Data Visualization Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Data Visualization Market Analysis
The global data visualization market is growing at a CAGR of 9.69% over the forecast period. The emerging nature of data visualization encourages a shift toward analytically driven businesses, where users can explore data in various forms of graphical representation, initially only available in tabular reports.
- The growing penetration of digital technologies into business functions across various industries drives the market’s growth. As the digitization of processes continues across all major industries, the focus of enterprises toward capitalizing on the huge volumes of data generated is increasing, boosting the demand for data visualization solutions. Hence, data visualization tools are also becoming more critical to help end -users make sense of the huge amount of data generated daily.
- The growth in big data obtained from the increasing number of internet and social media users, multi-device access to visualization, customized reports for specific roles, ongoing training for business users, and constantly changing optimizing dashboards are contributing to the growth of the market.
- The data visualization market has a wide range of applications across various industry verticals using different software or tools. Data visualization solutions help provide insights from the data quickly. The retail industry is one of the biggest beneficiaries. In addition, the increasing adoption of data visualization in small and medium enterprises is expected to fuel the growth of the data visualization market.
- The lack of a skilled workforce is hindering the market growth. There is a significant increase in the requirement for data analytics and data visualization tools. According to the IBM Quant Crunch, up to 2.72 million jobs requiring data science skills were expected to be in 2020, making it one of the highest-demand roles across industries. College graduates from MIS/CS departments know little about database modeling or real-world database environments.
- The COVID-19 pandemic has created a substantial socio-economic predicament, which resulted in the temporary collapse and closure of thousands of businesses worldwide. Businesses worldwide are compelled to make significant changes to their operations, such as downsizing, products, and service diversification. To address these changes quickly, companies need to adopt or capitalize on their business intelligence strategies through agile risk management, artificial intelligence systems, and data visualization to enable users to make informed decisions to enhance business operations amid COVID-19.
Data Visualization Industry Segments
Data visualization represents a wide range of business applications. Visualizing data is a concept that is used in different terms and technologies, including dashboards, infographics, scorecards, analytics, big data, and business intelligence. Data Visualization helps extract a meaningful report from the diverse and rapidly increasing volumes of business data. Many users believe that using big data by data visualization helps in better decision-making.
The Data Visualization Market is segmented by Organization Department (Executive Management, Marketing, Operations), Deployment Mode (On-premise, Cloud/On-demand), End User (BFSI, IT and Telecommunication, Education), and Geography.
|Other Organizational Departments|
|IT and Telecommunication|
|Other End Users|
|Middle East & Africa|
Data Visualization Market Trends
This section covers the major market trends shaping the Data Visualization Market according to our research experts:
Retail to Witness Significant Growth
- The retail sector is witnessing massive growth in the amount of data generated from various channels, such as social sites, blogs, and apps. Most of the unstructured data produced are left unused, which, if utilized, may provide valuable information. The incorporation of the Internet of Things (IoT) in the retail sector has increased over the past few years through the increased utilization of devices, such as RFID and sensors.
- The retail industry utilizes data visualization tools as real-time decision support systems. With real-time analytics, it becomes easy for retail organizations to detect events, such as low inventory or high customer traffic, without writing custom code for alerts for every possible scenario that needs attention. This would enable even non-technical staff to monitor these events easily and respond immediately.
- Retailers worldwide are trying to embrace data visualization to understand their customers at every stage of the retail process. Data visualization tools provide the benefit of predicting trends, product demand, and competitive intelligence, thereby reaping the maximum profit potential.
- According to Accenture and the Retail Industry Leaders Association (RILA), the importance of retailers providing personalized shopping experiences has increased, indicating an evolved definition of retail that requires meeting customers' requirements. It also enables manufacturers to go for mass customization.
- Retailers have been focusing on enhancing their connectivity, communication solutions, and devices, generating a massive amount of big data. This is further analyzed to study a consumer's pattern and purchasing behavior, which in turn is expected to propel market growth over the forecast period.
To understand key trends, Download Sample Report
North America to Hold Significant Share
- North America is a prominent market owing to the growing adoption of advanced technologies by end-user industries across the region. Moreover, the area has a strong foothold of vendors, contributing to the market's growth. Data visualization applications in North America are driven by factors such as growth in big data and the need for analytics in the retail sector.
- The US data visualization market is witnessing healthy growth due to the increasing amount of data generated in small- and medium-scale firms. For instance, a massive amount of data is being developed on digital information platforms every day. According to IBM Corporation, 2.5 quintillion bytes of data are generated daily.
