The advancements in data visualization technologies offering improved decision-making, collaboration and operational execution are expected to provide opportunities for the global Data visualization market.
Data visualization is a process where large amounts of complex data is converted into charts, graphs, and other visuals driving decision betterment for organizations. This has offered countless benefits to the organizations and has boosted the global data visualization market. This market growth of the data visualization market is anticipated to grow approximately up to USD 20.17 billion, fostering at a CAGR of 11% by 2028.
Data visualization also facilitates effective use of data and insights to non-technical user-base. Data visualization is usually triggered by IT businesses, besides others, wherein firms bank upon data visualization practices for interpretation and sharing of critical and hidden yet valuable insights involving quantitative information. The primary aim of data visualization is to convert information into visually appealing format such as chart, graph or maps to improve comprehensive understanding. Explaining a movie plot with the help of data visualization can also be classed under application of data visualization technology.
The future and existing market conditions of the data visualization market is progressive. Key factors having a major influence on the data visualization market present various opportunities for growth in the forecast period. Factors such as good returns, business efficiency, cost effectiveness, etc are driving the data visualization. Also, data visualization when coupled with advanced AI and machine learning technologies offer around three times higher returns to the businesses.
This is inclining more users to adopt integrated data visualization tools boosting the data visualization software market. However, the greatest barriers likely to hamper market growth are unskilled team, insufficient budget, lack of scalability, and others. Furthermore, increasing investments, advanced data visualization technologies offered at best prices are likely to be ripe opportunities for the global data visualization market.
Adroit Market Research report on the global data visualization market presents a global outlook of the market from 2018 to 2028 considering the base year as 2020 and forecast years as 2021-2028. The report focuses on the important factors such as drivers, threats, opportunities, and challenges that ceaselessly shape the market. The report covers the previous two years of the market and current year, inclusive of the latest trends in the market.
The report evaluates the entire market prognosis based on Porter’s Five Forces Model and benchmarks the various market participants according to geographical dominance, market revenue, and growth journey. Additionally, the product portfolios, strategic initiatives undertaken to recover from the pandemic led market disruption are explained in detail.
The market vendors and innovators are facing solid competition in the market. Also, to benchmark themselves against the rest of the market, the data visualization market players are incorporating several strategies like mergers & acquisition launching advanced data visualization software tools and inking agreements with prominent players.
Depending upon the organization department segment, the market is bifurcated into key categories namely executive management, marketing, and operations. The executive management segment stands to amass record growth in the forecasted years.
Depending upon the deployment mode segment, the market is bifurcated into key categories namely on-premise and Cloud/On-demand. The on-premise segment may see higher growth rate as compared to the cloud-based segments as the on-premise segment is more secure and easier to use than the cloud-based segment.
Depending upon the end user segment, the market is bifurcated into key categories namely BFSI, IT, Telecommunication, and Education. The BFSI segment is anticipated to gather considerable revenue in the market in the coming years.
The North American region is estimated to harness the maximum growth during the forecast years 2021-2028. The growth of the global data visualization market in this region is mainly due highly skilled team present in organizations, high investments in advanced technologies for operational benefits and presence of prominent tech firms in the region adopting data visualization software tools.
The key innovators and vendors operating in the data visualization market are MicroStrategy, InetSoft Technology, Dundas Data Visualization, Information Builders, IBM, TIBCO, Oracle, Microsoft, SAS Institute, SAP SE, Pentaho and Salesforce among others. The market players are providing new and advanced technologies in the market that is inclining more users to adopt the data visualization tool for various purposes.
Key Segments of the Global Data Visualization Market
Organization Department Overview, 2018-2028 (USD Billion)
- Executive Management
Deployment Mode Overview, 2018-2028 (USD Billion)
End User Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa