Visual Analytics is defined as the science of analytical reasoning supported by interactive visual interfaces. Visual analytics can be seen as an integrated approach combining data analysis, human factors, and visualization. Market Research Future (MRFR) has published a research report on the global visual analytics market that assesses growth for this market at 11% CAGR (Compound Annual Growth Rate) between 2017 and 2023.
The critical factor for the global visual analytics market growth is the necessity of the software planning and optimization because via visual analytics, weighted consensus forecasts, production planning with sophisticated algorithms, and calculation of the optimal inventory policies using multi-echelon inventory optimization.
Due to the interactive visual interface of data that ensures simplification of cognitive work and ease of decision making, there is an upsurge in demand for visual analytics. The increasing use of data-driven by visual analytics and high demand for tools & techniques necessary for quick and detailed data analysis is also fueling the market growth. Another factor supporting the market growth is the ease of creating comprehensive reports and interactive dashboards via advanced business intelligence tools. However, some factors that can hamper the market growth include data inconsistency, lack of trained professionals, and lack of proper governance in the field of data analytics.
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Market Drivers and Restraints:
The upsurge in demand for visual analytics owing to the interactive visual interface of data that ensures simplification of cognitive work and aids in quick decision making is acting as one of the major drivers of the global visual analytics market. Increasing use of visual driven data and high demand for tools and techniques for quick and detailed analysis of data are fueling the growth of the global visual analytics market.
Visual analytics aids the users to create comprehensive reports and interactive dashboards with the help of advanced business intelligence tools; this factor is inducing higher demand for visual analytics among various enterprises, resulting in the expansion of the global visual analytics market.
However, some of the challenges that are likely to act as restraints on the growth of the global visual analytics market are lack of trained professionals, data inconsistency and lack of proper governance in this field of data analytics.
The key players in the global visual analytics market include Alteryx (USA), IBM Corporation (USA), Microsoft (USA), MicroStrategy (USA), Oracle (USA), Qlik (USA), SAP (Germany), SAS Institute (USA), Tableau Software (USA), and TIBCO Software (USA).
The global Visual Analytics Market segmentation segments the market into component, deployment, industry, and lastly, region. The component-based segmentation segments this market into software and services. Based on deployment, the market has been segmented into cloud deployment and on-premise deployment. In the context of industry, the market has been segmented into banking, financial services & insurance (BFSI), information technology (IT), manufacturing, military & defense, retail, sales & marketing, transportation & logistics, and others.
The regional segmentation of the global visual analytics market segments the market into regional markets namely Europe, Asia Pacific, North America, and rest of the world (RoW). North America is a primary regional market due to the technological advancements, the presence of key market players, rapid adoption of visual analytics, and early adoption of analytical solutions in this region. In this region, the major country-specific markets are USA, Canada, and Mexico.
Asia Pacific region is the second largest regional market due to increasing technological adoption, multiple outsourcing services, increasing pool of service providers, and big opportunities across various industries in China, India, and Japan, followed by the remaining countries of this region.
During the forecast period, the European market can experience remarkable growth due to easy adoption of advanced analytical techniques by various enterprises in Europe. The chief country-specific markets in Europe are France, Germany, Italy, Spain, and the UK.
The RoW segment lists Latin countries and the Middle East & Africa (MEA). In the MEA region, the market is limited due to most countries being poor, lack of infrastructure, lack of awareness, lack of advanced technology, lack of education, and lack of skilled professionals. The market comprising of Latin countries is small because the availability of advanced technology is limited in this region. Argentina and Brazil are two powerful economies that have the potential to rise as lucrative markets in the future.
Latest Industry News
Woolworths Group is set to roll out Tableau Software’s data reporting and visual analytics platform. 20 MAR 2019
NHS Digital is set to offer up to £85,333 per year to their employees recruited for business intelligence, data science, and visual analytics roles. 13 MAR 2019
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LIST OF TABLES
Table 1 Global Visual Analytics Market: By Region, 2017-2023
Table 2 North America Visual Analytics Market: By Country, 2017-2023
Table 3 Europe Visual Analytics Market: By Country, 2017-2023
Table 4 Asia-Pacific Visual Analytics Market: By Country, 2017-2023
Table 5 Middle East & Africa Visual Analytics Market: By Country, 2017-2023
LIST OF FIGURES
FIGURE 1 Global Visual Analytics Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Visual Analytics Market
FIGURE 4 Value Chain Of Global Visual Analytics Market
FIGURE 5 Share Of Global Visual Analytics Market In 2017, By Country (In %)
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