- In July 2021, the United States Coast Guard adopted COVID-19 data visualization tools to assist commanders in making informed decisions on everything from vaccine distribution to operational readiness and has taken precautions to guarantee that the new technologies do not compromise guardsmen's privacy and security. The program aims to teach situational awareness and perspective, and it should not directly impact individuals.
- The implementation of data-driven decision-making is also rising in Canadian markets across various sectors. Cloud business management solutions vendor Sage launched its cloud-first Sage Data and Analytics service integration for Sage 300 and Sage 100 in the US and Canadian markets in March 2021. Its business intelligence toolkit can provide users with live sales dashboards and detailed P&L reports with the help of AI and machine learning algorithms. Such innovations are expected to drive the studied market.
- An increasing need to track data from various sources and compile it into different data representations to make critical business decisions can be observed in North America, as this region is a significant market for technology-based solutions.
To understand geography trends, Download Sample Report
Data Visualization Market Competitor Analysis
The data visualization market is moderately competitive. The players in the market are innovating in providing strategic solutions to increase their market presence and customer base. This enables them to secure new contracts and tap new markets.
- September 2022: To make Grafana natively compatible with the Azure cloud platform, Microsoft and Grafana Labs have established a strategic agreement. Azure Monitor and Azure Data Explorer are just two cloud services that Microsoft's new Azure Managed Grafana service offers native connections. Version 9.0 of Microsoft's Azure Managed Grafana includes a better alerting feature to inform IT administrators of potential technical difficulties. Zone redundancy and support for an API key are also included in this edition.
- December 2021: To automate data storytelling capabilities to its existing cache of natural language processing tools, Salesforce has acquired Narrative Science, a technology company based in Chicago.
- July 2021: Observable's data visualization platform expanded with the debut of a new enterprise solution. Individuals can make data visualizations for free with Observable's free tier. The Teams tier is on top of that, allowing smaller groups to cooperate on data virtualization using private data sources. The new Enterprise tier is available for enterprises with 25 or more users.
Data Visualization Market Top Players
SAS Institute Inc.
*Disclaimer: Major Players sorted in no particular order
Data Visualization Market Recent Developments
- September 2022: To assist industrial organizations in viewing various operational data sources through a single, intelligent dashboard set up in a matter of hours, SymphonyAI Industrial has introduced KPI 360, an AI-driven solution that uses real-time data monitoring and prediction.
- January 2022: INT, a data visualization software company, released the latest edition of IVAAP, its ubiquitous subsurface visualization, and analytics application platform. IVAAP allows users to explore, visualize, and compute energy data with complete OSDU Data Platform compatibility. The latest update also adds 3D seismic volume intersection, 2D seismic overlays, reservoir, and base map widgets to IVAAP's map-based search, data discovery, and data selection to show all energy data types in the cloud.
Data Visualization Market Report - Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Value Chain Analysis
4.4 Introduction to Market Drivers and Restraints
4.5 Market Drivers
4.5.1 Cloud Deployment of Data Visualization Solutions
4.5.2 Increasing Need for Quick Decision Making
4.6 Market Restraints
4.6.1 Lack of Tech Savvy and Skilled Workforce/Inability
5. TECHNOLOGY ROADMAP
6. MARKET SEGMENTATION
6.1 Organizational Department
6.1.1 Executive Management
6.1.6 Other Organizational Departments
6.2 Deployment Mode
6.3 End User
6.3.2 IT and Telecommunication
6.3.7 Other End Users
6.4.1 North America
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East & Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Salesforce.com Inc. (Tableau Software Inc.)
7.1.2 SAP SE
7.1.3 SAS Institute Inc.
7.1.4 Microsoft Corporation
7.1.5 Oracle Corporation
7.1.6 TIBCO Software Inc.
7.1.7 IBM Corporation
7.1.8 Information Builders
7.1.9 Dundas Data Visualization Inc.
7.1.10 Pentaho Corporation
7.1.11 InetSoft Technology Corporation
7.1.12 MicroStrategy Inc.
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Data Visualization Market Research FAQs
What is the study period of this market?
The Data Visualization Market is studied from 2018 - 2028.
What is the growth rate of Data Visualization Market?
The Data Visualization Market is growing at a CAGR of 9.69% over the next 5 years.
Which region has highest growth rate in Data Visualization Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Data Visualization Market?
North America holds highest share in 2021.
Who are the key players in Data Visualization Market?
Salesforce.com Inc., Microsoft Corporation, SAP SE, SAS Institute Inc., Oracle Corporation are the major companies operating in Data Visualization Market.
Data Visualization Industry Reports
In-depth industry statistics and market share insights of the Data Visualization sector for 2020, 2021, and 2022. The Data Visualization research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Data Visualization report PDF.