DATA VISUALIZATION TOOLS MARKET ANALYSIS

Global data visualization tools market was valued at US$ 6,500.0 Mn in 2022, exhibiting compound annual growth rate (CAGR) of 11.56% from 2023 to 2030.

Data visualization is a term that covers a wide range of applications such as rankings, dashboards, business intelligence, graphics, analytics, and big data. These technologies and concepts uses the notion of displaying data. It enables organizations to generate meaningful reports from an ever-increasing, diverse, and massive quantity of business data.

Global Data Visualization Tools Market: Regional Insights

North America had the largest market share in 2022, owing to rising big data and the demand for analytics in the retail industry. North America is a key market for technology-based solutions, and thus, there is rising need for collecting data from multiple sources and compiling it into various data representations, in order to make crucial business choices. North America is expected to have a 33.4 % substantial share in the global data visualization tools market. Data visualization market in the U.S. is expected to witness growth, owing to generating huge amount of data by small and medium-sized businesses (SMEs).

Asia Pacific is also estimated to witness significant growth in the global data visualization tools market over the forecast period. Asia Pacific is experiencing strong adoption of visualization tools, especially standalone visualization software. This increasing demand for visualization platforms in the Asia Pacific region is offering lucrative opportunities for software companies. To leverage these opportunities, several visualization platform corporations such as Tableau Software Inc., Microsoft Corporation are focusing on establishing their presence in the region through partnerships and advancements in visualizations platforms to extend their customer base. Such developments and investments by the companies are boosting the growth of Asia Pacific market.

Figure 1: Global Data Visualization Tools Market Share (%), By Region, 2022

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Global Data Visualization Tools Market- Drivers

Rising demand for Interactive View of Data in all enterprises

Majority of businesses uses a streamlined method that entails locating, gathering, and disseminating a lot of data. Tools for data visualization are used to speed up decision making process in businesses. In order to discover client preferences and patterns, extract strategic insights, and help maintain a balance between the demand and supply of new and existing items, the data should be made available with a standard visualization capability. Companies from all industries use data visualization technologies to easily interpret data and gain valuable business insights. Cloud-based data visualization tools provide businesses a scalable and affordable approach to analyses their data. Businesses can use BI (Business Intelligence) to identify business drivers and Key Performance Indicators (KPIs), owing to data visualization capacity. Data visualization tools help corporations to eliminate unnecessary data to determine insights, patterns, usage strategies, and trends, and this is expected to drive the market growth

Global Data Visualization Tools Market- Opportunities

Increasing Need to Generate Interactive Dashboards from Unused Data

Large amounts of data are produced by Google or Facebook. Data usage is essential for digital transformation of any firm. There is increase in usage of IoT (Internet of Things), and it is used to produce insights from all incoming data. Organizations use BI (Business Intelligence) in the modern corporate environment to make quicker and more important decisions. Social media businesses assemble a huge amount of data online. It is challenging to determine if an information source is reliable or not. The majority of the unstructured data gathered from different sources is not utilized. Older versions of connected documents and unstructured data like email correspondences and account information are not utilized to generate value to aid in business decision-making. For best usage, businesses make significant investments in data acquisition. Utilizing underutilized data can provide businesses important insights. Tools for data visualization provide ways to make usage of any wasted data. Global data visualization tools market is driven by growing requirement for extracting insights from underused data.

Global Data Visualization Tools Market- Trends

Growing Digitization Trends and Increased Digital Data Production

Digital data output has increased over the last few decades, owing to increasing usage of digital devices like smartphones and computers in the daily lives of common people.  Digital data output has increased, owing to growing acceptance of the Internet of Things (IoT) and the data generated by numerous IoT devices. It is challenging for data analysts to evaluate the vast amounts of digital data productions. Tools for data visualization and summarization must be used to analyse massive amounts of data, in order to discover data trends and present visualization of these huge amounts of data, which can optimize the process of decision making in many business sectors. Moreover, with the adoption of big tools and analysis solutions, there is huge demand for data visualization tools.

