Visual Analytics is the science of logical reasoning, supported by interactive visual interfaces. Several visualization tools such as graphs, charts, and pivot tables are extremely helpful in defining data in an easy and interpretable term. It helps in problem-solving by displaying the data in a graphical and interactive way. Significant technical transformation & rapid growth of business data across several organizations has surged the growth of the market on a global platform. The major growth drivers of the market include rapid growth in volume and variety of business data, growing need for data-driven decision-making, and increasing demand for advanced analytics. The massive surge of flowing business data and technical transformation across various enterprises has stimulated the growth of the market. However, the lack of integration with legacy systems and complexity of analytical processes are expected to limit market growth.
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Insights Presented in the Report
- Based on components, the visual analytics market is classified into software and services segment. Hereby, the services segment is further segmented into professional (deployment and integration, support and maintenance, and consulting services) and managed services segment. This segment is expected to grow at the highest CAGR during the forecast period, due to the growing need for visual analytics software solutions across organizations.
- Based on business function, the market is segmented into information technology, finance, sales & marketing, human resources, supply chain and others.
- Based on organization size, the market is classified into large, medium and small enterprises
- Based on the deployment model, market is classified into On-Demand and On-Premise
- Based on the market segment by industry vertical, the market is segmented into banking, financial services, insurance, telecom and IT, retail and consumer goods, healthcare and life sciences, manufacturing, government and defense, energy and utilities, transportation and logistics, media and entertainment, and others. Banking, Financial Services, and Insurance (BFSI) industry are expected to hold the largest share of the visual analytics market in the forecasted period. This is mainly due to the growing need for simplification and standardization in financial transactions.
- For better understanding of the market penetration of visual analytics, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico and the Rest of North America), Europe (Germany, France, U.K., Russia, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Australia and the Rest of Asia-Pacific) and Rest of world. North America is expected to be the largest revenue-generating region for the visual analytics market. This is mainly due to the developed economies of the US and Canada. Similarly, the Asia- Pacific region is expected to be the fastest-growing region in the visual analytics market because of the increasing adoption of Internet of Things (IoT), smart technologies, and various other government initiatives.
- Some of the major players operating in the market include IBM, Oracle, SAP, SAS Institute, Tableau Software, Microsoft, MicroStrategy, TIBCO Software, Alteryx Inc and Qlik.
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