Analyzing patterns and trends from large data sets can be a herculean process. Data visualization helps in simplifying this process and allows decision-makers to derive analytical results from information presented visually. The data visualization applications market is currently valued at USD 4.12 billion and is expected to grow at a CAGR of 9.21%, to reach USD 6.99 billion by the end of 2022.
Growing competition from enterprises operating in different industry verticals is fueling the demand for new tools and solutions for faster and more effective decision-making. Enterprises are adopting newer methods of analyzing huge chunks of data coming from different avenues to beat the competition. The analysis of this data requires business intelligence solutions coupled with data visualization tools.
Rapid growth in big data, advancements in visualization software, and the growing need for faster decision-making are some of the factors accelerating the growth of the market. However, complex implementation, lack of “storytellers”, and new processes might have a negative impact on the demand growth of data visualization applications market worldwide.
The market for data visualization applications, by usage, has been broadly segmented into information technology, healthcare, professional services, retail, banking/insurance, manufacturing, entertainment and media, travel and transport/logistics, the federal government, local government, telecommunications, legal services, life sciences, and others.
The data visualization applications market has also been geographically segmented into North America (the US, Canada and, Rest of North America), Europe (the UK, Germany, France, Switzerland, and Rest of Europe), Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific), Latin America (Brazil, Chile, Mexico, and Rest of Latin America), and Middle East & Africa (UAE, South Africa, Israel, and Rest of Middle East & Africa).
Some of the major players in the data visualization applications industry mentioned in the report are:
Key Deliverables in the Study