The global data visualization tools market size to grow from USD 5.9 billion in 2021 to USD 10.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period. Various factors such as the growing demand for an interactive view of data for faster business decisions and increasing developments in Augmented Reality (AR) and Virtual Reality (VR) to enable the interaction of companies with data in 3D formats, are expected to drive the demand for data visualization tools.
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Businesses providing software tools are also expected to slow down for a short span of time. However, the adoption of real-time data-based applications, collaborative applications, analytics, security solutions, and AI are expected to witness increased adoption after the slight slowdown. Verticals such as manufacturing, retail, and energy and utilities have witnessed a moderate slowdown, whereas BFSI, government, and healthcare and life sciences verticals have witnessed a minimal impact. Data visualization techniques have been front-and-center in the efforts to communicate the science around COVID-19 to the very broad audience of policy makers, scientists, healthcare providers, and the public. Companies are focusing on the development of interactive dashboards for analysis of daily cases.
The cloud segment to grow at a higher CAGR during the forecast period
The data visualization tools market by deployment mode has been segmented into on-premises and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and online purchasing of goods hit the industry and are expected to drive the adoption of cloud-based data visualization tools. Highly secure data encryption and complete data visibility and enhanced control over data in terms of location and the real-time availability of data for extracting insights are responsible for the higher adoption of on-premises-based data visualization tools.
Data visualization tools are essential to analyze massive amounts of information and make data-driven decisions. Data visualization tools provide an accessible way to see and understand trends, outliers, and patterns in data. With further advancements in technologies, dynamic data stories with more automated and consumer-based experiences would replace visual, and point-and-click authoring and exploration. This would shift the focus from predefined dashboards to in-context data stories. Users would prefer data visualization solutions to stream the most relevant insights to each user based on their context, role, or use. The future advancements in data visualization tools would leverage technologies such as augmented analytics, Natural Language Processing (NLP), streaming anomaly detection, and collaboration.
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Unique Features in the Data Visualization Tools Market
Real-Time Interaction: Interactive dashboards are a common feature of data visualisation technologies, enabling users to examine and interact with data in real time. With this tool, customers can instantly obtain deeper insights, apply filters, and dive down into specifics.
Customised Data Representations: Users are able to alter visualisations to suit their own requirements and tastes. This entails selecting the right kind of chart, altering the labels and colour schemes, and creating visualisations that successfully convey the desired information.
Live Data Updates: Users can view and examine data as it is created or updated thanks to the availability of certain sophisticated data visualisation tools for real-time data streaming. In dynamic contexts where timely insights are critical, this is especially helpful.
Features for Collaboration: A lot of data visualisation platforms come with features that let users share dashboards, cooperate on studies, and work together on projects. For improved teamwork, several technologies further include annotation and commenting capabilities.
Access Anytime, Anywhere: A lot of tools for data visualisation are made to work on mobile devices, so users may access and engage with visualisations on tablets and smartphones. This adaptability facilitates accessibility and decision-making while moving.
Major Highlights of the Data Visualization Tools Market
Data visualisation tools and other self-service business intelligence (BI) solutions were in high demand from organisations. Without heavily depending on IT, these technologies enable non-technical users to create, explore, and share visualisations.
Capabilities for real-time data visualisation were given more importance. Businesses looked for solutions that could deliver dynamic and current insights, particularly in sectors where making decisions quickly is essential.
Cloud-based data visualisation solutions are becoming more and more popular. Scalability, accessibility, and flexibility were offered by cloud services, enabling users to produce and share visualisations from any location with an internet connection.
Data visualisation technologies started to emphasise collaboration features and storytelling skills more. In order to effectively communicate insights, users looked for tools that would enable collaborative analysis and enable them to craft engaging narratives around the data.
Users began to expect the ability to access and interact with data visualisations on smartphones and tablets, which increased the need for mobile-friendly visualisations. Tools for data visualisation were modified to guarantee responsive designs across a range of devices.
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Top Key Companies in the Data Visualization Tools Market
Some of the key players operating in the data visualization tools market include Salesforce (US), SAP (Germany), Microsoft (US), Oracle (US), IBM (US), AWS (US), Sisense (US), Alteryx (US), SAS Institute (US), Alibaba Cloud (China), Dundas (Canada), TIBCO Software (US), Qlik (US), GoodData (US), Domo (US), Klipfolio (Canada), Datafay (US), Zegami (England), Live Earth (US), Reeport (France), Cluvio (Germany), Whatagraph (The Netherlands), Databox (US), Datapine (Germany), Toucan Toco (France), and Chord (US). These data visualization tools vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global data visualization tools market.
Salesforce was founded in 1999 and is headquartered in California, US. In June 2019, Salesforce acquired Tableau, a data visualization platform provider, in a move that would strengthen its position in the digital transformation space. Its integrated platform provides a single-shared view of every customer across departments, including marketing, sales, commerce, and services. Salesforce has a community of over 10 million innovators, disruptors, and community shapers known as Trailblazers. The company offers a wide range of products and services across segments, including sales, services, marketing, application, analytics, employee experience, trailblazers and reskilling, and enablement and collaboration, most of which operate on a single trusted cloud platform. Salesforce also offers a cross-cloud technology named Salesforce 360, which helps its clients obtain a single integrated, holistic customer profile for various departments. The company caters to various industries, including BFSI, healthcare and life sciences, government, communications, retail, consumer goods, media, manufacturing, transportation, hospitality, automotive, and education. It has geographic presence in North America, Europe, APAC, and MEA.
SAP was founded in 1972 and is headquartered in Walldorf, Germany. The company’s diverse portfolio is segmented into applications, technologies and services, and SAP business network. The company is a leading provider of enterprise application solutions and services. It is also a provider of enterprise resource planning, supply chain management, data integration and quality, and master data management. Its solutions are compliant with GDPR. They enable enterprises to build intelligent AI- and ML-based software to unite human expertise with machine-generated insights. The company segments its diverse portfolio into applications, technology and services, intelligent spend group, and Qualtrics. It works on an intelligent enterprise framework, which includes experience, intelligence, and operations business models. It is known to offer the SAP HANA platform through its experience model of the framework. The platform enables both the transactional processing for data capture and retrieval, and analytical processing for BI and reporting. It offering caters to various industry verticals, including BFSI, public services, telecommunications, energy and utilities, transportation and logistics, travel and hospitality, healthcare and life sciences, and media and entertainment. SAP has more than 345,000 customers across 180 countries in the Americas, EMEA, and APAC.
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