Visual Analytics Market Expected to Expand at a Remarkable 18.2% CAGR, Valued at USD 31.34 Billion By 2032

Report Overview

Visual analytics is a field that combines data visualization with analytical techniques to enable users to make sense of complex datasets. It encompasses a range of tools and technologies designed to help users analyze and interact with data visually. Businesses across various industries are increasingly relying on data-driven insights to make strategic decisions. Visual analytics enables decision-makers to explore data visually and derive actionable insights quickly.

Global visual analytics market size and share is currently valued at USD 5.91 billion in 2022 and is anticipated to generate an estimated revenue of USD 31.34 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 18.2% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2023 - 2032

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Visual Analytics is extensive and encompasses a wide range of applications, industries, and technologies. Visual Analytics combines data visualization techniques with advanced analytics to help individuals and organizations gain insights from complex data sets. The core of the Visual Analytics market consists of data visualization tools and software that enable users to create interactive and informative visual representations of data. These tools range from basic charting software to sophisticated analytics platforms.

It plays a crucial role in the broader field of Business Intelligence. BI tools often incorporate visual analytics to help businesses make data-driven decisions, monitor key performance indicators, and track business performance.

Organizations prefer candidates with data literacy to their company. According to the Forrester Consulting Global Survey, 82% of business leaders expect all employees to be data literate by 2025, with 70% expecting to use data heavily by 2025 and 40% in 2018. It demonstrates the rising demand for data-driven decision-making in business operations. As there is a rising demand for data literacy, individuals are equipping themselves with visual analytics tools such as Tableau, Power BI, and more. Proficiency in data is helping students and employees gain employment in the corporate world. Training institutions also establish affordable courses to learn visual tools, which are essential in the data analysis process. These factors are all contributing to the growing demand for visual analytics tools.

Growing business organizations towards the integration of data analytics into their businesses are creating new growth opportunities for visual analytics. Data analytics is the extraction of insights from raw and complex data sets. Visual analytics tools are used to derive insights from data and enable everyone in the organization to understand the patterns in the data. Visual insights make more sense in understanding business positions and problems in the form of storytelling, which is not possible with numerical. After the pandemic, business organizations are stepping into analytics for informed decision-making. According to one of the EY studies, 93% of organizations are willing to continue investing in data and analytics. It demonstrates the commitment of enterprises to data-informed decisions, driving the usage of visual analytics to analyze patterns in data effectively.

Some of the major players operating in the global market include:

• Alteryx
• IBM Cognos Analytics
• Looker
• Microsoft Power BI
• MicroStrategy
• Oracle
• QlikTech
• SAP Analytics Cloud
• SAS Visual Analytics
• Tableau Software
• TIBCO Spotfire

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Application

Business Intelligence and Analytics: Visual analytics tools are extensively used for business intelligence and analytics purposes, including sales analysis, customer segmentation, market research, and performance monitoring.

Healthcare: In healthcare, visual analytics helps in analyzing patient data, identifying trends, predicting outcomes, and improving clinical decision-making processes.

Finance: In the finance industry, visual analytics tools are used for risk management, fraud detection, portfolio analysis, and financial reporting.

Manufacturing and Supply Chain Management: Visual analytics plays a crucial role in optimizing manufacturing processes, analyzing supply chain data, and improving operational efficiency.

Visual Analytics Market Report Highlights

• In 2022, solution segment held the fastest market share, due to its advantage of enabling users to analyze data.
• In 2022, large enterprises segment held the largest market share owing to the rising demand for data-driven decision making.
• The cloud segment is expected to witness significant revenue share during the forecast period due to access to the tools from anywhere in the world.
• North America dominated the largest revenue share during the forecast period, owing to an increase in data analysis in the sales and marketing domain.
• The global players include Alteryx, IBM Cognos Analytics, Looker, Microsoft Power BI, MicroStrategy, Oracle, QlikTech, SAP Analytics Cloud, etc.

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Polaris Market Research has segmented the visual analytics market report based on offering, enterprise size, deployment model, application, industry vertical and region:

Visual Analytics, Offering Outlook (Revenue - USD Billion, 2019 - 2032)

• Solution
• Service
• Professional Service
• Managed Service

Visual Analytics, Enterprise Size Outlook (Revenue - USD Billion, 2019 - 2032)

• Large Enterprises
• SMEs

Visual Analytics, Deployment Model (Revenue - USD Billion, 2019 - 2032)

• On-premises
• Cloud

Visual Analytics, Application (Revenue - USD Billion, 2019 - 2032)

• Supply Chain
• Sales and Marketing
• Finance
• Human Resource
• Others

Visual Analytics, Industry Vertical (Revenue - USD Billion, 2019 - 2032)

• BFSI
• Manufacturing
• Healthcare
• Government
• Energy & Utilities
• Transportation
• Retail & E-commerce
• IT & Telecom
• Education
• Media & Entertainment
• Others

Visual Analytics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

About Us:

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