For half a decade, machine data has generated at an exponential rate thereby increasing demand for tools that can analyze this data and provide meaningful information. There are several techniques and methodologies that have been deployed to analyze these data sets and visual analytics is among them. This method allows enterprises to leverage new-age technology and gain insight into complex problems. The adoption of the advanced visual interface allows users to make use of data analysis capabilities of systems and make informed decisions in complex situations. Visual analytics is being used in several industries including insurance, technology, financial services, and healthcare to generate insights into customer needs. Banking, Financial Services and Insurance (BFSI) are the major users of visual analytics solutions across the globe. The growing need to streamline the security-related workload and the growing necessity of financial transaction data generated from various systems are aiding the growth of the market in the industry.
Among the function, IT services are expected to adopt visual analytics significantly to meet the demand for resolving IT-related problems in real-time thereby enhancing the business process across the industry.
Key Market Drivers and Restraints:
The growing demand for advanced analytics will drive the adoption of Visual Analytics
Visual analytics will witness significant demand from the customer service industry including BFSI, predominantly due to its ability to gather existing data. Furthermore, Visual analytics enables users to create meaningful insights from existing data and trends to help companies operating in the sectors. This results in improved services, reduce operational costs and increased revenue. However, due to the complexity of Visual analytics, integration with existing systems is posing a significant challenge in its adoptions. Also, there a lack of skilled professionals who are efficient in working with business intelligence tools, creating a challenging environment for the visual analytics market.
Adoption of visual analytics will be significant in IT function
Visual analytics has been implemented in several functions; however, IT will witness significant adoption during the forecast period. This is because the organizations are strategically planning to up bring the priorities and establish their goals to enhance the customer experience by streamlining their business processes. Furthermore, the organizations are also strengthening the communication across all levels of the organization, and allowing more fluid adoption of the changes and insights generated by Visual analytics.
Regional Market Scenario:
Asia-Pacific will lead the growth in this market
Emerging economies like China, India, Russia, and Brazil are key growth countries for Visual analytics. The increasing demand and challenges from local as well as global markets will allow the Asia Pacific to be the key growth region for Visual analytics. In the coming years, due to an increase in technology penetration and huge investments in advanced technologies, it is expected that the adoption of Visual analytics will significantly grow, to obtain insights from the data generated from customer interaction. India, China, South Korea, and other Asian countries will take maximum advantages of their key strengths and which will help the market growth in this region.
Key Market Players
• Verint Systems
• Tabaleu Software
• SAS Institute
• TIBCO Software
Market Segments: Visual Analytics Market
• By Deployment
• By Function
• Sales and Marketing
• Supply Chain
• By End-User
• Retail & eCommerce
• Telecom & IT
• By Region (tentative)
• North America
• Asia Pacific
• The Middle East and Africa
• South Africa
• South America
• Industry Associations
• Patent Websites
• Company Annual Reports
• Company Websites
• Key industry leaders
• Technology consultants
Key Questions Answered
• What are the key growth regions and countries?
• What are the important types and technologies being used?
• What are the market players doing, in terms of research and development?
• Which are the new applications for this market?
• What are the integrations happening?
• What is the recent news, developments, mergers, or large value deals?
• Where will the industry go in the long run?
• Component Providers
• Technology solution providers
• Regulatory Authorities
• Research and Innovation Organizations
• Suppliers and Distributors
• Other Channel Partners
• Quality Control Organizations