The latest report by IMARC Group, titled “Data Visualization Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global data visualization market size reached US$ 3.24 Billion in 2021. Data visualization refers to the representation of data or information through graphs, maps, charts, and other visual tools. It helps organizations to generate meaningful reports from the ever-increasing, diverse, and massive quantity of business data produced on a regular basis. Data visualization tools improve comprehension, facilitate accurate data analysis, better decision making, increase sales, and discover various trends and patterns in a competitive market. It enables the graphical representation of data in the form of bar and line graphs, making it easier to make data-driven inferences and decisions for organizations. As a result, it finds utilization across BFSI, information technology, telecommunication, retail, and education industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Data Visualization Market Trends:
The market is primarily driven by the increasing use of visualization platforms for software advisory and predictive analysis. The significant improvement in the IT infrastructure and the growing need for interactive and simplified projection data across various organizations is also fueling the market growth. In addition, the rising demand for cost-effective and scalable data analysis and identifying key performance indicators (KPIs) through BI is escalating the need for data visualization. Moreover, various technological innovations, such as the development of the Internet of Things (IoT) and artificial intelligence (AI) technologies, which facilitate the usage of unstructured and structured data, are significantly impacting product sales across the globe. Furthermore, the utilization of data visualization systems by medium and large-scale enterprises through smartphones, tablets, desktops, and web-based applications for generating customized reports and graphical representation of the data, is expected to create a positive outlook for the market. Looking forward, the market value is expected to reach US$ 5.50 Billion by 2027, exhibiting a CAGR of 9.35% during the forecast period (2022-2027).
- Based on the component, the market has been segmented into software and services.
- On the basis of the organizational department, the market has been classified into sales, marketing, finance, operations, executive management, and others.
- The market has been bifurcated based on the deployment mode into on-premises and cloud-based.
- On the basis of the enterprise size, the market has been segregated into small, medium, and large enterprises.
- Based on the end user, the market has been categorized into BFSI, education, IT and telecommunication, retail and e-commerce, manufacturing, government, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Alteryx Inc., Domo Inc., Dundas Data Visualization Inc., Hitachi Limited, InetSoft Technology Corp., International Business Machines Corporation, Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, Salesforce.com Inc., SAP SE, SAS Institute Inc. and TIBCO Software Inc.
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