Global Data Visualization Tools Market- Restraints

 Variation in data formats

Data is key elements of a business that helps users in generating meaningful business insights. There is always difference in data, whether the data measures something as simple as the daily temperature or as complex as the success of a surgical procedure. Companies fail to analyze their data due to insufficient understanding. Employees are not aware about data, its storage, processing, importance, and sources. Data has spread throughout society, one of the elements that have become evident is that there is a huge variation in the levels of understanding. This could even be in a high-powered business setting, where people who are used to seeing basic excel graphs do not understand anything more complex. The idea of interactivity within visualized data is not something they would ever feel necessary. However, there are others who would benefit from more complex visualizations, where they can see as much as possible in as smaller space as they can, through interactive design or just more complex features. It is, therefore, difficult for those designing visualizations to match up to the wide-ranging understanding of data and data visualizations.

Global Data Visualization Tools Market- Impact of Coronavirus (Covid-19) Pandemic

The data visualization software has witnessed growth during the COVID-19 pandemic, owing to due to increased dependence on digital devices, and growing online presence of people during the period of COVID-19-induced lockdowns and social distancing policies, and this boosted demand for data visualization tools. This was critical for many businesses during the period as effective data visualization solutions helped businesses to come up with effective plans to cope with the evolving business landscape post the outbreak of the COVID-19 pandemic. For instance, according to a report published by Google’s data cloud summit, in May 2021, over 2000 business owners thought that data analytics and visualization tools were critical for their business operations and decision-making process. Similar trends were noticed all across the world that supported growth of the global data visualization tools market during the period. Moreover, the growing demand for remote operation tools during the social distancing phase of the pandemic further fueled the dependency on data visualization tools and solutions during the period.

Figure 2: Global Data Visualization Tools Market Share (%), By End User, 2022

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Global Data Visualization Tools Market- Segmentation

Global data visualization tools market is segmented into deployment, tool, organization size, end user, and region.

Based on End User, retail and e-commerce segment is expected to exhibit a significant CAGR during the forecast period. The quantity of data created by different sources such as social networks, blogs, and applications, is rapidly increasing in the E-commerce industry. The majority of unstructured data is unused, despite the fact that it can provide important information, if utilized. Companies all over the world are working on improving their networking, communication solutions, and gadgets, resulting in a massive amount of big data.

Global Data Visualization Tools Market- Key Developments

In January 2021, Salesforce, Software Company, launched Vaccine Cloud that helped government agencies, healthcare organizations, businesses, nonprofits, and educational institutions to rapidly, safely, and efficiently deploy and manage their vaccine programs. It helped governments, healthcare organizations, businesses, and non-profit organizations to manage and deploy vaccine programs for delivering vaccines through the Salesforce Customer 360 platform including mobility solutions, bots, analytics, and integration capabilities.

In April 2021, Salesforce, the global leader in CRM (Customer Relationship Management), announced that Sonos, the world’s leading sound experience company, is using Salesforce to transform its digital shopping capabilities, and to deliver more personalized customer experiences from anywhere

In May 2021, SAP SE, announced that BITZER, refrigeration and air conditioning technology manufacturer, has implemented the SAP Ariba Buying solution with guided buying capability to help streamline and digitalize its procurement operations

Global Data Visualization Tools Market: Key Competitors

Data visualization facilitates in the identification of inter-relationships between multi-dimensional collections of data as well as provides useful characteristics for comprehending them. As a result, the majority of small, medium, and large businesses are using data visualization techniques to analyze consumer purchasing and other business operating trends, in order to anticipate their future sales tactics.

Some of the key players in the global data visualization tools market are Tableau Software Inc., SAPSE, IBM, Oracle Corporation, Microsoft Corporation, AWS, Sisense, Dundas Data Visualization Inc., TIBCO Software Inc., Qlik, GoodData Corporation, Domo inc., Klipfolio, Inc., Whatagraph B. V., Databox, Inc., Datapine, Alteryx, Inc., SAS Institute Inc., Alibaba Cloud, and The MathWorks, Inc.

*Definition:

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