The report forecasts the global visual analytics market to grow at a CAGR of 22.16% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is growing demand for predictive analytics. Predictive analytics provide actionable insights into an organization's data. It uses various techniques such as data mining, modeling, machine learning, and game theory to provide an estimate of future outcome. Predictive analytics is used in all major industries such as retail, healthcare, manufacturing, IT, BFSI, and education. The industries benefit from the analysis of a customer buying pattern and behavior. With the growing adoption of predictive analytics in various industries, the predictive analytics market will grow at a CAGR of 21.1%.
According to the report, one of the primary drivers in the market is increase in adoption of visual analytics in industries. Visual analytics supports decision-making in industrial operations. The integration of visual analytics applications with IT systems within an organization helps in communicating with people and other computer systems in real-time. It also aids in recollecting previous interactions that assist in drawing conclusions independently while processing large quantities of data from diverse sources. For instance, a visual analytics self-service system such as Tableau and QlikView offers data blending and connectivity to non-relational databases. The system trails the process of data storytelling and cloud offerings. Almost all industries benefit from the use of this technology, ranging from healthcare to finance or manufacturing to e-commerce.