Visual Data Discovery Global Market Expected to hit $23.53 Billion By 2028, Top Factors Leading The Industry Worldwide

The visual data discovery market size has grown rapidly in recent years. It will grow from $10.61 billion in 2023 to $12.40 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to increasing demand for self-service analytics and business intelligence solutions, the growing need to discover sensitive structured and unstructured data, the rising need to access sensitive information and maximize business productivity, the expansion of visual data discovery tools, increased focus on data governance and compliance.

The visual data discovery market size is expected to see rapid growth in the next few years. It will grow to $23.53 billion in 2028 at a compound annual growth rate (CAGR) of 17.4%. The growth in the forecast period can be attributed to the growing adoption of digital transformation initiatives, increasing demand to integrate data in business processes to derive actionable insights, increased demand for self-service visual analytics tools, the rise of cloud-based visual data discovery solutions, adoption of mobile-first design principles. Major trends in the forecast period include augmented reality (AR) integration, real-time data exploration, collaborative data exploration, integration with big data platforms, and industry-specific solutions.

Market Overview -
Visual data discovery refers to the process of examining and analyzing data using interactive and visual tools to obtain insights and make data-driven decisions. It uses data visualization tools and techniques to investigate extensive and complicated datasets, detect patterns, trends, and outliers, and effectively communicate findings.

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Visual Data Discovery Market Growth And Visual Analytics Tools
The increased demand for visual analytics tools is expected to propel the growth of the visual data discovery market going forward. Visual analytics tools refer to software solutions that enable users to create interactive visual representations of data for analytical reasoning and decision-making purposes. The increase in visual analytics tools stems from the growing complexity of data, the demand for faster and more informed decision-making, and the desire to leverage data as a strategic asset for achieving business objectives. Visual analytics tools are used in visual data discovery to simplify complex data, aid decision-making, enhance collaboration, and enable the identification of patterns and trends within datasets. For instance, in May 2023, according to a report published by Datanami, a US-based news portal, the customers of Tableau, a powerful data visualization and business intelligence tool, were 126,000, an increase from 121,000 in 2021. Therefore, increased demand for self-service visual analytics tools is driving the growth of the visual data discovery market.

Competitive Landscape -
Major companies operating in the visual data discovery market are Amazon Web Services Inc., Google LLC, Microsoft Corporation, Intel Corporation, International Business Machine Corp., Oracle Corporation, SAP SE, Salesforce Inc., Thales Group, Workday Inc., SAS Institute Inc., Micro Focus International plc, Teradata Corporation, Fair Isaac Corporation, TIBCO Software LLC, Alteryx Inc., QlikTech Inc., Altair Engineering Inc., MicroStrategy Incorporated, Cloudera Inc., Spirion LLC, RapidMiner Inc., Datameer Inc., PKWARE Inc., Biomax Informatics AG, Megaputer Intelligence Inc., Angoss Software Corporation, BlueGranite Inc., ClearStory Data Inc.

Increasing Focus On Revolutionizing Data Visualization
Major companies operating in the visual data discovery market are developing innovative technologies, such as Studio Canvas, to create high-quality and dynamic data visualizations. Studio Canvas refers to an advanced data visualization and storytelling solution integrated within the Forsta Human Experience (HX) Platform. For instance, in May 2023, Forsta Inc., a US-based technology company, launched Studio Canvas, an advanced visualization and data storytelling solution integrated within the Forsta Human Experience (HX) Platform. It empowers CX (customer experience) professionals to create impactful visual stories around data, driving collective ownership of CX improvement and fostering better organizational alignment and decision-making. The solution allows CX and EX experts to easily construct dynamic representations of their data to democratize actionable insights and raise awareness throughout their enterprises. This product is a self-service offering for enterprise CX and EX experts that blends essential data with relatable, easy-to-understand visuals to represent the journey of their customers and employees.

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Key Segments -
The visual data discovery market covered in this report is segmented -
1) By Component Type: Software, Service
2) By Deployment Type: Cloud, On-Premises
3) By Organization: Small And Medium Enterprise, Large Enterprise
4) By Application: Risk Management, Cost Optimization, Customer Experience Management, Supply Chain Management And Procurement, Social Network Analysis, Asset Management, Sales And Marketing Optimization
4) By End User: Banking, Financial Services And Insurance, Retail And Commerce, Automotive, IT And Telecommunication, Media And Entertainment, Government And Defense, Healthcare, Transportation And Logistics, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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