Northbrook, IL 60062 -- (SBWIRE) -- 09/06/2023 -- The global Data Visualization Tools Market size to grow from USD 5.9 billion in 2021 to USD 10.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period, according to research report by MarketsandMarkets™.

Various factors such as the growing demand for an interactive view of data for faster business decisions and increasing developments in Augmented Reality (AR) and Virtual Reality (VR) to enable the interaction of companies with data in 3D formats, are expected to drive the demand for data visualization tools.

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Businesses providing software tools are also expected to slow down for a short span of time. However, the adoption of real-time data-based applications, collaborative applications, analytics, security solutions, and AI are expected to witness increased adoption after the slight slowdown. Verticals such as manufacturing, retail, and energy and utilities have witnessed a moderate slowdown, whereas BFSI, government, and healthcare and life sciences verticals have witnessed a minimal impact. Data visualization techniques have been front-and-center in the efforts to communicate the science around COVID-19 to the very broad audience of policy makers, scientists, healthcare providers, and the public. Companies are focusing on the development of interactive dashboards for analysis of daily cases.

The cloud segment to grow at a higher CAGR during the forecast period

The data visualization tools market by deployment mode has been segmented into on-premises and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and online purchasing of goods hit the industry and are expected to drive the adoption of cloud-based data visualization tools. Highly secure data encryption and complete data visibility and enhanced control over data in terms of location and the real-time availability of data for extracting insights are responsible for the higher adoption of on-premises-based data visualization tools.

The integrated segment to grow at a higher CAGR during the forecast period

The data visualization tools market is segmented on the basis of tools into standalone and integrated. The integrated segment is expected to grow at higher CAGR during forecast period. This growth can be attributed to the growing need of companies to have interactive capabilities, enabling users to manipulate data or look more closely into the data for questioning and analyzing to generate meaningful business insights.

The SMEs segment to grow at a higher CAGR during the forecast period

The data visualization tools market is segmented on the basis of organization size into large enterprises and SMEs. The SMEs segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed due to the growing need of SMEs to store data of the growing target audience across the globe and extract greater value from the data are expected to drive the adoption of data visualization tools among SMEs. SMEs are more open toward the adoption of new technologies to smoothen and enhance business processes.

The operations segment to grow at a higher CAGR during the forecast period

The data visualization tools market is segmented on the basis of business function into marketing and sales, human resources, operations, and finance. Operations segment is attributed to grow at a higher CAGR during the forecast period. The growth can be attributed as data visualization tools adoption enable companies to easily analyze production processes in organizations to increase RoI. Data visualization tools help manufacturers to use sensors for improving data extraction and refining processes.

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Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period

The data visualization tools market is segmented on verticals into BFSI, government, healthcare and life sciences, retail and eCommerce, manufacturing, telecommunications and IT, transportation and logistics, and other verticals (education, media and entertainment, travel and hospitality, and energy and utilities). The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. To gain access to unstructured data such as output from medical devices, image reports, and lab reports is not useful to improve patient health. Healthcare providers are adopting data visualization tools that help them to gather real-time data insights to improve patient health.

North America to hold the largest market size during the forecast period

North America is the largest revenue contributor to the global data visualization tools market. The region is witnessing significant developments in the data visualization tools market. Many data visualization tools providers are adopting various growth strategies to strengthen their positions in the market. The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The growing awareness for companies to uncover patterns from data silos in key countries, such as China, India, and Japan, is expected to fuel the adoption of data visualization tools. The commercialization of the AI and ML technology, giving rise to generate real-time data, and the need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of data visualization tools in the region.

Major vendors in the global data visualization tools market include include include Salesforce (US), SAP (Germany), Microsoft (US), Oracle (US), IBM (US), AWS (US), Sisense (US), Alteryx (US), SAS Institute (US), Alibaba Cloud (China), Dundas (Canada), TIBCO Software (US), Qlik (US), GoodData (US), Domo (US), Klipfolio (Canada), Datafay (US), Zegami (England), Live Earth (US), Reeport (France), Cluvio (Germany), Whatagraph (The Netherlands), Databox (US), Datapine (Germany), Toucan Toco (France), and Chord (US).

