Top Trends In Data Visualization Market | Worldwide Stats and Facts
RELEASE DATE: Jul 2024 Author: Spherical Insights Request Free Sample
Overview
Data visualization technologies offer an approachable means of seeing and comprehending trends, deviations, and patterns in data through the use of visual components including maps, graphs, and charts. The global data visualization market size is expected to grow from USD 9.51 billion in 2023 to USD 22.86 billion by 2033, at a CAGR of 9.17% during the forecast period 2023-2033. Recently, artificial intelligence (AI) has become more and more popular. It has automated the visualization process and found patterns and insights that humans would miss, improving the effectiveness of data analysis.
Advancements in Data visualization
Technological innovations in data visualization, including data analysis and comprehension are changing as a result of the incorporation of Artificial Intelligence (AI) and Machine Learning (ML) into data visualization. The global market comprises some of the leading companies in the data visualization industry, such as Salesforce, SAP, Microsoft, Oracle, IBM, and AWS. For instance, in May 2022, this agreement, which was unveiled at Informatica World, unites Informatica a leader in cloud data integration, data quality, and data governance with Oracle, a renowned leader in database cloud, SaaS, and enterprise applications. It provides joint customers with all-inclusive solutions for integrating a data lake, lakehouse, or warehouse into hybrid or multi-cloud systems.
Regional Market Expansion
A number of interesting data visualization tools have been released by federal agencies within the past year. The "F Interagency Network Databank," often known as FIND, is now available in beta form according to the (US) State Department. North America is anticipated to hold the top spot in terms of market share for data visualization. The substantial enterprise presence and extensive adoption of visualization tools across many industries are fueling the North American market's expansion. Furthermore, the significant amount of funds that businesses spend on business intelligence and analytics is probably going to help this region grow even more.
Insights and Projections: Global Data Visualization Market Analysis
The report provides a summary of the global top trends and future prospects for the global data visualization market based on historical data sets (current trends, industry statistics, and emerging trends shaping the data visualization industry’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global data visualization trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the Data Visualization Industry
- Increasing need for an interactive data view to facilitate quicker decision-making in business.
Most businesses are implementing a streamlined procedure that involves locating, gathering, preserving, and exchanging a lot of data. The usage of data visualization technologies facilitates quick and easy commercial decision-making. A standard visualization feature should be included with the data. This feature helps to balance the supply and demand of new and existing items, detect customer preferences and trends, and extract strategic insights. Businesses in all industries use data visualization tools to easily comprehend data and extract useful business insights.
- Rising corporate need for interactive and simplified data projections.
The market is expanding as a result of the growing organizational need for interactive and straightforward data projection. Large and medium-sized businesses use data visualization systems extensively to create personalized reports and graphical representations of the data using web-based applications, desktop, tablet, and smartphone applications. Accordingly, the market is expanding as a result of the growing need for interactive dashboards built on unstructured data sourced from social media sites, email service providers, and mobile devices.
Opportunities and Future Prospects in the Data Visualization Industry
- Growing demand for interactive dashboards made with unused data.
Big data is being generated, whether it is through Fitbit, Google, or Facebook. Data use has changed throughout time and is now seen as essential to every company's digital transformation. The Internet of Things is being used more and more, and insights must be generated from all incoming data. In the current business climate, businesses use BI to help them make more important decisions more quickly. Social media businesses collect a lot of data via the internet. They find it more challenging to determine the veracity of an information source. The majority of unstructured data gathered from different sources is not put to use.
List of Key Companies in the Data Visualization Industry
- Tableau
- Microsoft Power BI
- Qlik
- Domo
- Looker
- Sisense
- IBM Cognos Analytics
- TIBCO Spotfire
- SAP Analytics Cloud
Top 5 Players in the Data Visualization Industry
- Tableau
Headquarters: Seattle, Washington.
