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Data Visualization Market to Reach USD 19.20 Billion by 2027; Rising Adoption of Real-time Analytics for Predictive Analysis to Bolster Growth

July 09, 2020 | Information & Technology

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/data-visualization-market-103259


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:



  • November 2019 –  A completely customizable analytical platform for enterprises called “Dundas BI 7” was launched by Dundas Data Visualization Inc. This new platform has an in-built assistant for queries in various languages.

  • July 2019 – Lymbyc Solutions Pvt. Ltd. was acquired by Larsen & Toubro Infotech Ltd. (LTI) for strengthening the analytical and digital offerings of the platform.


List of Prominent Players in the Market are:



  • Adaptive Insights (Subsidiary of Workday, Inc.) (California, United States)

  • Alteryx, Inc. (California, United States)

  • ChartBlocks Ltd. (New York, United States)

  • Cluvio GmbH (Berlin, Germany)

  • Domo, Inc. (Utah, United States)

  • Dundas Data Visualization, Inc. (Toronto, Canada)

  • Highsoft AS (Sogn, Norway)

  • IBM Corporation (New York, United States)

  • Looker Data Sciences, Inc. (California, United States)

  • Microsoft Corporation (Washington, United States)

  • QlikTech International AB (Pennsylvania, United States)

  • SAP SE (Walldorf, Germany)

  • Sisense, Inc. (New York, United States)

  • Tableau Software, LLC (California, United States)

  • Visually, Inc. (California, United States)

  • Other Players


Further Report Findings:



  • North America earned USD 3.84 billion in 2019 in terms of revenue and emerged dominant owing to the high penetration of visualization tools and a strong presence of key players in this region.

  • Based on segmentation by industry, the research segment earned the highest market share in 2019. However, the retail and e-commerce segment earned 9.6% and is likely to witness rapid growth rates in the forecast period owing to the easy capturing feature of key insights and customer patterns that helps this industry to set new sale strategies accordingly.


The Global Market is categorized into:


















































SEGMENTATION



  DETAILS



Study Period



  2015 – 2027



Base Year



  2019



Forecast Period



  2020 – 2027



Historical Period



  2015 – 2018



Unit



  Value (USD billion)



By Component




  • Software

    • On-Premise

    • Cloud



  • Services

    • Consulting Services

    • Support Services





By Solution




  • Standalone Visualization Software

  • Embedded Data Visualization Module



By Enterprise Size




  • Small Enterprises

  • Medium Enterprises

  • 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

  • Others (Veterinary, Environmental Services, Non-Profit Organization Management, and others.)



By Region




  • North America (the United States and Canada)

  • Europe (Germany, the U.K., France, Scandinavia, and the Rest of Europe)

  • Asia Pacific (China, Japan, India, South East Asia, and the Rest of Asia Pacific)

  • Middle East & Africa (GCC, South Africa, and the Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico and the Rest of Latin America)


Data Visualization Market
  • PDF
  • 2019
  • 2015-2018
  • 160

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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