How to Achieve Excellence and Customer Satisfaction with Data Visualization

With a projected CAGR of 10.2% from 2019 to 2027, the global market for data visualization, which was valued at USD 8.85 billion in 2019, is expected to grow to USD 19.20 billion.

The increased emphasis placed by businesses and enterprises on information visualization, visual analytics, and scientific visualization is the main factor driving the market growth. Due to this, businessmen have started joint ventures with well-known market players and invested in visualization tools. For instance, in order to improve their analytical capabilities and provide their customers with insights driven by artificial intelligence (AI), Salesforce.com, Inc. acquired Tableau Software, LLC, in August 2019. Numerous businesses and organizations have adopted this software in response to the current COVID-19 pandemic to properly visualize, track, and analyze the pandemic's spread. The market is expected to see low investments and expenditures as a result of the growing economic and social disruption brought on by this pandemic, which is anticipated to obstruct the adoption of this software.

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Based on channel, deployment mode, application, end-use vertical, and geography, the study thoroughly segments the global data visualization market. Each segment and its corresponding sub-segments are thoroughly examined in the report using a graphical and tabular representation. By using it to identify and develop strategies based on the fastest-growing market segments and those with the highest revenue creation, as highlighted in the report, market players, investors, and new entrants can all profit from this analysis.

COVERAGE OF REPORTS

In the form of press releases, the report offers both qualitative and quantitative insights on visualization platforms as well as an in-depth analysis of the market's size and growth rate for each potential market segment.

The report also offers a thorough analysis of the market dynamics, new trends, and the competitive environment. The adoption trends of AI solutions by specific market segments, recent industry developments like partnerships and mergers acquisitions, consolidated SWOT analyses of important players, Porter's Five Forces Analysis, business strategies of leading market players, macro and microeconomic indicators, and significant industry trends are some of the key insights provided in the report.

Key Industry Developments:

The U.S. Census Bureau and Tableau Software, LLC worked together to launch Response Rate Map in April 2020 using Tableau Public. This platform will improve customer experience, encourage participation, and increase data transparency for the Census.

KEY INDUSTRY PLAYERS

Major market players place a strong emphasis on extending their geographic reach through partnerships and collaboration in order to strengthen their competitive position. To provide cutting-edge technology solutions like predictive analytics, artificial intelligence (AI), and natural language processing (NLP), businesses are also buying startup companies and SMEs. This will help them extend their product offering and deliver enhanced tools and solutions to their customers.

List of Key Companies Profiled:

Adaptive Insights (Subsidiary of Workday, Inc.) (California, United States)
Alteryx, Inc. (California, United States)
ChartBlocks Ltd. (New York, United States)
Cluvio GmbH (Berlin, Germany)
Domo, Inc. (Utah, United States)
Dundas Data Visualization, Inc. (Toronto, Canada)
Highsoft AS (Sogn, Norway)
IBM Corporation (New York, United States)
Looker Data Sciences, Inc. (California, United States)
Microsoft Corporation (Washington, United States)
QlikTech International AB (Pennsylvania, United States)
SAP SE (Walldorf, Germany)
Sisense, Inc. (New York, United States)
Tableau Software, LLC (California, United States)
Visually, Inc. (California, United States)

RESTRAINING FACTORS

The high cost of visualization platforms and tools makes it challenging for small and medium-sized businesses to utilize this software. Businesses are also reluctant to purchase complete licenses with all features because of the rigid pricing that certain providers offer. Additionally, the complexity of various support services like staff training, deployment, installation, and maintenance has increased the cost to businesses. Similarly to this, a significant obstacle to the widespread use of data visualization tools is the absence of centralized data security connected with visualization platforms. In the coming years, all of these factors are expected to hurt this market.

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