Visual Data Discovery Global Market Report 2024

The visual data discovery market size has grown rapidly in recent years. It will grow from $10.61 billion in 2023 to $12.4 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth observed in the historic period can be credited to several factors. These include a rising demand for self-service analytics and business intelligence solutions, an increasing necessity to explore both structured and unstructured data, a growing emphasis on accessing sensitive information to enhance business productivity, the proliferation of visual data discovery tools, and an augmented focus on data governance and compliance measures.

The visual data discovery market size is expected to see rapid growth in the next few years. It will grow to $23.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. Anticipated growth in the forecast period can be ascribed to several factors. These include the burgeoning adoption of digital transformation initiatives, a rising demand to seamlessly integrate data into business processes for actionable insights, an increased need for self-service visual analytics tools, the emergence of cloud-based visual data discovery solutions, and the adoption of mobile-first design principles. Notable trends expected in the forecast period encompass augmented reality (AR) integration, real-time data exploration capabilities, collaborative data exploration functionalities, integration with big data platforms, and the development of industry-specific solutions.

The surge in demand for visual analytics tools is poised to be a significant catalyst in propelling the growth of the visual data discovery market in the foreseeable future. Visual analytics tools, crucial components of this growth, enable users to create interactive visual representations of data, fostering analytical reasoning and informed decision-making. This surge in demand is fueled by various factors including the escalating complexity of data, the imperative for swifter decision-making processes, and the strategic utilization of data assets for achieving organizational objectives. Within the realm of visual data discovery, these tools play a pivotal role in simplifying intricate datasets, facilitating decision-making, fostering collaboration, and uncovering patterns and trends within data. For instance, a report by Datanami in May 2023 revealed that Tableau, a renowned data visualization and business intelligence tool, witnessed a notable increase in its customer base, reaching 126,000 customers, up from 121,000 in 2021. Consequently, the escalating demand for self-service visual analytics tools is fueling the expansion of the visual data discovery market.

Key players in the visual data discovery market are actively engaged in the development of innovative technologies, exemplified by solutions such as Studio Canvas, aimed at delivering high-quality and dynamic data visualizations. Studio Canvas represents an advanced data visualization and storytelling solution seamlessly integrated within the Forsta Human Experience (HX) Platform. Forsta Inc., a US-based technology company, introduced Studio Canvas in May 2023, empowering CX (customer experience) professionals to craft impactful visual narratives around data. By leveraging Studio Canvas, CX and EX (employee experience) experts can construct dynamic representations of data, facilitating the democratization of actionable insights and fostering organizational alignment and decision-making. This self-service offering enables enterprise CX and EX experts to combine essential data with intuitive visuals, effectively illustrating the journey of customers and employees and driving collective ownership of CX improvement.

In January 2022, Idera Inc., a US-based IT infrastructure management software company, finalized the acquisition of Yellowfin International Pty. Ltd., a strategic move aimed at augmenting visual data discovery capabilities within Idera's business intelligence and analytics platform. This acquisition positions Idera to expand its portfolio in a burgeoning growth area with significant potential for cross-selling opportunities within its existing ecosystem of customers, partners, and independent software vendors (ISVs). Yellowfin International Pty. Ltd., renowned for its visual data discovery solutions embedded within its business intelligence and analytics platform, aligns seamlessly with Idera's vision of enhancing visual data discovery capabilities and broadening its market reach.

Major companies operating in the visual data discovery market are Amazon Web Services Inc., Google LLC, Microsoft Corporation, Intel Corporation, International Business Machine Corp., Oracle Corporation, SAP SE, Salesforce Inc., Thales Group, Workday Inc., SAS Institute Inc., Micro Focus International plc, Teradata Corporation, Fair Isaac Corporation, TIBCO Software LLC, Alteryx Inc., QlikTech Inc., Altair Engineering Inc., MicroStrategy Incorporated, Cloudera Inc., Spirion LLC, RapidMiner Inc., Datameer Inc., PKWARE Inc., Biomax Informatics AG, Megaputer Intelligence Inc., Angoss Software Corporation, BlueGranite Inc., ClearStory Data Inc.

North America was the largest region in the visual data discovery market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the visual data discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the visual data discovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Visual data discovery involves analyzing data through interactive and visual tools to extract insights and inform data-driven decisions. This process utilizes data visualization techniques to explore complex datasets, identify patterns, trends, and anomalies, and effectively communicate findings.

The primary components of visual data discovery include software and services. The software facilitates data exploration by connecting disparate data sources and transforming raw data into actionable insights. It can be deployed both in the cloud and on-premises, catering to organizations of varying sizes, including small and medium-sized enterprises (SMEs) and large enterprises. These tools find application across a spectrum of areas, including risk management, cost optimization, customer experience enhancement, supply chain management, social network analysis, asset management, sales and marketing optimization, and are utilized by diverse industries such as banking, financial services, insurance, retail, automotive, telecommunications, media, government, healthcare, transportation, and logistics.

The visual data discovery market research report is one of a series of new reports that provides visual data discovery market statistics, including visual data discovery industry global market size, regional shares, competitors with a visual data discovery market share, detailed visual data discovery market segments, market trends and opportunities, and any further data you may need to thrive in the visual data discovery industry. This visual data discovery 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.

The visual data discovery market includes revenues earned by entities by providing services such as data preparation and integration, data storytelling, collaboration and sharing, data governance and security, and training and support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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.


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