Increasing demand for data-driven insights, advanced visualization tools & decision-making precision propels Visual Analytics market to new heights globally.
PORTLAND, OREGON, UNITED STATES, November 10, 2023 /EINPresswire.com/ — The visual analytics market was valued at $6.5 billion in 2021, and is estimated to reach $28.9 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.
The visual analytics market is driven by factors such as rise in among enterprises to access, interpret, and analyze information, and attempt of various government agencies to systematize the data security protocols. Furthermore, rise in adoption of advance visualization technology by enterprises and growing demand for analytical tools among enterprises are driving the growth of the visual analytics market. Moreover, rapid growth in volume and variety of business data are boosting the visual analytics market size. However, high cost of installation and security concern, lack of skilled professionals, and lack of awareness restrict the visual analytics market growth.
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Depending on enterprise size, the large enterprise segment holds the largest visual analytics market share as it helps in maintaining functionalities and provides higher capital than SMEs. However, the SMEs segment is expected to witness growth at the highest rate during the forecast period as it allows SMEs access to advanced applications and data sources at a low cost.
Region-wise, the visual analytics market was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to gain visual insights and make decisions to achieve the long-term objectives. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to presence of several industries, and the competitive dynamics with increasing adoption of technologies and government initiatives are propelling the growth of the market.
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The COVID-19 pandemic is expected to positively impact the overall economy of the visual analytics, owing to surge in need for analyzing large and complex data sets of inquiry, monitoring, and interaction to reduce risks and costs related to frauds and achieve superior results. For instance, in April 2022, the U.S. Department of Energy (DOE) announced 26 million dollars for research to advance scientific data management and visualization. In addition, technologies such as power BI, MicroStrategy analytics, IoT, chatbots, and other voice assistants collate massive volume of data to generate significant insights, which can provide cost-saving opportunities, thus propelling the growth of the market.
Moreover, investments in visual analytics are becoming popular day-by-day, owing to increase in attention toward data to help enterprises to find out the future performance of the firm to take corrective measures at an early stage in case of any probable crisis in future, which, in turn, is contributing toward the growth of the market. Furthermore, algorithms used for getting meaningful insights from real-time and historical data are helping business in handling various critical issues related to customer insights during COVID-19 pandemic, which is driving the growth of the visual analytics industry.
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The key players that operate in the visual analytics market analysis are Alteryx, Inc., DataDeck, Data Clarity, Geckoboard Software, IBM Corporation, Locii Solutions Ltd., Microsoft Corporation, MicroStrategy Incorporated, Nexidia Inc., Oracle Corporation, Orbital Insight, Qlik, SAP SE, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., and Ubiq. These players have adopted various strategies to increase their market penetration and strengthen their position in the visual analytics industry.
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