Visual Analytics Market Share, Size & Opportunities | 2031

Report Description

The global visual analytics market size was around USD 7.44 Billion in 2022 and is projected to reach USD 28.96 Billion by 2031, expanding at a CAGR of around 16.3% during the forecast period, 2023-2031. The growth of the market is attributed to the increasing adoption of advanced visualization technology in various industries across the globe.

Analytics is described as a scientific process of finding, interpreting, and communicating meaningful patterns in data. Analytics is the method of straining through a vast amount of data to discover new insights and knowledge to interpret and share. This vast amount of data is represented through graphs, charts, maps, and others in data visualization. Visualizing data in graphical representation provides a comprehensible way to understand outliners, trends, and patterns in data. Visual analytics is described as procedures and tools used to analyze data through data visualization.

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The insights provided by identifying data patterns through visual representation facilitate enterprises and organizations to make data-driven business decisions. Visual analytics helps organizations and enterprises combine data from various sources and analyze that data deeply within the graphical representation of the data. Visual analytics tools such as artificial intelligence (AI) and machine learning offer recommendation and business insights based on gathered and studied data.

Visual analytics offer interactive reports, dashboards, and other interactive visual interfaces for users to organize, track, and share data insights across organizations and enterprises. The visual format of the data facilitates quick understanding among users. Visual analytics tools allow users to interact with data in visual representation, which help them discover any hidden patterns and relationship in data. Visual analytics tools make data easy to work with, understand, and accessible across enterprises and organizations.

COVID-19 Impact on Visual Analytics Market

COVID-19 affected several industries negatively in the last few years. The lockdown, social distancing policies, travel restrictions, and other pandemic-related regulations resulted in low availability of labor and raw materials, a halt in production, the shutdown of several manufacturing units, and disruption of the supply chain. Several industries such as transportation, retail, and others were affected negatively, due to pandemic-related restrictions. However, the visual analytics industry witnessed stable growth during the pandemic.

Several organizations and enterprises have increasingly adopted cloud-based advanced technologies such as visual analytics solutions to expand their business. The need for fraud detection, fraud solutions, and customer interaction solutions increased during the pandemic, which resulted in increased demand for visual analytics solutions across the globe.

Visual Analytics Market Dynamics

The global visual analytics market research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global visual analytics market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2023 to 2031.

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Major Trends

Prevalence of artificial intelligence (AI) and machine learning is a current market trend

Increasing demand and adoption of AI and machine learning affect data visualization and analytics positively. The rising trend of AI and machine learning facilitate businesses to become efficient, precise, and impactful. The growing adoption of these technologies boosts the global visual analytics market.

Key Drivers

High demand for analytics tools among several enterprises drives the global visual analytics market

Rapid growth in data volume and complexity have propelled small & medium as well as large enterprises to adopt various analytics tools across the globe. Increasing demand for efficient tools that specialize in data processing is estimated to drive the global visual analytics market growth in the coming years. Several enterprises are developing in-house analytics tools, which are designed for specific purposes.

Rising adoption of advanced visualization technology among enterprises boosts the global visual analytics market

Several enterprises are increasingly adopting various analytics technologies such as AI, machine learning, big data, and others to analyze huge amounts of data generated through the Internet of Things (IoT) and other data sources. The advanced visualization and analytics technology aid in handling, managing, and interpreting huge amounts of structured and unstructured data easily. The growing integration of advanced technologies among various enterprises spurs the global visual analytics market growth.

Existing Challenges

Lack of skilled professionals hampers the global visual analytics market growth

Smooth integration and workings of visual analytics solutions need deep knowledge and supervision. Some of the analytics tools have errors in the early stages if not supervised properly. However, a lack of skilled professionals and workforce to operate visual analytics is anticipated to restrain the global visual analytics market growth in the coming years.

Emerging Opportunities

Growing demand for technological advances in visual analytics offers growth opportunities

An increasing number of enterprises are adopting advanced visualization technology and analytical tools. Advanced tools such as IoT, machine learning, AI, big data, and others among small & medium as well as large enterprises facilitate managing a vast amount of data effectively. The rising demand for advanced and innovative analytical technology offers lucrative opportunities to the market players. 

