Data Visualization Tools Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Data Visualization Tools Market Overview and Definition
The global data visualization tools market size is expected to reach nearly USD 18.5 billion by 2032 with the CAGR of 11.5% during the forecast period 2022-2032. Data visualization is the graphical demonstration of information and data. Data visualization tools uses visual elements such as graphs, charts, and maps, to provide an accessible way to understand trends, patterns, and outliers in data. It offers data visualization designers with an easier way to create visual representations of large data sets. While working with data sets including thousands or millions of data points, the automation process of visualization makes a designer's job considerably easier.
Such tools can be used for variety of purposes including dashboards, annual reports, investor slide decks, sales & marketing materials, and for others applications where information needs to be interpreted immediately. The data presented by the data visualization tools supports end-users to make necessary decisions based on the revealed patterns.
Covid Impact Analysis
The COVID-19 epidemic has significantly pushed demand for the Data Visualization Tools. This is attributed to the rapid adoption of data visualization tools during the pandemic by policy makers, scientists, healthcare providers, and the general public to understand and absorb Covid-19 information in a quick and accurate manner. For instance, software such as Tableau and Microsoft Power BI have helped to synthesize complex networks of events by visualizing data, detecting hidden patterns, and turning them into illustrated stories.
Various countries around the globe have imposed a complete lockdown for more than two months as a result of the COVID-19 epidemic, which has had an impact on most of the industry verticals. However, the impact on the technology sector has been comparatively low. For instance, the manufacturing plants all across the world have been shut down, and automobile sales have plummeted. On the contrary, despite the downturn, the sectors associated with the cloud services, internet service providers (ISPs), information technology (IT) infrastructure, and data centers have experienced huge demand increase as a result of the shift towards home and remote working.
On the other hand, the development of new data visualization tools during the pandemic, further boosting growth of the market. For instance, in May 2020, researchers from Southern Illinois University (SIU) have developed a data visualization tool that leverages GPS information to provide users with the locations of known COVID-19 cases, while protecting the identities of individuals exposed or diagnosed to the virus.
Data Visualization Tools Market Top Impacting Factors
A growth of the data visualization market is mainly driven by rising demand for an interactive view of data for fast business decisions along with the surge in developments across Virtual Reality (VR) and Augmented Reality (AR) to enable the interaction of companies with data in 3D formats. In addition to this, multi-device access to visualization (mobile, desktop, and web), growth in big data, ongoing training for business users, and constantly changing optimizing dashboards boosts growth of the market.
Moreover, cloud computing has transformed the way companies scale, manage, and process applications and derive value from data. The on-demand availability, elasticity of cloud, and high efficiency are leading to rise in adoption of cloud services by enterprises. As more business applications move towards cloud, the need for business intelligence and analytics is projected to grow, leading to the demand for data visualization tools.
However, the factors such as lack of skilled professional workforce, variation in data formats, and lack of data governance are acting as a main factors which may hamper growth of the market to some extent during the forecast period.
On the other hand, surge in focus of healthcare sector towards getting real-time patient data during COVID-19 to track infections and increasing concern of companies to comply with data regulations and to protect customer data is expected to create lucrative growth opportunities for the market growth.
Data Visualization Tools Market Regional Analysis
On the basis region, the Global Data Visualization Tools Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America accounted for the largest share in the Global Data Visualization Tools Market. This is mainly attributed to huge presence of key market players as well as high penetration of data visualization tools among the various industries. In addition to this, the enterprises in this region are increasing their investments on the businesses intelligence and analytics tools, further boosting growth of the market.
However, the Asia-Pacific is expected to grow at the highest growth rate during the forecast period. Growth of this region is mainly driven by the growing popularity and adoption of data visualization technology, mainly across China, Japan, South Korea, and India. In addition to this, increase in awareness for companies to uncover patterns from data silos among the aforementioned countries, is expected to boost the adoption of data visualization tools. Moreover, rising commercialization of the artificial intelligence (AI) and machine learning (ML) technology has led to the rise in generation of real-time data, creating the demand for data visualization tools in the region.
There is rising trend among the businesses to use data visualization tools to gain business insights. For instance, according to Tableau, managers in organizations with visual data discovery tools are 28% more likely to attain timely information than those who rely on managed dashboards and reporting. With the growing importance of data visualization, the number of businesses that are turning to the data visualization is also increasing.
Moreover, the artificial intelligence (AI) is also playing a vital role in setting business intelligence trends in upcoming years. For instance, AI-based data visualization enables businesses to discover what data they should be looking at in the huge pool of data available.
Data Visualization Tools Market Segmentation
Global Data Visualization Tools market segmentation is based on the tool, organization size, deployment mode, business function, industry vertical, and region. Based on the tool, the data visualization tools market is segmented into standalone and integrated. Based on the organisation size, it is segregated into large enterprises and small and medium-sized enterprises. According to the deployment mode, the market is divided into on-premises and cloud. On the basis of business function, the market is divided into marketing and sales, human resources, operations, and finance. According to the industry vertical, the marklet is segmented into BFSI, government, healthcare and life sciences, retail and ecommerce, manufacturing, transportation and logistics, telecommunications and IT, and others.
Based on the region, it is segregated into North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
The global Data Visualization Tools market is consolidated with the presence of major players in the market such as Salesforce, SAP, Microsoft, Oracle, IBM, AWS, Sisense, Alteryx, SAS Institute, Alibaba Cloud, Dundas, TIBCO Software, Qlik, GoodData, Domo and other players.