The Global Data Visualization Tools Market size is expected to reach $10. 8 billion by 2027, rising at a market growth of 11. 2% CAGR during the forecast period. Data visualization refers to a collection of a broad range of business applications.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Data Visualization Tools Market By Tool Type, By Business Function Type, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06131528/?utm_source=GNW
The concept of visualizing data is widely utilized in a variety of technologies & terms like scorecards, dashboards, business intelligence, infographics, analytics and big data. It helps businesses to obtain a relevant report from an ever-growing, wide and huge amount of business data.
There are several customers who believe that the utilization of big data by data visualization that contributes to improved and better decision making. There is an increasing amount of data witnessed by the retail industry in recent time through numerous channels like apps, blogs and social sites. The majority of the unorganized data generated is not utilized that can provide important information, if properly utilized. The integration of the Internet of Things (IoT) in the retail industry has augmented in the last few years due to the increased usage of gadgets like RFID and sensors.
Data visualization tools offer a wide variety of benefits to the companies such as better understanding, accurate analysis of the data, better decision making, boost sales, identification of various trends & patterns in the competitive market etc. All these benefits of data visualization tools help organizations to address their issue at an initial level, generate more insights from available data and support the business growth of the companies.
The market of data visualization tools has recorded various improvements especially in tools that are provided by the industry players. Due to the covid-19 pandemic, different verticals like retail, manufacturing, and energy & utilities have registered a slight decline but some verticals like government, BFSI, and healthcare & life sciences have seen a minimal impact of the pandemic. There is increasing usage of bar charts, line charts, and choropleth maps in the news due to the pandemic. The simple data visualizations have been widely utilized to communicate crucial information about the COVID-19 pandemic to the public. The most appealing improvements that took place owing to the COVID-19 situation is that companies that are best at the developments of dashboards integrate the analytics & decision-making approaches and spread them significantly over all the connected channels.
Tool Type Outlook
Based on Tool Type, the market is segmented into Standalone and Integrated. The Standalone market dominated the Global Data Visualization Tools Market by Tool Type 2020, growing at a CAGR of 10.2 % during the forecast period. The Integrated market is experiencing a CAGR of 13.2% during (2021 - 2027).
Business Function Type Outlook
Based on Business Function Type, the market is segmented into Marketing & Sales, Human Resources, Operations and Others. Based on business function, the marketing & sales segment is anticipated to witness the largest market share over the forecast period. It is because the usage of data visualization tools helps sales managers to keep an eye on sales performance against quarterly objectives for revenue, the status of the deal stages in the sales process and the percentage of closed deals.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Cloud. On the basis of deployment type, the on-premise segment would acquire the largest market share over the forecast period. Factors that are supporting the high adoption of on-premises-based data visualization tools are secure data encryption, complete data visibility along with the improved control over data at a different location and the real-time accessibility of data for generating insights.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. The Large Enterprises market dominated the Global Data Visualization Tools Market by Enterprise Size 2020, growing at a CAGR of 10.4 % during the forecast period. The Small & Medium Enterprises market is estimated to grow at a CAGR of 12.8% during (2021 - 2027).
End User Outlook
Based on End User, the market is segmented into BFSI, Government & Defense, IT & Telecom, Healthcare, Manufacturing, Consumer Goods & Retail and Others. By vertical, the BFSI vertical is estimated to hold the biggest market share over the forecast period. In addition, the healthcare & life sciences vertical would exhibit the highest growth rate during the forecast period. Getting access to unstructured data like the output from medical devices, image reports and lab reports is not helpful to enhance a patient’s health. Healthcare providers are majorly utilizing data visualization tools, which help them to accumulate real-time data insights to enhance a patient’s health.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Region-wise, North America would emerge as the leading region in the data visualization tools market. In this regional growth, a majority of stakes are acquired by the US in the data visualization tools market. This growth is attributed to the growing amount of data generated by the small- and medium-scale companies in the US market.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Amazon.com, Inc., Alibaba Group Holdings Limited, and Microsoft Corporation are the major forerunners in the Data Visualization Tools Market. Companies such as Salesforce.com, Inc., IBM Corporation, and Oracle Corporation are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Salesforce.com, Inc., SAP SE, Microsoft Corporation, Amazon.com, Inc., IBM Corporation, Oracle Corporation, Alibaba Group Holdings Limited, Alteryx, Inc., SAS Institute, Inc., and Dundas Data Visualization Inc.
Recent strategies deployed in Data Visualization Tools Market
Partnerships, Collaborations, and Agreements:
Mar-2021: Alteryx entered into a partnership with Tech Data, an American multinational distribution company. This partnership aims to offer Tech Data and its partners access to the Alteryx integrated platform, which streamlines analytics, data science and process automation to boost the digital transformation for users.
Jan-2021: Alteryx came into partnership with Snowflake, the Data Cloud company. Together, the companies offer users automated data pipelining, quicker data processing and accelerate analytics results at scale. Under this partnership, Alteryx analytics automation and data science capabilities combine with Snowflake’s platform.
