Major players in the data visualization tools market are Tableau Software, SAP SE, IBM, Oracle Corporation, Microsoft Corporation, Amazon Web Services Inc., Sisense, Dundas Data Visualization Inc., TIBCO Software Inc., Qlik, GoodData, Domo Inc., Klipfolio Inc., Datafay, Whatagraph, Databox, Datapine, Alteryx, Chartio, Cluvio, AnswerDock, Spinify, Looker Data Sciences Inc., ClicData, and OriginLab.
The global data visualization tools market is expected to grow from $6.86 billion in 2022 to $7.76 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe The data visualization tools market is expected to grow to $12.19 billion in 2027 at a CAGR of 11.9%.
The data visualization tools market consists of sales of scatter plots, bar charts, heat maps, line graphs, pie charts, area charts, choropleth maps and histograms.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Data visualization tools refer to software programs that display information visually, such as in graphs, charts, or heat maps, for data analysis.These tools facilitate working with and understanding vast amounts of data.
The data visualization tools are used for the transformation of unprocessed data into knowledge, and for data presentation, transparent reporting, scalability with data integration, and data visualization in an intelligent and unique approach.
North America was the largest region in the data visualization tools market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the data visualization tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of data visualization tools are standalone and integrated.Standalone data visualization tools are used by data scientists and analysts to create advanced visualizations and customized dynamic charts.
Standalone data visualization tools refer to the tools that enable teams to combine data from many sources.It is often employed as a basic data tool.
The data visualization tools are employed in large enterprises and small and medium-sized enterprises in tghe field of marketing and sales, human resources, operations, and finance. The data visualization tools are used in BFSI, government, healthcare and life sciences, retail and eCommerce, manufacturing, transportation and logistics, telecommunications and IT, and other verticals.
The growth in big data is expected to propel the growth of the data visualization tools market.Big data is the enormous, complicated volumes of organized and unstructured data that daily inundate businesses.
Sources of big data include social media, streaming data, and publicly available data.Visualization is becoming an increasingly important tool to understand the trillions of rows of data produced each day.
For instance, in July 2022, according to the data published by EarthWeb, a US-based resource discovery platform, WhatsApp users made over 55 million video calls every day and sent over 65 billion messages daily, in 2020, that increased to 100 billion messages every day. Therefore, the growth in big data is driving the data visualization tools market.
Technological advancement is a key trend in the data visualization tools market.Major players in the data visualization tools market are concentrating on creating new technical advancements to improve their competitiveness.
For instance, in March 2021, Tableau Software, a US-based company operating in data visualization tools, launched a version of the data visualization platform.This version of the data visualization platform is integrated with Einstein Discovery’s predictive modelling and machine learning technology.
This technology provides the user with real-time predictions and recommendations. Along with that, the platform had additional features, such as Microsoft Azure connectivity and a redesigned notification experience.
In June 2020, Databricks, a US-based enterprise software company engaged in developing a web-based platform, acquired Redash for an undisclosed amount.With this acquisition, data scientists and engineers can query and analyze data in Delta Lakes and other data sources because of the integrated Redash service, which provides SQL analysts with a comfortable home in Databricks.
This acquisition enables the data teams to use its Unified Data Analytics platform for various data analytics use cases, including data science and machine learning. Redash is an Israel-based company operating in data visualization tools.
The countries covered in the Data Visualization Tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The data visualization tools market research report is one of a series of new reports that provides data visualization tools market statistics, including data visualization tools industry global market size, regional shares, competitors with a data visualization tools market share, detailed data visualization tools market segments, market trends and opportunities, and any further data you may need to thrive in the data visualization tools industry. This data visualization tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.