The growth of the market is governed by various factors such as rising technological advancements
Visual Analytics Market Size – USD 4,185.9 Million in 2020, Market Growth – CAGR of 19.30%, Market Trends-Extension in self-service BI and analytics stimulated demand for more reliable metadata.
The visual analytics market is expected to reach USD 17.34 Billion by 2028, according to a new report by Reports and Data. Visual Analytics is interpreted as the ability of analytical reasoning supported by interactive visual interfaces. It can be regarded as a merged approach incorporating human factors, data analysis, and visualization.
The interactive visual interface of data guarantees ease of decision making. The growing use of data-driven by visual analytics and massive demand for tools & techniques essential for swift and accurate data analysis is also kindling the market growth. Another factor boosting the market growth is the comfort of generating comprehensive reports and interactive dashboards via high-level business intelligence tools. Visual analytics has reached a mark in traffic modeling and simulation where a combination of interactive visual methods and statistical, and computational methods linked with machine learning is applied to maintain data modeling and interpretation of time series data. It is also utilized in the evaluation, analysis, and forecast of traffic volumes based on GPS tracking.
The Key players in the Visual Analytics Market include- Microsoft Corporation, Oracle Corporation, Qilik, Alteryx, SAP SE, IBM, Tableau Software, TIBCO Software, Microstrategy, SAS Institute
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The market in the APAC region is expected to witness the highest CAGR of 20.3% during the forecast period. The Asia-Pacific region is supposed to witness growth in the market with emerging countries like Singapore, China, Japan, and India that are investing in technology hugely coupled with the presence of several manufacturing enterprises which are further expected to expand the market growth. Additionally, the growing investments in research and development, and the application of visual analytics are rising gradually. Various companies in the region are in the process of executing visual analytics solutions already.
Further key findings from the report suggest
- The Visual Analytics Market is estimated to reach USD 17.34 Billion by 2028, at a CAGR of 19.30% during the forecast period.
- The software component accounted for a larger share of 61.1% of the market in 2018.
- The cloud deployment is anticipated to grow at a higher rate of 20.4% during the forecast period.
- The transportation and logistics application segment is anticipated to grow at the highest rate of 20.1% during the forecast period.
- The Small & Medium Enterprises (SMEs) organization is anticipated to grow at a higher rate of 20.0% during the forecast period.
- North America region accounted for the largest share of 31.3% of the market in 2018. The booming IT industry in the region and the emergence of IoT, cloud, and big data will generate further opportunities for visual analytics. Furthermore, Data accuracy has become the central focus of robust visual analytics due to which the market demand has grown significantly.
- Various players are developing strategies to mark their presence in the industry.
- Zoomdata, a visual analytics platform provider, joined the partnership with Teradata in September 2016. The partnership allows customers to leverage a shared Teradata environment with a single, centralized visual analytics front end.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/visual-analytics-market
For the purpose of this study, Reports and Data have segmented the market on the basis of Deployment, Component, Application, Function, Organization, and region:
Deployment Outlook (Revenue, USD Million; 2018-2028)
Component Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
- Transportation and logistics
- IT & Telecommunications
- Retail and Consumer goods
Function Outlook (Revenue, USD Million; 2018-2028)
- Sales and marketing
- Supply chain
Organization size Outlook (Revenue, USD Million; 2018-2028)
- Large Enterprises
- Small & Medium Enterprises (SMEs)
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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