Data Visualization Market Size to Reach USD 20.16 Billion in 2028 | Rapid Development in Augmented Reality and Virtual Reality Technologies for Better…

VANCOUVER, BC, Jan. 26, 2022 /PRNewswire/ -- The global data visualization market size was USD 9.48 Billion in 2020. Continuous developments in data visualization solution are driving market revenue growth during the forecast period. Various factors such as generation of large data volumes and rising need for multi-device access facilities are driving adoption of data visualization tools by large-, medium- and small-scale enterprises globally.

Drivers: Rising need for interactive virtual representation of data for speedy business actions

Data visualization enhances presentation of data and makes it easy to understand. Various data visualization elements such as graphs, charts, tables, and tools are being widely used to communicate data insights, which also helps in fast decision making. Furthermore, using cloud computing adds flexibility to the process of managing and scaling high-volume data and deriving useful value out of it. Hence, rising demand for quick decision making and rapid adoption of cloud computing are key factors expected to continue to drive market revenue growth during the forecast period.

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Restraints: Lack of skilled workers

Proper implication of data valuation requires sound technical knowledge of data valuation tools and software. Lack of skilled resources as well as high implementation costs are key factors hindering market revenue growth.

Growth Projections

The global data visualization market size is expected to reach USD 20.16 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Emergen Research. Rapid adoption of data visualization tools and software among small- and medium-scale enterprises is expected to continue to boost market revenue growth during the forecast period.

COVID-19 Direct Impact

The COVID-19 pandemic had major impact on global economic conditions, which also affected global data visualization market. Severe slowdown in the global technology industry due to halt in current and upcoming projects had resulted in significant decrease in demand for data visualization tools and solutions. However, towards the end of first quarter of 2021, the market began to regain some pace with an increase in demand for data visualization tools to track the impact of COVID-19. With growing use of line charts, bar charts, and choropleth maps in news and social media platforms, simple visualization tools have become a key mode of communicating data with the general public. As a result, the market is projected to register more than average revenue growth rate during the pandemic for a few years going ahead.

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Current Trends and Innovations

Innovation and advancement in data visualization tools have helped market achieve significantly higher revenue growth. For example, with the launch of Slack-First Analytics application, Tableau is providing greater access to insights from slack. Slack analytics dashboard gives a better insight into an organization.

Geographical Outlook

Market in Asia Pacific is expected to register a significantly rapid revenue growth rate during the forecast period due to growing awareness among various companies to explore new patterns in data silos. Furthermore, commercialization of artificial intelligence (AI) and machine learning (ML) technologies in developing countries such as China and India is boosting demand for data visualization tools in this region.

Strategic Initiatives

In March 2021, Alteryx Inc., which is a California-based computer software company partnered with Tech Data with the aim of simplifying analytics, data science, and process automation to accelerate digital transformation for customers.

Some Key Highlights from the Report

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Emergen Research has segmented the global data visualization market on the basis of component, deployment, enterprise, end use, and region:

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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Data Visualization Market Size to Reach USD 20.16 Billion in 2028 | Rapid Development in Augmented Reality and Virtual Reality Technologies for Better...