Tableau was established in 2003 as a consequence of Stanford computer science research that sought to enhance analysis flow and increase data accessibility for users through visualization. Tableau's basic technology, VizQL, was created and patented by co-founders Chris Stolte, Pat Hanrahan, and Christian Chabot. VizQL visually communicates data by converting drag-and-drop actions into data searches through an intuitive interface. Tableau Software, Inc. provides analytical software. The company assists its clients in analyzing, visualizing, and sharing information, enabling them to publish data on their blogs and websites. Tableau Software offers data and analysis of products, as well as marketing optimization in the United States.
- Microsoft Power BI
Headquarters: Washington, United States
Microsoft Power BI, a flexible and fully integrated system for self-service and corporate business intelligence (BI), links and visualizes any data, generating charts in apps. In addition, the organization creates datasets from any data source and adds them to the Power BI data hub to form a single source. Microsoft released the Copilot assistant in May 2023. With this new tool, customers may automatically generate reports that include several charts and compose their own responses.
- Qlik
Headquarters: King of Prussia, PA.
Qlik Technologies Inc creates business intelligence technologies. The Company's software framework integrates enterprise-class analytics and search capability into a single application. Qlik Technologies services clients throughout the United States. Provider of business intelligence (BI) software with a focus on small- and medium-sized business (SMB) and enterprise industries. With the help of the company's end-to-end, real-time cloud solutions, users may enhance revenue and profitability, improve customer interactions, and make better business decisions due to interactive data analysis, enterprise-class analytics, data discovery, and sales performance analysis.
Headquarters: Mountain View, California
Google Data Studio is a data visualization tool that integrates seamlessly with Google's whole ecosystem, including BigQuery, Google Sheets, and Google Analytics. Organizing data sources and converting unprocessed data into the necessary sizes for dashboards and reports are among the features of the software. Data Studio facilitates the creation of dashboards and charts for enterprise users. While Google Data Studio can be purchased by individuals or small businesses, the Google Data Studio 360 suite is only available to larger organizations at a tailored cost. Pre-built connectors for YouTube, Adwords, and Google Analytics are available in Google Data Studio. Additionally, it features interfaces for Google Sheets, Google Cloud, Attribution 360, BigQuery, DoubleClick Campaign Manager, Firebase, MySQL, and PostgreSQL.
- Domo
Headquarters: American Fork, Utah
Founded in 2010, Domo went public on the Nasdaq in 2018. The location of Domo's headquarters is in American Fork, Utah. The foundation for creating long-term value for all of our stakeholders is their dedication to moral, open, and responsible business practices. Among the products offered by the company's technological platform are embedded analytics, self-service analytics, dashboards and reporting, business cloud, and data sharing. A cutting-edge business intelligence software platform called Domo's Business Cloud makes it possible for procedures that heavily rely on business intelligence data. The company offers services to the following industries: transportation, finance, healthcare, high-tech, media and entertainment, professional services, retail and e-commerce, education manufacturing, and hospitality.
Recent Development
- In May 2024, Domo has announced that a new set of Domo tools and capabilities, intended to completely transform the way retailers operate their businesses, are available in the Shopify app store.
- In April 2024, at the ongoing Google Cloud Next conference in Las Vegas, Informatica (NYSE: INFA), a leader in enterprise cloud data management, announced new products, solutions, and a strengthened cooperation with Google Cloud. The Master Data Management (MDM) Extension for Google Cloud BigQuery, developed by Informatica, makes it quicker and simpler to obtain reliable MDM data that can be used for generative AI and analytics in a variety of sectors, including healthcare, financial services, and retail.
- In May 2024, Tableau has recently released Tableau 2024.1, which includes a number of innovative innovations that take the platform's data visualization capabilities to whole new levels.
- In January 2024, the launch of a Center of Excellence (CoE) for the Watsonx generative AI platform has been announced by NTT DATA Business Solutions and IBM (NYSE: IBM). The joint CoE's main goal is to help clients develop embedded generative AI solutions by utilizing IBM Watsonx AI and data platform together with Watsonx AI assistants.
- In May 2023, Qlik announced that it has completed its purchase of Talend, broadening the company's best-in-class solutions and enabling modern companies to access, transform, trust, analyze, and act on data.
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