Dec-2020: Amazon came into partnership with Grafana Labs, multi-platform open-source analytics and interactive visualization web application. Under this partnership, the companies previewed Amazon Managed Service for Grafana (AMG), which is a fully managed service that makes it simple to develop scalable, on-demand, and safe Grafana workspaces to visualize and evaluate the data from various sources.
Nov-2020: IBM partnered with Tech Data and Microsoft Azure. The partnership would enable customers to more instantly develop a strong information architecture by allowing quicker and easier access to IBM Cloud Pak for Data, a combined data and AI platform, which delivers cost-effective and containerized services for boosting the journey to AI.
Aug-2020: SAS India signed an agreement with Ganpat University (GUNI) for a two-year full-time Master of Business Administration (MBA) in Analytics. The agreement aimed to prepare future-ready managers who are proficient in Analytics and have experience in operating recent tools & techniques in vogue.
Jun-2020: Salesforce partnered with Snowflake, the cloud data platform. The integrations among the two technologies would enable companies to simply unite and evaluate all data in the Snowflake Cloud Data Platform and visualize it with business intelligence tools like Tableau & Salesforce applications, to unwrap new insights about their businesses and their users.
Jun-2020: Microsoft partnered with SAS, a leader in analytics. Under this partnership, Microsoft’s Azure become SAS’s preferred cloud and better integrations of SAS’s numerous products into Microsoft’s cloud product line that ranges from Azure to Dynamics 365 and PowerBI. Both the companies also plan to introduce some new joint solutions for their users.
Mar-2020: SAS formed a partnership with Growers, a leading software and analytics company. This partnership aims to assist farmers to turn data into insights, taking better agronomic decisions over their whole operation.
Acquisition and Mergers:
Feb-2020: AWS took over DataRow, a unique player in the data exploration realm. This acquisition enabled AWS clients to offer users improved AWS visualization and query resolution.
Oct-2019: Alteryx took over Feature Labs, a data science software company. This acquisition of Feature Labs would enable Alteryx to assist companies to empower each data worker to fill the data science & machine learning talent gap. Alteryx puts insights from modern analytics and machine learning that is only available to statisticians and quants into the hands of more data workers in the enterprise.
Aug-2019: Salesforce took over Tableau Software, an American interactive data visualization software company. Through this acquisition, Salesforce focuses on competing with Microsoft in the field of Power BI and data visualization space. Tableau would help Salesforce positioned to boost and expand its mission to assist people to see & understand data.
Apr-2019: Alteryx acquired ClearStory Data, a privately held software company. This acquisition aimed to help in boosting through the next wave of innovation in the data science and analytics market.
Product Launches and Product Expansions:
May-2021: Oracle introduced a set of new offerings in Oracle Analytics Cloud to offer all employees not just data specialists with easy-to-utilize self-service analytics. Through these offerings, user can experience communications with their data through maps, visual market basket analysis, and mobile gadgets to more instantly detect patterns & relationships, which enables them to forecast results and make quicker decisions.
Mar-2021: Tableau, a salesforce company launched a new edition of its business analytics and data visualization platform. This platform includes Salesforce’s Einstein Discovery predictive modelling & machine learning technology, accelerating Tableau’s predictive analysis offerings. This new functionality in Tableau 2021.1 brings Einstein Discovery’s data science and predictive modelling to a broader audience of business customers and analysts, enabling them to create AI-powered predictive analytics applications despite requiring to write code.
Jan-2021: Salesforce introduced Vaccine Cloud. This cloud assists healthcare organizations, government agencies, nonprofits, businesses, and educational institutions swiftly, securely, and effectively implement and manage their vaccine programs for delivering vaccines via the Salesforce Customer 360 platform that includes bots, mobility solutions, analytics, and integration offerings.
Nov-2020: AWS launched AWS Glue DataBrew. It is a visual data preparation tool, which assists in cleaning and normalizing data up to 80% quicker so that clients can focus on improving the business value.
Nov-2020: Amazon released new visualization features in AWS IoT SiteWise. It is a managed service, which makes it easier to gather, organize, store, and supervise data from the industrial tool at a scale that supports three latest visualization options in SiteWise Monitor AWS IoT SiteWise Monitor supports Status charts, AWS IoT SiteWise Monitor supports Trend lines and AWS IoT SiteWise Monitor supports Scatter charts.
May-2020: Oracle unveiled Oracle Analytics for Cloud HCM. It is built on Oracle Analytics Cloud and is powered by Oracle Autonomous Database, Oracle Analytics for Cloud HCM offers analysts, HR executives, and line-of-business leaders more insights into workforce management by allowing a complete view into data from all over the company. The latest self-service analytics offerings assist users to increase the value of Oracle Cloud HCM.
Scope of the Study
Market Segments covered in the Report:
By Tool Type
By Business Function Type
• Marketing & Sales
• Human Resources
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• Government & Defense
• IT & Telecom
• Consumer Goods & Retail
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Salesforce.com, Inc.
• SAP SE
• Microsoft Corporation
• Amazon.com, Inc.
• IBM Corporation
• Oracle Corporation
• Alibaba Group Holdings Limited
• Alteryx, Inc.
• SAS Institute, Inc.
• Dundas Data Visualization Inc.
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