Data Visualization Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)

The global data visualization market was valued at USD 2.99 billion in 2020 and expected to reach USD 5.17 billion by 2026 and grow at a CAGR of 9.69% over the forecast period (2021 - 2026). The emerging nature of data visualization is encouraging a shift toward analytically driven businesses, where users can explore data in various forms of graphical representation, which were initially only available in tabular reports.

- Growth in big data, multi-device access to visualization (mobile, desktop, web, etc.), customized reports for specific roles, ongoing training for business users, and constantly changing optimizing dashboards.
- The increasing adoption of data visualization in small and medium enterprises is expected to fuel the growth of the data visualization market.
- Factors, such as the shortage of skills and budget and the lack of technical skills for report creation, are hindering the growth of the data visualization market.

Key Market Trends

Retail to Witness Significant Growth

- The retail sector is witnessing a huge growth in the amount of data being generated from various channels, such as social sites, blogs, and apps. Most of the unstructured data produced is left unused, which if utilized, may provide valuable information.
- The incorporation of the Internet of Things (IoT) in the retail sector has increased over the past few years, through the increased utilization of devices, such as RFID and sensors.
- Additionally, retailers across the globe have been focusing on enhancing their connectivity, communication solutions, and devices which is generating a huge amount of big data. This is further analyzed to study the pattern and purchasing behavior of a consumer which in turn is expected to propel the market growth over the forecast period.

North America to Hold Significant Share

- North America is expected to hold significant share as it has the United States which is a prominent market for data visualization. The US data visualization market is witnessing healthy growth, due to the increasing amount of data being generated in small- and medium-scale firms.
- Data visualization applications in North America are driven by factors, such as growth in big data and the need for analytics in the retail sector.
- An increasing need to track data from various sources and compiling it into various data representations, in order to make important business decisions, can be observed in North America, as this region is a major market for technology-based solutions.

Competitive Landscape

The data visualization market is moderately competitive. The players in the market are innovating in providing strategic solutions to increase their market presence and customer base. This is enabling them to secure new contracts and tap new markets.

- January 2019 - Tableau expands data prep capabilities with Tableau Prep Conductor, a product, which enables organizations to schedule and manage self-service data preparation. Tableau Prep Conductor is part of a new subscription offering called “Tableau Data Management Add-On”. This helps the customers to ensure that governed and timely data is available and ready for analysis.
- January 2018 - Tableau launched Hyper, new data engine technology included within Tableau 10.5. With Hyper’s ability to slice and dice massive volumes of data in seconds, customers can see up to 5X faster query speed and up to 3X faster extract creation speed.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support