Global Visual Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Visual Analytics Market: Overview

“The global Visual Analytics Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

Visual analytics is a process of analytical reasoning that is facilitated by interactive visual interfaces. Visual analytics provides interactive data discovery that enables end-users to easily identify relationships, trends, performance, etc.

Using advanced visual analytic interfaces, an analyst can directly interact with predicted data with capabilities to make well-informed decisions in complex situations.

Global Visual Analytics Market: Dynamics

The growing need for smart visualization for better understandability to make a data-driven decision is a factor to fuel the growth of the target market.

An increase in the volume of data is growing demand for analytics across various industry verticals. This demand is a key factor to increase the high adoption of analytical tools among various organizations. Thus rising demand for effective visualization of data insights generated is a major factor to drive the growth of the global visual analytics market over the forecast period.

Increasing demand for advanced analytics is proliferating growth of the visual analytics tools owing to features such as interactive dashboards, reports, and business intelligence (BI) tools.

However, the complexity associated with the integration of analytics tools with legacy systems and the lack of availability of skilled professionals are major factors that could decline the growth of the target market to a certain extent.

Global Visual Analytics Market: Segment Analysis

Small and medium-sized enterprises (SMEs) across the globe are inclining towards deploying cloud-based solutions and services owing to its cost-effective and time-efficient benefit which is a factor expected to drive the growth of the on-demand segment over the forecast period.

Banking, financial services, and insurance (BFSI) industries require transparent transaction and data insights thus growing demand for visual analytics by these organizations. In addition, the growing need to simplify the visual or user interface of financial transactions among banking organizations is the rising demand for visual analytics. This is a major factor to boost the growth of the BFSI segment among all the industry verticals.

Global Visual Analytics Market: Region Analysis

The visual analytics market in the Asia Pacific is expected to register the highest CAGR in the global market. This is attributed due to the increasing adoption of the Internet of Things (IoT) and advanced technologies for smart solutions, especially analytical solutions. In addition, increasing investments by the government for various initiatives such as smart cities in Asia Pacific countries is another factor expected to support the growth of the target market.

The visual analytics market in North America is expected to dominate in terms of revenue share in the global market owing to, the developed economies of countries such as the US and Canada which are increasing focus on technological innovations to gain unique insights from analytics.

The visual analytics market in Europe is projected to contribute significant revenue share in the target market owing to increasing awareness regarding positive impacts associated with the adoption of analytic technologies in business processes among various organizations in countries such as Germany in the region.

Global Visual Analytics Market Segmentation:

Segmentation by Component:

• Software
• Services

Segmentation by Organization Size:

• Large Enterprises
• Small and Medium-Sized Enterprises (SMEs)

Segmentation by Deployment Mode:

• On-Premises
• On-Demand

Segmentation by Industry Vertical:

• Healthcare
• Manufacturing
• Energy and Utilities
• Media and Entertainment
• Transportation and Logistics
• Retail and Consumer Goods
• Banking, Financial Services, and Insurance (BFSI)
• Telecommunications and Information Technology
• Others (Government and Defence, Education, Food & Beverage, E-Commerce, etc.)

Segmentation by Region:

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