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The global data visualization market size is projected to reach USD 19.20 billion by 2027 attributed to the increasing adoption from telecommunication and services, e-commerce, information technology, and other sectors. This helps to present information in a graphical format for easy analysis and accessibility. According to a new report by Fortune Business Insights, titled, “Data Visualization Market Size, Share and Industry Analysis, By Component (Software, Services), By Solution (Standalone Visualization Software, Embedded Data Visualization Module), By Enterprise Size (Small Enterprises, Medium Enterprises, and Large Enterprises), By Industry (BFSI, Construction and Real Estate, Consumer Goods, Education, Government, Healthcare and Pharmaceuticals, Information Technology, Services and Telecommunications, Research, Retail and E-commerce, Transportation and Logistics, and Others) and Geography Forecast, 2020 – 2027,” the value of the market was USD 8.85 billion in 2019 and is likely to rise at a CAGR of 10.2% during the forecast period 2020 to 2027.
New Innovation to the Smart Data Discovery introduced by Alteryx
One of the big data and analytics players, ClearStory Data, acquired Alteryx in April 2019 for accelerating the new wave of innovation in data science and machine learning. The main objective behind this acquisition is to offer a machine learning platform with easy operations to nonprofessional data researchers. This will help the consumers to use a code-free platform for trained statisticians and data scientists without hiring an expert data scientist for solving complex analytical entrepreneurial problems.
The founder and CEO of ClearStory, Sharmila Mulligan stated, “The decision to collaborate with Alteryx was made because of our shared vision and innovative culture owing to which, it will be possible to offer smart data discovery to businesses. With the combined efforts of both the companies, we aim at offering initiatives to transform business approaches to our customers digitally.” Such initiatives are likely to aid in the expansion of the market in the coming years.
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Advent of Artificial Intelligence for Real-time Monitoring of Data will Aid in Expansion of Market
The increasing adoption of business intelligence software by most of the small, medium, and large enterprises stands as a significant factor in promoting the global data visualization market growth. Additionally, entrepreneurs are focusing on expanding the geographical footprint of their companies to gain more revenue. Therefore, they are adopting visualization platforms and acquiring software analytics, which ultimately is aiding to the expansion of this market.
On the flip side, installing data visualization is expensive and this may pose a significant challenge to the growth of the market. This, coupled with the growing security issues and data thefts, may cause considerable hindrance to the market in the coming years. Furthermore, the imposition of the lockdown period as a result of the COVID-19 pandemic has resulted in the companies reducing their software cost, thereby facing significant loses. If this continues, it will hamper the market in the long run.
Nevertheless, the advent of the internet of things (IoT) and artificial intelligence (AI) for real-time data monitoring is likely to create new opportunities for the market in the forecast period.
Players Emphasizing on Merger and Acquisition to Gain Significant Position
Most of the players operating in this market are adopting collaborative strategies such as joint ventures, agreements and contracts, mergers and acquisitions, partnerships, and others to gain a remarkable position in the market. Other players such as QlikTech International AB are focusing on empowering their business and offering modern data analytics to customers for transforming and uplifting businesses.
Key Industry Developments of Market Include:
List of Prominent Players in the Market are:
Further Report Findings:
The Global Market is categorized into:
2015 – 2027
2020 – 2027
2015 – 2018
Value (USD billion)
By Enterprise Size