Data Visualization Tools Global Market Report 2024

The global data visualization tools market has grown rapidly in recent years. It will grow from $7.77 billion in 2023 to $8.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth observed in the historical period can be attributed to the heightened complexity of data, an increased awareness of the importance of data-driven decision-making, the globalization of businesses, the imperative of regulatory compliance, a growing demand for real-time insights, and the prevalence of user-friendly interfaces.

The global data visualization tools market is expected to see rapid growth in the next few years. It will grow to $13.82 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The anticipated growth in the forecast period can be attributed to an increased emphasis on predictive analytics, improved visualization of cybersecurity measures, customization and personalization of data, the promotion of data democratization, and a heightened focus on sustainability analytics. Major trends in the forecast period encompass a surge in the adoption of self-service business intelligence (BI), advancements in augmented analytics, real-time and streaming data visualization, a focus on mobile-friendly visualizations, seamless integration with data preparation tools, the incorporation of robust data governance and security features, and a heightened emphasis on accessibility and inclusivity.

The anticipated growth in big data is set to drive the expansion of the data visualization tools market. Big data, characterized by vast and intricate volumes of organized and unstructured data inundating businesses daily, emanates from diverse sources like social media, streaming data, and publicly available data. Visualization is becoming increasingly crucial as a tool to comprehend the trillions of rows of data generated each day. As an illustration, data published by EarthWeb in July 2022 revealed significant user engagement on WhatsApp, with over 55 million video calls and more than 65 billion messages exchanged daily in 2020. This daily message count surged to an impressive 100 billion by 2022. The surge in big data is a potent driver propelling the data visualization tools market.

The upward trajectory in the demand for Internet of Things (IoT) devices is expected to be a catalyst for the growth of the data visualization tools market. IoT devices, equipped with sensors, software, and connectivity features, enable the collection, exchange, and transmission of data over the internet. These devices contribute valuable data to Data Visualization Tools, empowering organizations to gain insights, make informed decisions, and optimize operations across various industries. Integrating IoT-generated data with visualization tools enhances the capability to understand complex systems and trends in real time. According to Akamai Technologies Inc., IoT connections are projected to increase from 15.1 billion in 2021 to 23.3 billion in 2025. The growing demand for IoT devices stands as a pivotal driver for the data visualization tools market.

Technological advancement is a prominent trend in the data visualization tools market, with major players actively focusing on creating new technical advancements to enhance their competitiveness. As an example, in March 2021, Tableau Software, a US-based company in the data visualization tools sector, unveiled a version of its platform integrated with Einstein Discovery's predictive modeling and machine learning technology. This integration enables users to receive real-time predictions and recommendations. The platform also introduced additional features, including Microsoft Azure connectivity and a redesigned notification experience, underscoring the commitment to technological excellence in the data visualization tools market.

Major companies in the data visualization market are innovating with new technological products to bolster their market position and profitability. One such innovation is Streams, a macro data visualization engine introduced by Reveal, a US-based software company in August 2022. Streams is designed to map vast volumes of data and consolidate strands of conversation into a single AI-powered display capable of recognizing patterns and ideas. Notably, Streams offers a macro perspective of the data, allowing users to grasp the big picture and identify patterns, contributing to the continuous advancement and profitability of the data visualization tools market.

In August 2022, Insightsoftware, a leading US-based software company, successfully completed the acquisition of Dundas Data Visualization Inc. The financial details of the transaction were not disclosed. This strategic move is geared towards enhancing insightsoftware's existing Logi products and expanding its capabilities in embedded analytics. The incorporation of the Dundas platform is expected to bring significant improvements to insightsoftware's Logi products. Dundas Data Visualization Inc., the acquired company, is based in Canada and is recognized for its expertise in software solutions. This acquisition underscores insightsoftware's commitment to strengthening its position in the software market and delivering enhanced value to its customers through advanced analytics offerings.

Major companies operating in the data visualization tools market report are Tableau Software, SAP SE, The International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, Alibaba Group Holding Limited, Alteryx Inc., Amazon Web Services Inc., Domo Inc., Dundas Data Visualization Inc., GoodData Corporation, International Business Machines Corporation, Klipfolio Inc., QlikTech International AB, Salesforce Inc., SAS Institute Inc., Sisense Inc., TIBCO Software Inc., Zegami Ltd., HeapAnalytics Inc., Looker Data Sciences Inc., Google Data Studio, SAP Lumira, MicroStrategy, Yellowfin Business Intelligence, Slemma, Zoho Corporation Pvt. Ltd., Datawrapper Gmbh, ThoughtSpot Inc., and Periscope Data Inc.

North America was the largest region in the data visualization tools market in 2023. 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, Africa. The countries covered in the data visualization tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of data visualization tools include standalone and integrated options. Standalone tools are utilized by data scientists and analysts for creating advanced visualizations and dynamic charts tailored to specific needs. They enable teams to amalgamate data from diverse sources, often serving as fundamental data tools. These tools find application in both large enterprises and small and medium-sized enterprises across various functional areas such as marketing and sales, human resources, operations, and finance. Data visualization tools are employed in a range of industries including BFSI, government, healthcare and life sciences, retail and eCommerce, manufacturing, transportation and logistics, as well as in telecommunications and IT, spanning various verticals.

This report 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.

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.

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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