VANCOUVER, BC, Jan. 26, 2022 /PRNewswire/ -- The global data visualization market size was USD 9.48 Billion in 2020. Continuous developments in data visualization solution are driving market revenue growth during the forecast period. Various factors such as generation of large data volumes and rising need for multi-device access facilities are driving adoption of data visualization tools by large-, medium- and small-scale enterprises globally.
Drivers: Rising need for interactive virtual representation of data for speedy business actions
Data visualization enhances presentation of data and makes it easy to understand. Various data visualization elements such as graphs, charts, tables, and tools are being widely used to communicate data insights, which also helps in fast decision making. Furthermore, using cloud computing adds flexibility to the process of managing and scaling high-volume data and deriving useful value out of it. Hence, rising demand for quick decision making and rapid adoption of cloud computing are key factors expected to continue to drive market revenue growth during the forecast period.
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Restraints: Lack of skilled workers
Proper implication of data valuation requires sound technical knowledge of data valuation tools and software. Lack of skilled resources as well as high implementation costs are key factors hindering market revenue growth.
Growth Projections
The global data visualization market size is expected to reach USD 20.16 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Emergen Research. Rapid adoption of data visualization tools and software among small- and medium-scale enterprises is expected to continue to boost market revenue growth during the forecast period.
COVID-19 Direct Impact
The COVID-19 pandemic had major impact on global economic conditions, which also affected global data visualization market. Severe slowdown in the global technology industry due to halt in current and upcoming projects had resulted in significant decrease in demand for data visualization tools and solutions. However, towards the end of first quarter of 2021, the market began to regain some pace with an increase in demand for data visualization tools to track the impact of COVID-19. With growing use of line charts, bar charts, and choropleth maps in news and social media platforms, simple visualization tools have become a key mode of communicating data with the general public. As a result, the market is projected to register more than average revenue growth rate during the pandemic for a few years going ahead.
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Current Trends and Innovations
Innovation and advancement in data visualization tools have helped market achieve significantly higher revenue growth. For example, with the launch of Slack-First Analytics application, Tableau is providing greater access to insights from slack. Slack analytics dashboard gives a better insight into an organization.
Geographical Outlook
Market in Asia Pacific is expected to register a significantly rapid revenue growth rate during the forecast period due to growing awareness among various companies to explore new patterns in data silos. Furthermore, commercialization of artificial intelligence (AI) and machine learning (ML) technologies in developing countries such as China and India is boosting demand for data visualization tools in this region.
Strategic Initiatives
In March 2021, Alteryx Inc., which is a California-based computer software company partnered with Tech Data with the aim of simplifying analytics, data science, and process automation to accelerate digital transformation for customers.
Some Key Highlights from the Report
- Support services segment revenue is expected to register a significantly robust growth rate during the forecast period, owing to rapid adoption of data visualization tools across various verticals for providing decision making support. Data visualization accelerates the process of decision making by offering convenient representation of data for easier communication.
- Small enterprises segment revenue is expected to register a significantly steady growth rate during the forecast period. Small enterprises as well as startups have good growth opportunities and huge requirement for data visualization tools, which is expected to drive revenue growth of this segment in future.
- Education segment accounted for a significantly large revenue share in 2020. Data visualization provides high-level insights for higher education and assists administration in decision making. As a result, demand for data visualization tools and software are increasing rapidly in the education sector.
- Some major companies included in the global market report are Alteryx Inc., InetSoft Technology Corp., Microsoft Corporation, Oracle Corporation, SAP SE, IBM Corporation, SAS Institute Inc., TIBCO Software Inc., Tableau Software LLC, and Dundas Data Visualization Inc.
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Emergen Research has segmented the global data visualization market on the basis of component, deployment, enterprise, end use, and region:
- Component Outlook (Revenue, USD Million, 2018-2028)
- Software
- Standalone Visualization Software
- Embedded Data Visualization Module
- Solution
- Services
- Consulting Services
- Support Services
- Deployment Outlook (Revenue, USD Million, 2018-2028)
- Cloud
- On-premises
- Enterprise Outlook (Revenue, USD Million, 2018-2028)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
- End Use Insights Outlook (Revenue, USD Million, 2018-2028)
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecom
- Retail and e-Commerce
- Healthcare and Life Sciences
- Education
- Transportation and Logistics
- Government and Public Sector
- Other End Uses
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- Regional Outlook (Revenue, USD Million, 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest Of MEA
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