The global data visualization market is estimated to grow at a CAGR of 8.68% during the forecast period of 2020-2028. Major factors driving the growth of the market are big data obtained from the increasing number of internet and social media users, multi-device access to visualization like mobile, desktop, etc., ongoing training for business users, and constantly changing optimizing dashboards.
Data visualization is used to communicate insights from data through visual representation. The use of visual elements, such as charts, graphs, and data visualization tools, offers a convenient way to understand patterns, outliers, and trends in data. Visualization of data provides companies with detail analysis at various levels. The enterprises realize the importance of big data, which, in many ways, help them realize their business goals. Cloud computing has revolutionized the way companies manage, scale, and process, large-scale applications, along with deriving value from data. The high efficiency, elasticity, on-demand availability, and IT capabilities, are driving the enterprises to adopt cloud services. The factors restraining the market growth are growing demand for augmented and virtual reality, and skill gap. With the increasing volume of data, there is a dearth of professionals who can analyze and extract useful and advanced information from the influx of information. The market comprises of several companies competing for attention in the market.
The global data visualization market is analyzed geographically on the basis of markets situated across the region of North America, Europe, Asia Pacific, and the Rest of the World. As of 2019, the region of North America holds the largest market share in terms of revenue. This is attributed to the growth in big data and the need for analytics in the retail sector. The region of Asia Pacific is projected to be the fastest-growing market in terms of revenue. The growth of big data across the region is one of the significant factors propelling the growth of the market.
Microsoft Corporation, Tableau Software Inc, Oracle Corporation, SAS Institute Inc, SAP SE, etc. are some of the renowned players registering their presence in the global market.
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- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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