The global data visualization market size is projected to showcase significant growth on account of the increasing inclination towards visual analytics, scientific visualization, and information visualization by various small and large enterprises. Data visualization is the presentation of information or data in a graphical format and the tools used here help to layout the data in an accessible way and for better understanding statistics, graphs, and outliners. A recently published report by Fortune Business Insights, titled, "Data Visualization Market Size, Share and Industry Analysis, By Component (Software, Services), By Solution (Standalone Visualization Software, Embedded Data Visualization Module), By Enterprise Size (Small Enterprises, Medium Enterprises, and Large Enterprises), By Industry (BFSI, Construction and Real Estate, Consumer Goods, Education, Government, Healthcare and Pharmaceuticals, Information Technology, Services and Telecommunications, Research, Retail and E-commerce, Transportation and Logistics, and Others) and Geography Forecast, 2020 - 2027," states the value of the market stood at USD 8.85 billion in 2019 and is likely to rise at a CAGR of 10.2%, thereby reaching USD 19.20 billion by the end of 2027.
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What Are the Objectives of the Report?
The Data Visualization Market report provides a 360-degree overview of the market and focuses on key growth factors such as advantages, disadvantages, challenges, and upcoming opportunities of the market. It also throws light on the significant industry developments, currently prevalent trends, and other interesting insights into the market. The report offers charts and graphs of various segments of the market and provides future market figures predicted by analysts. It also discusses the nature of the market competition, list of players, and the crucial strategies adopted by them to gain a prominent position. For more information, log on to the company website.
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Drivers & Restraints-
Increasing Adoption from Retail and E-commerce Industries will Augment Growth
Data visualization helps to identify the inter-relation between multi-dimensional sets of data and provide practical features for interpreting them. Therefore, most of the small, medium, and large enterprises are adopting these tools for scrutinizing the customer buying and other business operational patterns to forecast their future sale strategies accordingly. This acts as a significant factor in promoting the data visualization market growth. Additionally, the increasing acceptance of such platforms for software advisory and predictive analysis is also set to aid in the expansion of the market in the forecast period.
On the contrary, the high cost of installing such tools may pose a significant drawback to the market in terms of revenue generation. This, coupled with the lack of centralized data security, may restrict the growth of the market.
Nevertheless, adoption of the Internet of Things (IoT) and artificial intelligence (AI) technologies are likely to result in a massive data pool for both unstructured and structured data, thereby creating better growth opportunities for the market in the coming years.
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Players to Focus on Geographical Expansion to Maintain their Position
The key players operating in this Data Visualization Market are engaged in merger and acquisition strategies to expand their geographical footprint and attract higher revenue in the coming years. Besides this, they are also investing in innovative technology-quipped solutions, such as natural language processing, artificial intelligence, and others to maintain a strong position in the market competition.
Key Industry Developments of the Market Include:
February 2019 - DataRobot Inc. and QlikTech International AB entered into a strategic partnership for the integration of automated machine-learning modelling directly into their platform. This will help the users to get access to predictive data and accordingly take decision-making steps.
Fortune Business Insights(TM) Data Visualization Market lists out the names of all the providers. They are as follows:
-- Alteryx, Inc. (California, United States)
-- Visually, Inc. (California, United States)
-- Adaptive Insights (Subsidiary of Workday, Inc.) (California, United States)
-- SAP SE (Walldorf, Germany)
-- Dundas Data Visualization, Inc. (Toronto, Canada)
-- IBM Corporation (New York, United States)
-- Domo, Inc. (Utah, United States)
-- Microsoft Corporation (Washington, United States)
-- QlikTech International AB (Pennsylvania, United States)
-- Highsoft AS (Sogn, Norway)
-- Looker Data Sciences, Inc. (California, United States)
-- ChartBlocks Ltd. (New York, United States)
-- Tableau Software, LLC (California, United States)
-- Cluvio GmbH (Berlin, Germany)
-- Sisense, Inc. (New York, United States)
-- Other vendors
Quick Buy - Data Visualization Market:
Table Of Content:
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