Data Visualization Tools Market expands as businesses seek intuitive tools to interpret and present big data insights.

AUSTIN, TEXAS, UNITED STATES, May 29, 2024 /EINPresswire.com/ -- Market Scope and Overview

The SNS Insider report indicates that the Data Visualization Tools Market size was valued at USD 7.24 Billion in 2023, and is expected to reach USD 17.69 Billion by 2031 and grow at a CAGR of 11.8% over the forecast period 2024-2031.

The exponential growth of data presents both challenges and opportunities. Businesses are constantly collecting data from various sources like Fitbit, Google, and social media platforms. However, a significant portion of this data remains unstructured and unutilized. Data visualization tools offer a solution by transforming this untapped data into comprehensible formats like charts and graphs, facilitating the extraction of valuable insights.

For instance, banks can leverage data visualization tools to understand how customers navigate their online applications. This empowers them to tailor user journeys and optimize conversion rates. In social media companies grappling with large volumes of user data can utilize data visualization tools to identify patterns and trends, aiding in content creation strategies and targeted advertising campaigns.

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Some of the Major Key Players Studied in this Report are:

➤ SAP
➤ Microsoft
➤ Oracle
➤ IBM
➤ AWS
➤ Sisense
➤ Alteryx
➤ SAS Institute
➤ Alibaba Cloud
➤ Dundas
➤ Others

Segmentation Analysis

The data visualization tools market can be segmented based on business function: marketing and sales, human resources, operations, and finance. The marketing and sales segment is anticipated to hold the dominant market share throughout the projection period. Data visualization empowers sales managers to analyze performance against targets, identify sales pipeline bottlenecks, and optimize marketing strategies.

Market Segmentation and Sub-Segmentation Included Are:

On The Basis of Tool

➤ Standalone
➤ Integrated

On The Basis of organization size

➤ Large Enterprises
➤ Small and Medium-sized Enterprises

On The Basis of deployment mode

➤ On-premises
➤ Cloud

On The Basis of business function

➤ Marketing and Sales
➤ Human Resources
➤ Operations
➤ Finance

On The Basis of vertical

➤ BFSI
➤ Government
➤ Healthcare and Life Sciences
➤ Retail and eCommerce
➤ Manufacturing
➤ Transportation and Logistics
➤ Telecommunications and IT
➤ Other Verticals

Impact of Global Events

The Russia-Ukraine war has cast a shadow over the global economy, with potential implications for the data visualization tools market. Disruptions in supply chains and the volatility of the financial markets could lead to a slowdown in IT spending, impacting the adoption of data visualization tools. However, the long-term impact remains to be seen, and the market's inherent growth potential could mitigate these temporary setbacks.

An economic slowdown could also pose challenges. Businesses might prioritize essential expenditures and delay investments in data visualization tools. However, the long-term benefits of data-driven decision making could encourage sustained adoption in the long run.

Regional Development

North America is expected to hold the largest market share in the global data visualization tools market throughout the forecast period. The presence of established players, a strong focus on data-driven decision making, and a well-developed IT infrastructure contribute to this dominance.

Asia Pacific region is projected to witness the highest CAGR during the forecast period. The growing awareness of data visualization tools in key economies like China, India, and Japan, coupled with the increasing adoption of AI and ML technologies, is driving the market in this region.

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Recent Developments

In March 2021: Alteryx partnered with Tech Data to provide businesses with a unified platform for data analytics, data science, and process automation. This collaboration aims to accelerate digital transformation for customers.

Key Takeaways

➤ The data visualization tools market is expected to experience significant growth due to the increasing demand for extracting insights from untapped data.

➤ The marketing and sales segment is anticipated to hold the dominant market share due to the benefits of data visualization in optimizing sales performance and marketing strategies.

➤ North America is expected to lead the market, while the Asia Pacific region is projected to witness the highest growth rate.

The data visualization tools market is poised for continued growth, fueled by the ever-increasing volume of data and the growing need for data-driven decision making. Advancements in technology, such as artificial intelligence and augmented reality, are expected to further enhance the capabilities of data visualization tools, fostering wider adoption across industries.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. Impact of Ukraine- Russia war
4.2. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Data Visualization Tools Market Segmentation, by Tool
8.1. Standalone
8.2. Integrated

9. Data Visualization Tools Market Segmentation, by organization size
9.1. Large Enterprises
9.2. Small and Medium-sized Enterprises

10. Data Visualization Tools Market Segmentation, by deployment mode
10.1. On-premises
10.2. Cloud

11. Data Visualization Tools Market Segmentation, by business function
11.1. Marketing and Sales
11.2. Human Resources
11.3. Operations
11.4. Finance

12. Data Visualization Tools Market Segmentation, by vertical
12.1. BFSI
12.2. Government
12.3. Healthcare and Life Sciences
12.4. Retail and eCommerce
12.5. Manufacturing
12.6. Transportation and Logistics
12.7. Telecommunications and IT
12.8. Other Verticals

13. Regional Analysis
13.1. Introduction
13.2. North America
13.3. Europe
13.4. Asia-Pacific
13.5. The Middle East & Africa
13.6. Latin America

14. Company Profile

15. Competitive Landscape
15.1. Competitive Benchmarking
15.2. Market Share Analysis
15.3. Recent Developments

16. USE Cases and Best Practices

17. Conclusion

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