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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).
Market Summary:
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