With CAGR 9.7%, Data visualization tools Market Trends, Demand, Growth And Future Scope 2023 To 2029
Data visualization tools allow users to monitor and analyze data in real-time, enabling organizations to respond quickly to changing conditions and make data-driven decisions on the fly.
PUNE, India , May 18, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Data Visualization Tools Market.
An important driver for the growth of the Global Data Visualization Tools Market is the rise in the adoption of AR/VR in data visualization to support their businesses. Significant companies across industry verticals are incorporating Augmented Reality and Virtual Reality to get an enhanced access to data to make better decisions. Also, it is not necessary to be a data scientist to understand and learn the interactive part of data analytics, people with a basic understanding of data analytics can access it too.
Why Is Data Visualization Important?
Visually depicting data often makes it easier to understand and draw insights from. As such, data visualization is an effective means of making data more accessible across an organization. This, in turn, can empower employees to back their actions using concrete information instead of relying on assumptions—resulting in more data-driven organizational processes.
Data visualization can also play an important role in communication with parties outside of a business, such as the media, investors, regulatory agents, and other stakeholders.
Data visualization has become so important to modern business that many organizations are now specifically hiring individuals proficient in it, among other data science skills.
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Data Visualization Tools Market Drivers:
Increasing volume and complexity of data: The exponential growth of data from various sources, including social media, IoT devices, and business applications, has created a need for tools that can effectively process and visualize large and complex datasets.
Data-driven decision-making: Organizations across industries have recognized the value of data-driven decision-making. Data visualization tools enable users to uncover patterns, trends, and insights from data, facilitating better decision-making and strategic planning.
Demand for real-time analytics: In today's fast-paced business environment, real-time analytics has become crucial. Data visualization tools allow users to monitor and analyze data in real-time, enabling organizations to respond quickly to changing conditions and make data-driven decisions on the fly.
Rise of self-service analytics: Traditional analytics processes often required specialized skills and relied on IT or data science teams. However, the growing demand for self-service analytics has driven the development of user-friendly data visualization tools that empower business users to explore and visualize data without heavy reliance on technical experts.
Here Are Some Of The Technological Advancements In The Data Visualization Tools Market:
Interactive and dynamic visualizations: Traditional static charts and graphs have evolved into interactive and dynamic visualizations. Users can now interact with visualizations, explore data at different levels of granularity, drill down into details, and customize views based on their specific requirements.
Real-time data visualization: With the advancement of technologies like streaming data processing and real-time analytics, data visualization tools can now handle and present data in real time. This allows organizations to monitor and respond to changing conditions instantly.
Advanced analytics integration: Data visualization tools have started integrating with advanced analytics techniques, such as machine learning, predictive analytics, and natural language processing. These integrations enable users to uncover deeper insights, detect patterns, make predictions, and derive actionable intelligence from data.
Augmented and virtual reality (AR/VR): Augmented and virtual reality technologies are being applied to data visualization, providing immersive and interactive experiences. AR/VR can enable users to visualize data in 3D space, walk through virtual environments, and manipulate visualizations using gestures, enhancing the understanding and exploration of data.
Natural language processing (NLP): NLP techniques have been incorporated into data visualization tools, allowing users to interact with visualizations using natural language queries and commands. This enables users to ask questions in plain language and receive visual responses, making data exploration more intuitive and accessible to a broader audience.
Competitive Insight
Some of the Notable Market Players Operating In The Global Data Visualization Tools Market Covered In This Report Are:
- Salesforce
- SAP
- Microsoft
- Oracle
- IBM
- AWS
- Alteryx
- Alibaba Cloud
- SAS Institute and Dundas.
Recent Developments:
In March 2021, Alteryx partnered with Tech Data, an APA company that is into automation of analytics, data science, and processes to accelerate business outcomes. The partnership aims at providing Tech Data and its partners access to the Alteryx unified platform that simplifies analytics, data science, and process automation to accelerate digital transformation for customers.
In March 2021, Tableau launched a new dedicated region in London, UK, to harvest data insights using its fully hosted SaaS offering, Tableau Online. This region would be dedicated to offer Tableau's customers enhanced performance and more choice in data locality. The SaaS offering would be hosted by AWS' infrastructure in London. Tableau Online enables its fast-growing European customer base to instantly access, analyze, and share data through visualization.
In January 2021, Salesforce launched Vaccine Cloud to help government agencies, healthcare organizations, businesses, nonprofits, and educational institutions rapidly, safely, and efficiently deploy and manage their vaccine programs. It helps governments, healthcare organizations, businesses, and non-profit organizations to manage and deploy vaccine programs for delivering vaccines through the Salesforce Customer 360 platform, including mobility solutions, bots, analytics, and integration capabilities.
Browse the full "Data Visualization Tools Market by Tool (Standalone and Integrated), by Vertical (BFSI, Telecommunications & IT, Healthcare & Life Sciences and Government), by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global Trends and Forecast from 2019 to 2028" Report and TOC at: https://exactitudeconsultancy.com/reports/2452/data-visualization-tools-market/
Segment Overview:
Data Visualization Tools Market By Tool, 2019-2028, (In USD Million)
- Standalone
- Integrated
Data Visualization Tools Market By Vertical, 2019-2028, (In USD Million)
- BFSI
- Healthcare & Life Sciences
- Telecommunications & It
- Government
Regional Analysis
Geographically, the Data Visualization Tools Market is segmented into North America, South America, Europe, APAC and MEA.
- North America: includes the US, Canada, Mexico
- Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
- South America: includes Brazil, Argentina and Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA
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What Are The Key Data Covered In This Data Visualization Tools Market Report?
Market Size and Growth: The report would provide an analysis of the market size in terms of revenue or market value and its projected growth rate over a specified period. It may also include historical data to show the market's growth trajectory.
Market Segmentation: The report would likely provide a segmentation of the market based on various factors such as deployment type (on-premises, cloud-based), user type (individuals, enterprises), industry verticals (IT and telecommunications, healthcare, finance, etc.), and geography (North America, Europe, Asia Pacific, etc.).
Market Trends and Drivers: It would highlight the key trends, drivers, and challenges shaping the data visualization tools market. This may include factors such as the increasing volume of data, the demand for real-time analytics, the rise of self-service analytics, and the integration of advanced technologies.
Competitive Landscape: The report would provide an overview of the competitive landscape, including the major players in the market. It may include information on their market share, key strategies, product offerings, and recent developments such as mergers and acquisitions, partnerships, and collaborations.
Market Analysis and Forecasts: The report would likely include detailed analysis and forecasts for the data visualization tools market. This may include revenue forecasts, market penetration rates, and growth opportunities for different segments and regions.
To Know An Additional Revised 2023 List Of Market Players, Request A Sample Report:
https://exactitudeconsultancy.com/reports/2452/data-visualization-tools/#request-a-sample
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