Global Data Visualization Tools Market was valued at US$ 6,500.0 Mn in 2022 and is expected to surpass US$ 15,600.0 Mn by 2030, exhibiting a CAGR of 11.56% during the forecast period (2023-2030). According to global data visualization tools market report, By deployment (On-premise and Cloud), By tool (Standalone and Integrated), By Organization Size (Large Enterprises, Small and Medium Enterprises (SMEs) Patrolling, Rescue Operation, and Other Types of Applications), By End User (BFSI, IT and Telecom, Retail and E-commerce, Healthcare, Manufacturing, Government, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East &Africa), as published by Coherent Market Insights.
Global Data Visualization Tools Market: Drivers
Rising Demand for Data Visualization in all Enterprises
Consumer data is tricky to analyze and tough to handle. Major business enterprises such as Amazon and FedEx uses data analytics practices. These companies also have developed specialized algorithms focused on the analyzing everyday needs of its customers by its in-house data scientists and analysts. Large corporations have access to a vast amount of data on their customers that aids in the creation of user profiles of their customers. Such user profiles can compile various user preferences and information, and uses it to target them with specific advertising and marketing campaigns, increasing the likelihood of a confirmed sale. However, many smaller (and even large) businesses does not have access to a large team of data scientists and analysts at their disposal, and can need to employ third-party data analytics and visualization solutions to help them with their data mining needs, as in-house solutions can be expensive. Moreover, data visualization solutions can help organizations to help identify and focus on their most profitable and revenue generator segment, which can immediately contribute positively toward the goals and needs of the corporation. Such factors are increasing need for data visualization solutions in modern business companies.
Global Data Visualization Tools Market: Restraints
Lack of skilled professional
Organizations often fail to classify where they need to allocate their resources, results in create the need of data visualization. Most organizations cannot harness the complete benefits of data visualization tools in the cloud due to the lack of awareness and professional expertise to utilize cloud-based data visualization tools optimally. Due to key factors, such as the shortage of skilled professionals or the complexity of data visualization tools, these organizations report problems in analyzing insights from a large volume of data. With increasing demand for emerging technologies such as AI (Artificial Intelligence), ML (Machine Learning), analytics, and IoT, businesses are looking for data scientists to be skilled with new-age technologies rather than older programming languages such as R, Ada, C, and Haskell.
Global Data Visualization Tools Market: Key Trend
Rise in demand of Visualization Platforms for Predictive Analysis and Software Advisory Services
Software companies such as Salesforce, Alteryx, Inc., are focusing on offering visualization tools inclusive of real-time analytics, which can be used for predictive analysis. With this feature, software companies are highlighting on accessing the updated information includes sales data for informed decision making and building well marketing strategies. Furthermore, predictive analytics-enabled visualization platforms also help to produce projections based on real-time data opted from visual data discovery tools. Additionally, visualization platform enables business executives and representatives to gain insights from a huge amount of unstructured data. This helps executives and representatives to provide best software advisory services to their customers. With all these capabilities and features, predictive analytics enabled visualization tools are currently trending in the market.
Global Data Visualization Tools Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 is an unprecedented worldwide public health crisis that has impacted nearly every business. Due to COVID-19 pandemic, there has been an increase in the usage of line charts, bar charts, and scatter plot maps in the news. Data visualizations technology made it easy to communicate vital information in simplified manner. For instance, in March 2020, according to Dimensional Insight, Inc., a technology Company, different organizations used visualizations of the coronavirus that allow the data be viewed, understood more simply and help everyone stay informed about Covid-19. Johns Hopkins University’s Center for Systems Science and Engineering has put the data visualization of the Covid-19, and mapping the outbreak in real time. Due to COVID-19 several healthcare organizations have started using interactive data visualization tools. This tool shows the number of cases, recoveries, and deaths. In post pandemic scenario, the data visualization tools market is expected to witness growth as various industries will start using data visualization tools.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/data-visualization-tools-market-4620
Key Takeaways:
Global data visualization tools market was valued at US$ 6,500.0 Mn in 2022 and is forecast to reach a value of US$ 15,600.0 Mn by 2030 at a CAGR of 11.56% between 2023 and 2030.
BFSI segment held dominant position in the global data visualization tools market in 2022, accounting for 33.2% share, in terms of value, owing to increasing approvals and launches of new products.
Global Data Visualization Tools Market: Competitive Landscape
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.
Global Data Visualization Tools Market: Recent Developments
In March 2021, Alteryx, Inc., a computer software company, partnered with Tech Data Corporation, which automates analytics, data science, and processes to accelerate business outcomes. This partnership aims at providing Tech Data Corporation and its partners access to the Alteryx, Inc., unified platform that simplifies analytics, data science, and process automation to accelerate digital transformation for customers.
In April 2020, Tableau Software, LLC, a data visualization corporation, launched the U.S. Census Bureau’s 2020 Response Rate Map that is used by Tableau Public to deliver an important and transformative tool to help city, county and state officials mobilize residents for data transparency to the Census.
