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Visual Analytics Market Report Overview
The global visual analytics market size was 4418.1 million in 2021 & the market is expected to reach USD 23304 million by 2031, exhibiting a CAGR of 17.9% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with the visual analytics market experiencing higher -than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The study of analytical reasoning supplemented by interactive visual interfaces is known as visual analytics. Furthermore, it can be viewed as an integrated method that combines visualization, human aspects, and data analysis. Furthermore, visualizing data in graphs, charts, and maps assists users in identifying trends and developing actionable insights. These insights assist organizations in making more data-driven decisions.
The growing need for analytical tools among organizations, as well as the increased usage of advanced visualization technology, is driving the growth of the visual analytics market. Furthermore, the rapid development in the volume and variety of company data is increasing the size of the visual analytics industry. However, the high cost of installation and security concerns, a scarcity of qualified personnel, and a lack of awareness limit the growth of the visual analytics market. On the contrary, rising internet of things (IoT) usage and the introduction of improved visual analytics are projected to provide lucrative prospects for the visual analytics market to expand throughout the forecast period.
COVID-19 Impact: COVID-19 outbreak boosted the expansion of the visual analytics business
During the COVID-19 epidemic, the visual analytics industry grew steadily due to increased demand for company operations, fraud detection solutions, consumer engagement, and other solutions. The COVID-19 outbreak boosted the expansion of the visual analytics business by causing lockdowns in several countries around the world. Lockdowns forced the closure of several manufacturing enterprises, physical stores, hotels, restaurants, amusement parks, and other locations. A number of commercial and corporate offices were also closed, allowing businesses to integrate cutting-edge visual analytics solutions more quickly and increase overall business growth. Furthermore, the market for visual analytics saw an increase in new investments as a result of large enterprises' rapid adoption of cutting-edge technologies. As a result, the market for both customers and enterprises is becoming increasingly reliant on digital channels.
Latest Trends
"Growing enterprise demand for analytical tools"
Due to the exponential development of data volumes and analytical complexity in-database, the need for visual analytics solutions is expanding among small businesses. Furthermore, the increased efficiency of data processing technologies and solutions is a major driver of the visual analytics market's growth. Furthermore, businesses are beginning to develop in-house solutions for specialised data analysis needs. Furthermore, many organisations are utilising analytical technologies such as AI, BI, and Hadoop analytics, which is propelling market expansion. For example, Hadoop technology is a widely used analysis tool that allows you to store any type of data, structured or unstructured, and execute programmes on commodity hardware clusters. For example, in April 2020, Census Day and Tableau Software collaborated to produce the U.S. Census Bureau's 2020 Response Rate Map in order to improve customer experience and data transparency around the census. As a result, organisations are enabling analytical tools to analyse data from numerous sources, which is boosting market growth.
Visual Analytics Market Segmentation
- By Type Analysis
According to type, the market can be segmented into On-premises, Cloud. On-premises is anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into Telecom and IT, Manufacturing, Government and Defense, Energy and Utilities, Others. Telecom and IT will be the dominating segment.
Driving Factors
"Increased demand for advanced analytics will drive Visual Analytics usage"
Because of its capacity to gather current data, visual analytics will see increasing demand from the customer service industry, especially BFSI. Furthermore, visual analytics allows users to generate relevant insights from existing data and patterns in order to assist businesses in the industries. As a result, services are improved, operational expenses are reduced, and revenue is increased. However, because of the complexity of Visual analytics, integration with existing systems is a substantial barrier to its adoption. In addition, there is a scarcity of experienced people that are proficient in using business intelligence products, creating a difficult environment for the visual analytics market.
"Increased enterprise adoption of advanced visualisation technology "
The amount of data generated by various technologies, such as the Internet of Things (IoT) and other data sources, is expanding globally as a result of better operation management and appropriate expenditures. Furthermore, visual analytics aids in the analysis of large data pools such as structured and unstructured data that require extra services. Furthermore, businesses choose visual analytics software that incorporates sophisticated technologies such as artificial intelligence (AI), big data, machine learning (ML), and others to manage large amounts of data and create a more accurate and intelligent interpretation of statistics. For example, Atos acquired Visual BI in July 2021 to improve its capacity to meet customers' growing need for BI and analytics in cloud environments. Such demands are propelling the visual analytics industry forward.
Restraining Factors
"Inadequate Awareness to Act as a Market Restraint "
Over the projected period, market limitations may include a lack of understanding regarding visual analytics, a scarcity of skilled specialists, security concerns, and high installation costs.
Visual Analytics Market Regional Insights
"North America will be the market leader in visual analytics during forecast period"
In 2021, North America owned the bulk of the global market share for visual analytics, and this is expected to remain during the forecast period. This is attributed to technical advancements, the creation of new business models, and end users' rapid adoption of business intelligence (BI), big data, and other associated technologies, all of which are positively impacting market growth. North America is expected to have the highest revenue share over the projection period, owing mostly to the region's developed economies, particularly the United States and Canada, which place a high priority on R&D-derived breakthroughs and technology.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
LIST OF TOP VISUAL ANALYTICS COMPANIES
- IBM (U.S.)
- Oracle (U.S.)
- SAP (Germany)
- SAS Institute (U.S.)
- Tableau Software
- Microsoft
- MicroStrategy
- TIBCO Software
- Qlik
- Alteryx
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 4418.1 Million in 2021 |
Market Size Value By |
US$ 23304 Million by 2031 |
Growth Rate |
CAGR of 17.9% from 2021 to 2031 |
Forecast Period |
2022-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
|
By Type
|
|
|
By Application
|
Frequently Asked Questions
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What value is the Visual Analytics Market expected to touch by 2031?
Based on our research the visual analytics market is expected to reach USD 23304 million by 2031.
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What CAGR is the Visual Analytics Market expected to exhibit by 2031?
The visual analytics market is expected to exhibit a CAGR of 17.9% by 2031.
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Which are the driving factors of the Visual Analytics Market?
The growing need for analytical tools among organisations, as well as the increased adoption of advanced visualisation technology by enterprises, are driving the growth of the visual analytics market. Furthermore, the increasing development in the volume and variety of company data is driving the visual analytics industry.
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Which are the top companies operating in the Visual Analytics Market?
The top key players in the visual analytics market are IBM, Oracle, SAP, SAS Institute, Tableau Software, Microsoft, MicroStrategy, TIBCO Software, Qlik, Alteryx.
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