IMARC Group's report titled "Visual Analytics Market Report by Component (Software, Service), Service (Managed Service, Professional Service), Deployment Mode (On-premises, Cloud-based), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Business Function (Information Technology (IT), Sales and Marketing, Supply Chain, Finance, Human Resources (HR), and Others), Industry Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Government and Defense, Energy and Utilities, Media and Entertainment, Transportation and Logistics, and Others), and Region 2024-2032". The global visual analytics market size reached US$ 7.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.3 Billion by 2032, exhibiting a growth rate (CAGR) of 16.4% during 2024-2032.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/visual-analytics-market/requestsample
Factors Affecting the Growth of the Visual Analytics Industry:
Increasing Data Volume and Complexity:
The increase in data generation across various industries is impelling the growth of the market. Businesses and organizations are inundated with massive volumes of data stemming from digital transformations, internet of things (IoT) devices and social media. This rise necessitates powerful analytical tools that can not only process large datasets but also render them into comprehensible visual representations. Visual analytics plays a crucial role here, enabling users to identify patterns, trends, and anomalies effectively. By transforming complex data sets into visually engaging and easily interpretable formats, decision-makers can glean insights more swiftly and accurately, fostering data-driven strategies that enhance operational efficiency, customer experience, and competitive edge.
Advancements in AI and Machine Learning:
The integration of artificial intelligence (AI) and machine learning (ML) with visual analytics is propelling the market growth. These technologies enhance the capabilities of visual analytics tools, enabling them to provide more sophisticated, predictive, and automated insights. Artificial intelligence (AI) and machine learning (ML) algorithms can sift through vast datasets, identify patterns, and predict future trends, which are then visualized in a comprehensible manner for end-users. This synergy allows for the automation of complex analytical processes, reducing the time and effort required for data analysis and enabling more accurate and timely decision-making.
Growing Demand for Intuitive Business Intelligence Tools:
The modern business environment is influenced by rapid changes and high levels of uncertainty, making agile and informed decision-making more crucial than ever. Visual analytics, as an advanced form of business intelligence (BI), responds to this need by offering tools that are not only powerful in data processing but also user-friendly and intuitive. These tools democratize data analysis, enabling users without deep technical expertise to generate actionable insights through interactive dashboards, infographics, and other visual representations. The ability to adapt to market changes, understand customer preferences, and optimize operational efficiencies is significantly enhanced, making visual analytics an invaluable asset for businesses striving for resilience and competitiveness.
Leading Companies Operating in the Global Visual Analytics Industry:
Alteryx Inc.
Data Clarity Limited
International Business Machines Corporation
Microsoft Corporation
Oracle Corporation
Qlik, SAP SE
SAS Institute Inc.
Tableau Software LLC (Salesforce Inc.)
TIBCO Software Inc.
Ubiq
Visual Analytics Market Report Segmentation:
By Component:
Software
Service
Service represents the largest segment as it improves the decision-making process and increases data accessibility.
By Service:
Managed Service
Professional Service
Consulting Services
Deployment and Integration
Support and Maintenance
Managed service exhibits a clear dominance in the market due to its capacity to provide proactive problem-solving opportunities.
By Deployment Mode:
On-premises
Cloud-based
On-premises holds the biggest market share owing to its enhanced security and privacy.
By Enterprise Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
Large enterprises account for the majority of the market share. They have a substantial amount of funds allocated for investing in efficient visual analytics solutions.
By Business Function:
Information Technology (IT)
Sales and Marketing
Supply Chain
Finance
Human Resources (HR)
Others
Supply chain represents the leading segment, driven by the rising demand for solutions to improve collaboration and communication between suppliers, manufacturers, distributors, and retailers.
By Industry Vertical:
BFSI
Telecom and IT
Retail and Consumer Goods
Healthcare and Life Sciences
Manufacturing
Government and Defense
Energy and Utilities
Media and Entertainment
Transportation and Logistics
Others
BFSI exhibits a clear dominance in the market due to the increasing focus on the simplification of complex data.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
North America's dominance in the visual analytics market is attributed to the rising focus on managing risk and ensuring compliance with an ever-evolving regulatory landscape.
Global Visual Analytics Market Trends:
As regulatory frameworks across various industries become more stringent, organizations are increasingly leveraging visual analytics to ensure compliance and effective risk management. The ability to quickly analyze and visualize large volumes of data helps in monitoring and reporting on compliance with regulatory requirements, identifying potential risks, and implementing preventive measures. Moreover, in the financial sector, visual analytics can play a crucial part in detecting fraudulent activities, assessing credit risks, and ensuring compliance with evolving regulations. In sectors like healthcare, it aids in maintaining patient data privacy and adherence to healthcare standards. The growing need for businesses to navigate the complex landscape of regulatory requirements and manage risks efficiently is a strong driver for the adoption of visual analytics solutions.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact US:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163