Key Dynamic Factors For Data Visualization Tools Market:

Data Explosion: The market for data visualisation tools is primarily driven by the ever-increasing volume of data produced by businesses and people. Organisations need more sophisticated tools to interpret growing amounts of data and produce insights that can be put into practise.

Technological developments: Data visualisation technologies are changing as a result of developments in data analytics, machine learning, and artificial intelligence. Integration with these technologies enables more advanced capabilities for data analysis and visualisation.

Real-time or near-real-time data visualisation is becoming more and more popular across industries. Real-time visualisation tools are in higher demand as a result of the necessity for businesses to make swift decisions based on current data.

Data Privacy and Security: Organisations are searching for data visualisation tools that offer strong security features and adhere to data protection laws (such as the GDPR, CCPA) as a result of increased concerns about data privacy and security.

Cloud Adoption: The market for data visualisation tools is being impacted by the migration of data and applications to the cloud. Businesses are drawn to the scalability, accessibility, and collaborative advantages that cloud-based visualisation solutions provide.

Self-Service BI: Self-service business intelligence (BI) is a trend that gives non-technical users the ability to design their own reports and visualisations. There is a great need for data visualisation tools that are simple to use and don't require a lot of technical knowledge.

IoT and big data: IoT creates enormous volumes of data, and big data analytics needs strong visualisation tools to draw conclusions from intricate data sets.

Mobile-Friendly Visualisation: As mobile devices are used more frequently for corporate analytics, data visualisation solutions must be responsive and mobile platform optimised.

Data visualisation tools are integrating AI and machine learning algorithms to deliver automatic insights and recommendations, making it simpler for consumers to understand their data.

Industry-Specific Solutions: To meet their particular requirements, many firms need data visualisation tools that are industry-specific. Specialised solutions are frequently required by the healthcare, financial, retail, and other sectors.

Global Events and Economic Conditions: As businesses choose cost-effective solutions and adjust to shifting market conditions, economic situations, such as recessions or major world events like the COVID-19 pandemic, can have an impact on the adoption of data visualisation technologies.

Competitive Environment: Vendors of data visualisation tools may be motivated to innovate by competition, which can also influence pricing plans and feature development. Market dynamics may be impacted by both seasoned players and recent arrivals.

rules: The market for data visualisation tools may be impacted by changes to data-related rules. Data governance and privacy rules must be complied with by businesses, and these laws may call for particular elements in their visualisation tools.

Data Culture: Businesses are becoming more aware of the value of promoting a data-driven culture. The popularity of data visualisation tools is driven by this cultural shift as firms seek to democratise data access and insights throughout their workforce.

Data integration challenges continue to exist as data sources become increasingly varied and complicated. Tools for data visualisation that have strong integration capabilities with a variety of data sources have an advantage over their rivals.

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Competitive and Segmentation Analysis:

The market for data visualisation tools is extremely competitive and segmented to meet a variety of user needs. Major vendors like Tableau, Microsoft Power BI, QlikView, and Domo have historically led the market in terms of competitiveness. Newer competitors and specialised firms, who provide specialised solutions and compete with the market's established giants, have, nevertheless, been progressively gaining ground. Competition frequently centres on elements like usability, integration potential, scalability, and pricing schemes.

The market segmentation of data visualisation tools is primarily determined by a number of important factors. There are three categories of segmentation: deployment model, on-premises solutions, cloud platforms, and hybrid strategies. Second, segmentation is done according to user type, separating tools for non-technical users, business analysts, and data scientists. Moreover, industry-specific solutions are developed to meet the particular requirements of the healthcare, financial, and retail industries. Additionally, there is functionality-based categorization, with tools ranging from fundamental graphing and charting tools to sophisticated analytics and predictive modelling capabilities. As market dynamics and consumer preferences can differ greatly across regions, the industry is also categorised by geography.

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