Data Visualization Tools Market Size, Share & Segmentation by Tool (Standalone, Integrated), by organization size (Large Enterprises and Small and Medium-sized Enterprises), by deployment mode (On-premises and Cloud), by business function (Marketing and Sales, Human Resources, Operations, and Finance), by vertical (BFSI, Government, Healthcare and Life Sciences, Retail and eCommerce, Manufacturing, Transportation and Logistics, Telecommunications and IT, Other Verticals), by Regions and Global Market Forecast 2023-2030

Report scope & Overview:

Data Visualization Tools Market size was valued at USD 6.99 Bn in 2022 and is expected to reach USD 16.08 Bn by 2030, and grow at a CAGR of 10.98% over the forecast period 2023-2030.

Data visualization tools allow for the graphical depiction of data in the form of a bar graph, a line graph, and a variety of other traditional and current methods, making it simpler to make data-driven conclusions and choices for the benefit of any corporate organization. Advances in technology have enabled corporate companies to amass massive volumes of data, and traditional methods of data visualization may not be capable of representing the data in the most appropriate way. As a result, technical innovations such as the use of AR/VR in data visualization enable to show of data in a much more immersive way, allowing for optimal utilization of vast amounts of data.

Data visualization uses the inherent human propensity to be drawn to different colors to highlight discrepancies and outliers. In the age of big data, data visualization technologies assist in filtering out less useful information and displaying only valuable information. Conventional Charts, tables, maps, infographics, and dashboards are examples of two-dimensional data visualization. Another technologically sophisticated method of representing data is 3-D data visualization. It represents data from three axes rather than two, which improves our understanding of the data.

There are several types of 3-D data visualization software, each with its own set of capabilities and cost. Fusion Charts, a well-known JavaScript charting package, offers a wide range of 3D data visualization capabilities, including 3D bars, 3D pies, 3D donuts, and 3D funnel and pyramid graphs, among others. Plotty is another 3D visualization software product that offers a variety of interactive visualization approaches and is accessible in cloud or on-premise system configurations.

MARKET DYNAMICS:

KEY DRIVERS:

• There is a growing desire for an interactive view of data in order to make faster business choices.

• AR and VR advancements will allow businesses to engage with data in 3D formats.

RESTRAINTS:

• Data format variation.

OPPORTUNITY:

• Healthcare authorities are putting more emphasis on obtaining real-time patient data.

• The creation of dynamic dashboards from underused data is becoming increasingly important.

• Companies are becoming increasingly concerned about complying with data standards and protecting client data.

CHALLENGES:

• a scarcity of competent professional workers.

• Data governance is lacking.

IMPACT OF COVID-19:

The data visualization tools market has seen many developments in terms of technologies provided by industry participants. Manufacturing, retail, energy, and utilities have experienced a modest slowdown, but BFSI, government, healthcare, and life sciences have had little impact. Because of the COVID-19 epidemic, there has been a surge in the usage of line charts, bar charts, and choropleth maps in the news. Simple data visualizations have shown to be effective in presenting critical information about the coronavirus epidemic to the general population. While these phrases may not be recognizable to everyone, the visuals are. As a result of the present COVID-19 dilemma, businesses that succeed at dashboard creation consolidate analytics and decision-making processes and expand them exponentially across all linked channels.

MARKET ESTIMATION:

The market for data visualization tools is divided into four categories based on company function: marketing and sales, human resources, operations, and finance. During the projection period, the marketing and sales business function segment is estimated to account for the greatest market share. Data visualization tools enable sales managers to analyze sales performance against quarterly revenue objectives, the proportion of closed transactions, and the status of deal stages in the sales funnel. Data visualization technologies also aid in the development of marketing strategies.

The worldwide data visualization tools market has been divided into two segments based on deployment mode: on-premises and cloud. The cloud sector is expected to grow rapidly throughout the forecast period. The cloud segment's high CAGR might be attributed to the availability of easy implementation options as well as cheap capital and time requirements. As social distance and online purchase of goods have an influence on the industry, these elements are expected to drive increased usage of cloud-based data visualization technologies, complementing the current COVID-19 lockup scenario. On-premises-based data visualization solutions are more popular owing to highly secure data encryption, comprehensive data visibility, and better control over data in terms of location and real-time availability of data for extracting insights.

Verticals in the data visualization tools market include BFSI, government, healthcare and life sciences, retail and eCommerce, manufacturing, telecommunications and IT, transportation and logistics, and others. During the projection period, the BFSI sector is estimated to account for the biggest market share. Furthermore, during the projection period, the healthcare and life sciences sector is predicted to develop at the fastest CAGR. Gaining access to unstructured data, such as output from medical equipment, picture reports, and lab tests, is not beneficial to patient health. Healthcare practitioners are implementing data visualization technologies to collect real-time data insights and enhance patient health.

KEY MARKET SEGMENTS:

On The Basis of Tool

• Standalone

• Integrated

On The Basis of organization size

• Large Enterprises

• Small and Medium-sized Enterprises

On The Basis of deployment mode

• On-premises

• Cloud

On The Basis of business function

• Marketing and Sales

• Human Resources

• Operations

• Finance

On The Basis of vertical

• BFSI

• Government

• Healthcare and Life Sciences

• Retail and eCommerce

• Manufacturing

• Transportation and Logistics

• Telecommunications and IT

• Other Verticals

REGIONAL ANALYSIS:

North America is predicted to have a considerable share because to the presence of the United States, which is a key market for data visualization. Because of the rising amount of data created by small and medium-sized businesses, the US data visualization industry is seeing significant development. Data visualization applications in North America are being pushed by reasons such as big data expansion and the retail sector's demand for analytics. As North America is a significant market for technology-based solutions, there is a rising need to collect data from multiple sources and compile it into various data representations in order to make crucial business choices.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are SAP, Microsoft, Oracle, IBM, AWS, Sisense, Alteryx, SAS Institute, Alibaba Cloud, and Dundas.

Frequently Asked Questions (FAQ) :