Data Visualization Tools Market Forecasts to 2030 - Global Analysis By Deployment Mode, Offering, Organization Size, Application, End User and By Geography

According to Stratistics MRC, the Global Data Visualization Tools Market is accounted for $7.61 billion in 2023 and is expected to reach $18.58 billion by 2030 growing at a CAGR of 13.6% during the forecast period. To make business decisions more quickly and simply, data visualization software is used. Standard visualization tools should be available for the data, allowing for the analysis of strategic insights, the identification of client preferences and tendencies, and the maintenance of an equilibrium between supply and demand for new and existing products. Market expansion is a result of the widespread use of data visualization by businesses across numerous industries.

According to a report published by Google's data cloud summit, in May 2021, over 2000 business owners believed that data analytics and visualization tools were critical for their business operations and decision-making process.

Market Dynamics:

Driver:

Increasing need for data-driven decision-making in organizations

The majority of businesses use a streamlined method that entails locating, gathering, keeping up with, and disseminating a lot of data. Tools for data visualization are used to speed up and streamline business decision-making. Companies from all industries use data visualization tools to easily understand data and derive valuable business insights. Cloud-based data visualization tools give businesses a scalable and affordable way to analyze their data. Businesses can use BI to find business drivers and key performance indicators (KPIs) due to the data visualization capability. Data visualization tools assist businesses in removing extraneous data in order to find patterns, insights, trends, and usage strategies that support the market's expansion.

Restraint:

Professional workforce shortage

The full potential of data visualization is frequently not realized by organizations because they are unable to determine where they should allocate their resources. Due to a lack of knowledge and professional expertise required to use cloud-based data visualization tools effectively, the majority of organizations are still unable to fully capitalize on their potential. These organizations report difficulties in extracting insights from a large volume of data due to important factors like the scarcity of skilled labor or the complexity of data visualization tools.

Opportunity:

Rising need for data-driven decision-making in organizations

One significant driver propelling the growth of the global data visualization tools market is the increasing need for data-driven decision-making in organizations. There is an increasing need for tools that can effectively visualize and interpret the massive amounts of data that businesses produce. With the aid of data visualization tools, users can discover insightful patterns and make well-informed decisions based on data analysis. The global market for data visualization tools is expanding as a result of the emphasis placed on data-driven decision-making across industries.

Threat:

Data privacy and security challenges

The issue of data privacy and security is one barrier that might have an effect on the global market for data visualization tools. As businesses gather and analyze large amounts of data, protecting sensitive data becomes increasingly important. Data visualization tool providers face difficulties as a result of the rising frequency of data breaches and laws protecting personal information, such as GDPR and CCPA. To inspire user confidence and remove the barriers posed by data privacy and security concerns, maintaining strong security measures and adhering to strict privacy regulations are imperative.

COVID-19 Impact:

The COVID-19 pandemic has had a major effect on a number of industries, including the market for data visualization tools. As businesses had to quickly adjust to remote work and altering business conditions, one of the biggest effects was an increase in demand for data visualization tools. Real-time data analysis is crucial, especially in sectors like healthcare and supply chain management, as the pandemic has also shown. Data visualization tools have been crucial in helping organizations understand and adapt to these changes as many businesses deal with supply chain disruptions, changes in consumer behavior, and other issues during the pandemic period.

The large enterprises segment is expected to be the largest during the forecast period

Large enterprises segment is anticipated to witness largest share during the forecast period. To create interactive dashboards that offer real-time insights into various business aspects, such as sales, marketing, finance, and operations, large enterprises frequently use data visualization tools. Using these dashboards, executives and managers can track key performance indicators (KPIs) and spot trends or anomalies by combining data from various sources and presenting it in a visually appealing and understandable format. To track the effectiveness of goods, services, marketing initiatives, and other business operations, they use data visualization. Furthermore, they supply Dashboards in real-time offer quick feedback on crucial metrics.

