected to increase, further driving the dominance of these segments in the market.
Recent Developments Related to Data Visualization Tools Market
- TIBCO's latest release of Spotfire, version 12.2, marks a significant advancement in the world of data analytics and visualization. This release introduces a dynamic combination of streaming capabilities and enhanced data science tools, further solidifying Spotfire's position as a versatile platform for data-driven decision-making.
- In a groundbreaking partnership, Foursquare and Amazon are joining forces to integrate Foursquare's rich geospatial data into Amazon SageMaker, revolutionizing the field of data visualization. This collaboration will enable businesses and researchers to harness the power of Foursquare's extensive location-based insights within the Amazon SageMaker environment.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Data Visualization Tools Market Segmentation, by Tool
9. Data Visualization Tools Market Segmentation, by organization size
10. Data Visualization Tools Market Segmentation, by deployment mode
11. Data Visualization Tools Market Segmentation, by business function
12. Data Visualization Tools Market Segmentation, by Vertical
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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