According to a new market research report “Data Visualization Tools Market by Tool (Standalone and Integrated), Organization Size, Deployment Mode, Business Function, Vertical (BFSI, Telecommunications and IT, Healthcare and Life Sciences, Government), and Region – Global Forecast to 2026″, published by MarketsandMarkets, the 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. 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.
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.
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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).
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