Thriving data analytics industry and high demand for remote management solutions along with the rise in work-from-home activities drives the growth of the global data visualization tools market.
PORTLAND, Ore., September 12, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Data Visualization Tools Market by Offering (Software, Service), by Deployment Model (On-premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Application (Supply Chain, Sales and Marketing, Finance, Human resources (HR), Others), by Industry Vertical (BFSI, Manufacturing, Healthcare, Government, Energy and Utilities, Transportation, Retail and E-commerce, IT and Telecom, Education, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” As per the report, the global data visualization tools industry was estimated at $7.4 trillion in 2021, and is set to reach $19.5 trillion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
Drivers, restraints, and opportunities
Thriving data analytics industry and high demand for remote management solutions along with the rise in work-from-home activities drives the growth of the global data visualization tools market. Nevertheless, data privacy issues and sharing challenges related to data visualization tools can impede market growth across the globe. However, integrating advanced tools such as machine learning and data analytics with data visualization tools is anticipated to create new growth avenues for the global market.
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- The COVID-19 pandemic favorably impacted the growth of the global data visualization tools market due to a rise in demand for digital devices and an increase in the online presence of people during the pandemic period.
- Surging demand for data visualization tools during the COVID-19 pandemic as a result of lockdowns and social distancing norms will boost the global market trends.
Get detailed COVID-19 impact analysis on the data visualization tools market:
The software segment to dominate the global market in terms of revenue by 2031
Based on the offering, the software segment contributed to the highest market share in 2021, accounting for nearly two-thirds of the global data visualization tools market share. Reportedly, this segment is predicted to contribute majorly towards an overall market share in 2031. The growth of the segment over the forecast period can be attributed to the growing need for data processing and analytics in modern business enterprises. However, the service segment is predicted to register the fastest CAGR of nearly 11.5% from 2022 to 2031. The segmental growth over the next ten years can be attributed to the surging large-scale data applications of large enterprises.
The on-premise segment to dominate the global market by 2031
In terms of the deployment model, the on-premise segment contributed to the highest market share in 2021, accounting for more than half of the global data visualization tools market share. Reportedly, this segment is predicted to contribute majorly towards an overall market share in 2031. The expansion of this segment over the forecast timeline is due to more secure operations of on-premise data visualization tools. However, the cloud segment is predicted to register the highest CAGR of nearly 10.8% from 2022 to 2031. The segmental surge can be due to the scalable deployment of cloud-based data visualization tools.
The large enterprises segment to hold the major market share over 2022-2031
On the basis of the enterprise size, the large enterprises segment contributed to the highest market share in 2021, accounting for nearly three-fourths of the global data visualization tools industry share. Reportedly, this segment is predicted to contribute majorly towards an overall market share in 2031. The segmental surge over the forecast time span can be credited to large-scale operations of data visualization tools in large enterprises. However, the SMEs segment is anticipated to record the highest CAGR of 12.0% over the forecast period. The growth of the segment during the forecast period can be attributed to the growing innovation of SMEs driving investments in the data visualization sector.
The supply chain segment to hold the major market share from 2022-2031
On the basis of the application, the supply chain segment contributed to the highest market share in 2021, accounting for more than one-third of the global data visualization tools market share. Reportedly, this segment is predicted to contribute majorly towards an overall market share in 2031. The segmental surge over the forecast time span can be credited to the growing demand for supply chain analytics tools. However, the finance segment is anticipated to record the fastest CAGR of 12.8% over the forecast period. The growth of the segment during the forecast period can be attributed to the growing need for data visualization solutions for critical financial operations.
North America to retain global market dominance over 2022-2031
By Region, North America contributed notably towards the global data visualization tools market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly half of the global data visualization tools market in 2021. The growth of the market in the region over the forecast time span can be credited to the high concentration of specialized data analytics and data mining vendors in the region. However, the Asia Pacific region is anticipated to record the fastest CAGR of 13.2% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to the surge in the acceptance of data visualization tools due to growing digital transformation trends witnessed in the region. The report also analyzes other regions such as Europe and LAMEA.
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Major market players
- Alibaba Group Holding Limited
- ALTERYX, INC.
- Amazon Web Services, Inc.
- Domo, Inc.
- Dundas Data Visualization, Inc.
- GoodData Corporation
- International Business Machines Corporation
- Klipfolio Inc.
- Microsoft Corporation
- QlikTech International AB
- Salesforce, Inc.
- SAP SE
- SAS Institute Inc.
- Sisense Inc.
- TIBCO Software Inc.
The report analyzes these key players in the global data visualization tools market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures for enhancing market penetration and reinforcing their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
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