The global Visual Analytics Market, which is valued at USD 8,457.6 million in 2023, is forecast to expand at a CAGR of 21.4% from 2023 to 2033, and is expected to be valued at USD 58,969.8 million by 2033.
Large end users have dominated the global digital economy, with significant investments in AA tools and infrastructure. However, the visual analytics sector is expected to curb due to a lack of integration with legacy systems.
In contrast, it is anticipated that the storing and handling of data from various connected transportation devices, used across transportation and logistics businesses, are rapidly increasing. This is likely to create lucrative opportunities for the market.
The frequency of data analysis, easier data exploration, and increased depth are exciting to surge the demand for visual analytics. Furthermore, proper analytics software is required to present data generated for the IT team to perceive the demands of device users, network management, health and remote monitoring.
Visual analytics are used to present raw and unstructured data in a proper format to effectively elicit actionable insight. In addition to this, enterprises gain insight into complex problems and leverage new age technology, which is likely to expand the market size.
The leading visual analytics share was held by the banking, financial services, and insurance (BFSI) industry in 2017. This was attributed to the growing need to simplify the workload related to security, and the increasing dependence on data generated from various IT systems for financial transactions.
| Attribute | Details |
|---|---|
| Visual Analytics Market CAGR (2023 to 2033) | 21.4% |
| Visual Analytics Market Size (2023) | USD 8,457.6 million |
| Visual Analytics Market Size (2033) | USD 58,969.8 million |
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| Particulars | Details |
|---|---|
| Market Size (2018) | USD 3,479.4 million |
| Market Size (2022) | USD 7,059.8 million |
| Market CAGR (2023 to 2033) | 19.3% |
| Market Growth Rate (2022 to 2023) | 1.19x |
Actionable insights and formulation of strategies under the sales and marketing segment significantly improve, through the deployment of visual analytics. Additionally, various industry verticals integrate the deployment of visual analytics due to a paradigm shift in business approaches. This is expected to increase the demand for visual analytics.
Visual analytics have grown in popularity as a practical method for obtaining information from enormous data sets to avoid difficulties in processing and effectively using big data. This is expected to promote market growth.
Growing demand for Advanced Analytics (AA) is a significant factor expected to expand the market share. Moreover, the global visual analytics industry is likely to experience growth owing to big data and predictive analytics.
The field of logistics and supply chain is predicted to increase investments for information technology to improve data quality, which is anticipated to surge market demands. Utilizing visualization tools like charts, graphs, pivot table widgets, etc. to generate dashboards and reports, therefore driving the adoption of visual analytics.
Businesses are investing and deploying visual analytics to increase productivity, empower employees, and have benefits. Furthermore, visual analytics assist in understanding data in simple terms.
Imperfections in the visual analytics tools produce errors, which is likely to hamper the market growth. Lack of trained personnel to work on advanced business intelligence tools further creates challenges for the market.
Improper design issues leading to confusions in communication are anticipated to obstruct the visual analytics deployment. Data inconsistency causing errors, along with lack of proper governance, are expected to create a challenging environment for the visual analytics environment.
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The rising adoption of cloud technology surges the cloud deployment model to be used in visual analytics, which is expected to contribute to the market growth. Furthermore, the IT and telecom segments are expected to accumulate rapid revenue growth to predict future technology requirements and spot underutilized systems and applications.
Organizations in the IT segment further witness a significant adoption of visual analytics, by strategically establishing their goals to enhance the customer experience by streamlining their business processes. Additionally, allowing more fluid deployment of the insights and changes, and strengthening the communication across all levels of the organizations, are generated by visual analytics.
| Countries | Market Share (2022) |
|---|---|
| United States | 14.1% |
| Germany | 8.9% |
| Japan | 5.1% |
| Australia | 3.8% |
North America has a leading visual analytics market share, with a revenue of 22.8% in 2022. This is owing to the booming IT industry in this region and their new innovative strategies.
Robust visual analytics, making data accuracy the central focus, is expected to accelerate the market size. Furthermore, the emergence of cloud, IoT, and big data is further expected to present significant growth in the market in this region.
Additionally, a robust growth of Logistics and Supply Chain management in the region is further expected to drive the market.
With a revenue of 17.2% in 2022, Europe holds the second position in the market. The rising IT infrastructure in various countries of this region is expected to promote global market growth.
Research and development activities to surge technological developments are likely to surge visual analytics deployment in this region. Furthermore, the presence of a large number of companies using business intelligence technology to improve business productivity benefits from visual analytics.
| Countries | Market CAGR (2023 to 2033) |
|---|---|
| China | 23.3% |
| India | 25.4% |
The Asia Pacific market is significantly growing due to the surging demand and challenges from global as well as local markets. Hence, the emergence of key market players is expected to expand the market size.
The implementation of visual analytics is done through rising investments in research and development activities in this region. Likewise, countries like Japan, China, and Singapore are heavily investing in technology, along with the presence of different manufacturing industries, which is anticipated to boost the global market growth.
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How is the Start-up Ecosystem in the Visual Analytics Business?
The increasing need for data-driven decision making is accelerating the market in visual analytics. The degree of control over systems and data is a prime advantage of on-premise based solutions, therefore surging the demand for visual analytics.
Start-up companies are recognizing these features to incorporate them with new and exciting trends. Through the advent of technology, and efforts by start-up companies, organizations are able to improve their data-driven decisions. Certain start-up companies are implementing such strategies.
Visual Analytics Service Providers are Focusing on New Softwares for High Profit Margins
The global visual analytics market size is saturated with large and medium-sized companies that are using ideas and innovations from research and development activities to improve the features of visual analytics.
Moreover, to introduce more effective visual analytics products, market players are adopting various strategies entering into mergers and acquisitions, strategic agreements and contracts, developing and testing.
Through 2033, virtual analytics demand will rise at a 21.4% CAGR.
In 2023, the market will be valued at USD 8,457.6 million.
North America accounted for 22.8% revenue in 2022.
China is expected to rise at a 23.3% CAGR through 2033.
Qlik, Tableu, and SAS Institute are some key market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Cloud 5.2. On-Premises 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 6.1. BFSI 6.2. Healthcare 6.3. IT & Telecom 6.4. Retail & Consumer Goods 6.5. Education 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Qlik 17.2. Tableau 17.3. SAS Institute 17.4. I-Net software 17.5. IBM 17.6. Oracle 17.7. SAP SE 17.8. Zoomdata 17.9. Microsoft Corporation 17.10. MicroStrategy 17.11. TIBCO Software 17.12. Alteryx 17.13. Verint Systems 17.14. NICE 17.15. Avaya 17.16. ADVIZOR Solutions Pvt. Ltd. 17.17. LLC 17.18. Wilson Visual Analytics 17.19. Chi Squared Visual Analytics 17.20. Host Analytics Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Visual Analytics Market
