Data Visualization Tools Market to surpass USD 14.18 billion by 2031 from USD 5.84 billion in 2021 at a CAGR of 9.26% within the coming years, i.e., 2021-31.
Data visualization can be defined as a collection of a wide range of business applications. The idea of visualizing data is broadly applied in a variation of technologies & terms like scorecards, dashboards, infographics, business intelligence, analytics, and big data. It benefits businesses to gain a related report from an ever-growing, varied and huge amount of business data.
Data Visualization Tools Market is predicted to project a notable CAGR of 9.26% in 2031
Growth in big data, multi-device contact to visualization, customized reports for specific roles, ongoing training for business users, and continually changing optimizing dashboards are estimated to drive the market. Many other factors such as the rising demand for an interactive opinion of data for quicker business verdicts and growing developments in Augmented Reality and Virtual Reality to allow the communication of enterprises with data in 3D formats are predictable to boost the demand for data visualization tools.
Data Visualization Tools Market: Segments
Healthcare and Life Sciences segment to grow with the highest CAGR during 2021-2031
Based on End-user, the market is segmented into BFSI, IT and Telecommunication, Healthcare and Life Sciences, Education, and Others. Healthcare and Life Sciences segment holds the highest market share of Data Visualization Tools Market. To gain contact to unstructured information such as production from medical devices, image details, and lab reports is not valuable to improve patient health. Healthcare providers are accepting data visualization tools that benefit them to collect real-time data visuals to improve patient health.
Cloud Segment to grow with the highest CAGR during 2021-2031
Based on Deployment, the market is segmented into On-premise and Cloud Deployment. The cloud deployment mode segment is predictable to grow at the highest CAGR during the forecast period. This growth is qualified owing to easy deployment and minimal capital obligation advantage of cloud technology facilitating the adoption of the cloud deployment model. The adoption of cloud technology is anticipated to be supported by the COVID-19 pandemic, as social distancing practices are cheering companies to move to cloud deployment that can be managed remotely.
Data Visualization Tools Market: Market Dynamics
Growing demand for an interactive view of information
Several enterprises are implementing a simplified method that involves classifying, assembling, keeping, and sharing a large amount of information. Data visualization tools are applied for having a swift and basic business decision-making method. The data should be provided with an ordinary visualization ability, which is used to classify customer penchants and propensities, extract strategic insights, and aid to uphold a balance between the demand and supply of new and existing goods. Data visualization tools in the cloud allow enterprises to have a cost-effective and scalable way for data study. The data visualization capability assists companies to classify business drivers and Key Performance Indicators.
Growing demand generate interactive dashboards
Organizations devote a lot in data collection to effectively use it. For example, banks pay attention to how online clients landed on the applications page, which would help to find actions on how to attract clients. The application of vacant data can aid organizations to gain treasured visions and boost their business. Data visualization tools come up with resolutions to use all unused information. Thus, the growing need for producing visions from unused data is likely to create an opportunity for the progress of the Data Visualization Tools Market.
Difference in data formats
There is always disparity in data, whether the data measures something as simple as the daily humidity or as complex as the success of a surgical method. As data has spread throughout society, one of the elements that have become obvious is that there is a huge difference in the levels of understanding. This could even be in a high-powered business, where individuals who are used to seeing basic excel graphs do not comprehend anything extra complex. The idea of interactivity within imagined data is not something they would ever feel essential. It is, thus, tough for those designing visualizations to match up to the extensive understanding of data and data visualizations.
Impact of the COVID-19 on the Data Visualization Tools Market
The outbreak of COVID-19 has brought effects on many features, like aircraft terminations; travel bans and quarantines; restaurants, cafes closed; all outdoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market instability; dropping business confidence, building panic among the population, and doubt about future. Data Visualization Tools market has witnessed many progressions in terms of tools offered by the industry players. The COVID-19 pandemic has given rise to increased use of line charts, bar charts, and choropleth maps in the news. Simple data visualizations have become the key to communicating vital information about the coronavirus pandemic to the public. Another most interesting expansion owing to the COVID-19 crisis is that enterprises that surpass at the developments of dashboards integrate analytics and decision-making methods and boost them across all connected channels.
Data Visualization Tools Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
SAS Institute (US)
Alibaba Cloud (China)
TIBCO Software (US)
Live Earth (US)
Other prominent players
Data Visualization Tools Market: Regions
Data Visualization Tools Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is estimated to contribute the largest share of the Data Visualization Tools Market during the forecast period owing to the overall preference and enthusiasm shown by the general population in the region towards adopting Data Visualization Tools. Moreover, large number of players functioning in this region also influence to drive growth of the market in North America. Asia Pacific also holds a major share of the global market. The market in the region is also projected to register the highest CAGR during the forecast period.
Data Visualization Tools Market is further segmented by region into:
North America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-United States and Canada
Latin America Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR- United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
Asia Pacific Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR-India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Data Visualization Tools Market report also contains analysis on:
Data Visualization Tools Market Segments:
By Organization Department
IT and Telecommunication
Data Visualization Tools Market Dynamics
Data Visualization Tools Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value chain of the Market
Market Drivers and Restraints
Data Visualization Tools Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 5.84 billion
Revenue forecast in 2031 USD 14.18 billion
Growth Rate CAGR of 9.26% from 2021 to 2031
Base year for estimation 2021
Quantitative units Revenue in USD billion and CAGR from 2021 to 2031
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Organization Department, Type, Deployment Mode, End-user and region
Region scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled 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), and Others