Scope of Visual Analytics Market Report

The global visual analytics market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Visual Analytics Market Segment Insights

Services segment to expand rapidly

On the basis of component, the global visual analytics market is bifurcated into software and services. The services segment is expected to register rapid growth during the forecast period, owing to the increasing deployment and integration of visual analytics services in various industries across the globe. The visual analytics services are cost-effective and time-efficient, which aid in boosting the demand for these services.

The solutions segment is anticipated to expand rapidly in the coming years, owing to the growing demand for visual analytics software solutions across various industries. The visual analytics software solutions facilitate users to simplify data recording, data entry, report automation, and report analysis. This factor is estimated to boost the solutions segment growth in the coming years.

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Cloud segment holds a key market share

In terms of deployment, the global visual analytics market is divided into on-premise and cloud. The cloud segment is projected to register a significant CAGR during the forecast period, as the cloud-based visual analytics solutions are time-efficient and cost-effective. Small and medium-sized enterprises are increasingly adopting cloud-based solutions, as these are low-cost solutions in comparison with on-premise solutions.

The on-premise segment is anticipated to expand in the coming years, as on-premise visual analytics solutions provide more control over systems and data than cloud-based solutions. Large enterprises are increasingly adopting on-premise solutions, as these solutions provide flexibility to customize their IT infrastructure. This helps these enterprises in decreasing their dependency on the internet. On-premise solutions aid in managing data to avoid any fraud. 

Small & medium enterprises segment to register major growth

Based on enterprise size, the global visual analytics market is bifurcated into small & medium enterprises and large enterprises. The small & medium enterprises segment is projected to hold a key market share during the forecast period, owing to the rapid adoption of advanced technologies such as AI, business intelligence, big data, and others in small and medium-sized enterprises. Advanced technologies such as visual analytics are cost-effective and time-efficient, which help these enterprises expand their business further.

The large enterprises segment is anticipated to register significant growth in the coming years, as several large enterprises adopt advanced technologies to manage and secure a vast quantity of data. Increasing adoption of visual analytics helps large enterprises in customizing the solutions according to their need to expand their business.

Supply chain segment holds a significant market share

In terms of application, the global visual analytics market is segregated into supply chain, finance, human resources, sales & marketing, and others. The supply chain segment is estimated to register a major growth during the forecast period, due to the growing need of gathering and managing real-time data in various industries such as transportation and logistics. Visual analytics solutions enhance data quality by observing patterns, giving forecasts, providing sophisticated algorithms, and calculating inventory policies.

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BSFI segment accounts for a large market revenue share

On the basis of end-user, the global visual analytics market is divided into BFSI, healthcare, IT & telecommunication, government, retail & e-commerce, education, and others. The BFSI segment is projected to dominate the global visual analytics market during the forecast period, due to the increasing usage of advanced visual analytics solutions to identify and manage any frauds.

Growing adoption of analytics solutions in the BFSI industry facilitates optimization of processes, enable sustained access to client database, enable secure transactions, manage data risks, and enhance the client experience. The IT & telecommunication segment is anticipated to hold a significant market share in the coming years, owing to a rising need for solving problems in real-time and streamlining business processes across the IT & telecommunication industry.

The increasing adoption of visual analytics solutions in the IT & telecommunication industry facilitates managing communications across all levels of organizations and easy deployment of insights and changes.

North America to dominate the global visual analytics market

Based on region, the global visual analytics market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The visual analytics market in North America is expected to register a high CAGR during the forecast period, owing to the increasing usage of visual analytics solutions across various industries in the region. The rapid adoption of big data, business intelligence (BI), and other advanced technologies such as AI and machine learning in the region drive the visual analytics market in North America.

The emergence of new business models and growing advancements in technologies in countries such as Canada and the US facilitates the expansion of the visual analytics market in North America. The visual analytics market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the rapid adoption of advanced technologies in countries such as India, Japan, and China.

Developing countries such as India, Singapore, Japan, and China are increasingly investing in research and development activities. The wide presence of various manufacturing firms adopting advanced technologies in the region drives the visual analytics market in Asia Pacific. The visual analytics market in Europe is estimated to register significant growth in the coming years, due to rising IT infrastructure in the region.

Rising research and development activities and an increasing number of companies adopting business intelligence technologies to enhance business productivity in the region boost the visual analytics market growth in Europe.  

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