Visual Analytics Market

Market Overview:

The global visual analytics market size reached US$ 6.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.4 Billion by 2028, exhibiting a growth rate (CAGR) of 17.8% during 2023-2028. The widespread product adoption in the power generation industry, extensive research and development (R&D) activities, and the increasing product demand in the marine industry represent some of the key factors driving the market.

Visual analytics refers to a field of study that uses various tools and processes to analyze datasets using graphical representations of the data. It combines automatic and visual analysis methods with human interactive exploration. It is widely used in applications that require a high level of monitoring and engagement, such as complicated and huge data sets and analytical procedures. Visual analytics assists in making large or complex data understandable and accessible and helping organizations make better data-driven decisions. It visualizes data through graphs, charts, and maps that help in identifying patterns and thereby developing actionable insights. As a result, it finds extensive applications across various industries, including telecommunication, retail, healthcare, manufacturing, and media. 

Visual Analytics Market Trends:

The increasing demand for visual analytics in the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. In line with this, the rising need to simplify the workload related to security and the increasing dependence on data generated from various information technology (IT) systems for financial transactions is favoring the market growth. Moreover, the escalating need for data-driven decision-making that eases the overall decision making process and reasoning from enormous data sets is acting growth-inducing factor. Apart from this, the integration of artificial intelligence (AI), cloud computing, and virtual reality (VR) solutions that offer predictions about consumer preferences, product development, and marketing channels is providing an impetus to the market growth. Additionally, the increasing demand for advanced visualization technology by enterprises and the growing demand for analytical tools are propelling the market growth. Furthermore, the rising demand for visual analytics from medium and large-scale enterprises for simplified data projection on various systems, such as desktops and smartphones, is positively influencing the market growth. Besides this, the increasing utilization of visual analytics in the healthcare industry that assists in exploring, analyzing, and communicating complex healthcare data and improving decision-making is driving the market growth. Other factors, including the rising adoption of cloud technology, significant improvements in the IT infrastructure, extensive research and development (R&D) activities, and the implementation of various government initiatives to encourage digitization and enhance data-driven decision-making, are supporting the market growth. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global visual analytics market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on component, service, deployment mode, enterprise size, business function and industry vertical.

Component Insights:

• Software
• Service
   

The report has provided a detailed breakup and analysis of the visual analytics market based on the component. This includes software and service. According to the report, services represented the largest segment.

Service Insights:

• Managed Service
• Professional Service
  • Consulting Services 
  • Deployment and Integration
  • Support and Maintenance 
     

The report has provided a detailed breakup and analysis of the visual analytics market based on the service. This includes managed and professional service (consulting services, deployment and integration, support and maintenance). According to the report, managed service represented the largest segment.

Deployment Mode Insights:

• On-premises
• Cloud-based
   

The report has provided a detailed breakup and analysis of the visual analytics market based on the deployment mode. This includes on-premises, and cloud-based.  According to the report, on-premises represented the largest segment.

Enterprise Size Insights:

• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
   

The report has provided a detailed breakup and analysis of the visual analytics market based on the enterprise size. This includes large enterprises, small and medium-sized enterprises (SMEs).  According to the report, large enterprises represented the largest segment.

Business Function Insights:

• Information Technology (IT)
• Sales and Marketing
• Supply Chain
• Finance
• Human Resources (HR)
• Others
   

The report has provided a detailed breakup and analysis of the visual analytics market based on the business function. This includes information technology (IT), sales and marketing, supply chain, finance, human resources (HR) and others. According to the report, supply chain represented the largest segment.

Industry Vertical Insights:

• BFSI
• Telecom and IT
• Retail and Consumer Goods
• Healthcare and Life Sciences
• Manufacturing
• Government and Defense
• Energy and Utilities
• Media and Entertainment
• Transportation and Logistics
• Others
   

The report has provided a detailed breakup and analysis of the visual analytics market based on the industry vertical. This includes BFSI, telecom and IT, retail and consumer goods, healthcare and life sciences, manufacturing, government and defense, energy and utilities, media and entertainment, transportation and logistics and others. According to the report, BFSI represented the largest segment.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets that include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); and Middle East and Africa. According to the report, North America was the largest market for visual analytics. Some of the factors driving the North America visual analytics market included extensive research and development (R&D) activities, various technological advancements, and widespread product adoption in drilling applications.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global visual analytics market. Detailed profiles of all major companies have also been provided. Some of the companies covered include Alteryx Inc., Data Clarity Limited, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Qlik, SAP SE, SAS Institute Inc., Tableau Software LLC (Salesforce Inc.), TIBCO Software Inc., Ubiq, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the visual analytics market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global visual analytics market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the visual analytics industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.