The cloud segment is expected to have the highest CAGR during the forecast period

Throughout the forecast period, the cloud segment is anticipated to expand quickly. The easy deployment options and low time and capital requirements are major factors in the segment's growth. These tools provide users with the freedom to access and analyze data from anywhere with an internet connection by offering a variety of features and functionalities to visualize data. As social estrangement and online shopping for goods infiltrate the market, they are anticipated to spur the adoption of cloud-based data visualization tools.

Region with largest share:

The market was dominated by North America in 2022, and this trend is anticipated to continue throughout the forecast period. In order to make educated decisions, businesses and organizations in North America heavily rely on data, and data visualization tools are essential to this process. Tableau, Power BI, D3.js, and Google Data Studio are a few of the widely used data visualization tools in North America. Furthermore, the region's dominance is a result of the nation's robust technological infrastructure and the sheer volume of businesses using data analytics.

Region with highest CAGR:

During the forecast period, Asia Pacific is anticipated to have the highest CAGR. Organizations in Asia Pacific need data visualization tools to help them spot patterns, trends, and anomalies in their data as big data, machine learning, and other cutting-edge technologies become more prevalent. These industries, where timely and accurate decision-making is essential to success, include finance, healthcare, and logistics. Businesses in the Asia-Pacific region are utilizing data visualization to learn more about consumer behavior and preferences and to create targeted marketing campaigns that increase sales and engagement as a result of the rise of social media and online shopping. This trend is especially noticeable in nations like China and India, where e-commerce is a significant economic growth driver.

Key players in the market:

Some of the key players in Data Visualization Tools market include: Alteryx, Inc., Domo, Inc., Dundas Data Visualization, Inc., Exago, Inc., IBM Corporation, InetSoft Technology Corporation, Information Builders, Inc., Looker Data Sciences, Inc., Microsoft Corporation, MicroStrategy Incorporated, Oracle Corporation, QlikTech International AB, Salesforce, Inc., SAP SE, SAS Institute Inc., Sisense Inc., Tableau Software, TIBCO Software Inc., Yellowfin International Pty Ltd and Zoho Corporation.

Key Developments:

In September 2023, Oracle continues to expand its distributed cloud offerings to meet organizations' diverse needs and the growing worldwide demand for Oracle Cloud Infrastructure (OCI) services. The latest additions to OCI's distributed cloud include Oracle Database@Azure and MySQL HeatWave Lakehouse on AWS. As a result, organizations gain even more flexibility to deploy cloud services anywhere while addressing a variety of data privacy, data sovereignty, and low latency requirements, as well as access to more than 100 services designed to run any workload. Demonstrating the success of its distributed cloud strategy, Oracle also announced increased global partner adoption of Oracle Alloy.

In September 2023, Red Hat, Inc., the world's leading provider of open source solutions, and Oracle today announced the expansion of their alliance to offer customers a greater choice in deploying applications on Oracle Cloud Infrastructure (OCI). As part of the expanded collaboration, Red Hat OpenShift, the industry's leading hybrid cloud application platform powered by Kubernetes for architecting, building, and deploying cloud-native applications, will be supported and certified to run on OCI.

In June 2023, Alteryx, Inc. the Analytics Cloud Platform company, announced at Snowflake's annual user conference, Snowflake Summit 2023, its Snowflake Partner Connect integration and additional cloud product capabilities. In a time when the data stack has become increasingly complex and inaccessible, Snowflake and Alteryx are removing friction and simplifying the stack. The new product innovations enable users to drive analytic insights more efficiently than ever with direct access to the Alteryx Analytics Cloud Platform through Snowflake.

Deployment Modes Covered:

• Cloud
• On-premises

Offerings Covered:

• Software
• Service

Organization Sizes Covered:

• Small and Medium-Sized Enterprises
• Large Enterprises

Applications Covered:

• Finance
• Human Resources
• Sales and Marketing
• Supply Chain
• Other Applications

End Users Covered:

• Banking, Financial Services and Insurance (BFSI)
• Education
• Energy and Utilities
• Government
• Healthcare
• Information Technology and Telecommunication
• Manufacturing
• Media and Entertainment
• Retail and E-commerce
• Transportation
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances