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Data Visualization Tools Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Data Visualization Tools Market Size,
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According to The Business Research Company's, The data visualization tools market size has grown rapidly in recent years. It will grow from $7.77 billion in 2023 to $8.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to increased complexity of data, growing awareness of data-driven decision making, globalization of businesses, regulatory compliance, demand for real-time insights, user-friendly interfaces.
The data visualization tools market size is expected to see rapid growth in the next few years. It will grow to $13.82 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to increased focus on predictive analytics, enhanced cybersecurity visualization, customization and personalization, data democratization, focus on sustainability analytics. Major trends in the forecast period include increased adoption of self-service bi, advancements in augmented analytics, real-time and streaming data visualization, focus on mobile-friendly visualizations, integration with data preparation tools, data governance and security features, focus on accessibility and inclusivity.
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Market Drivers and Trends:
The increase in demand for IoT devices is expected to propel the growth of the data visualization tools market going forward. IoT devices, or Internet of Things devices, refer to physical objects or devices embedded with sensors, software, and connectivity features that enable them to collect, exchange, and transmit data over the internet. IoT devices contribute valuable data to Data Visualization Tools, enabling organizations to gain insights, make informed decisions, and optimize operations across various industries. The integration of IoT-generated data with visualization tools enhances the capability to understand complex systems and trends in real time. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Therefore, the increase in demand for IoT devices is driving the growth of the data visualization tools market.
Technological advancement is a key trend in the data visualization tools market. Major players in the data visualization tools market are concentrating on creating new technical advancements to improve their competitiveness. For instance, in March 2021, Tableau Software, a US-based company operating in data visualization tools, launched a version of the data visualization platform. This version of the data visualization platform is integrated with Einstein Discovery's predictive modelling and machine learning technology. This technology provides the user with real-time predictions and recommendations. Along with that, the platform had additional features, such as Microsoft Azure connectivity and a redesigned notification experience.
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Major Key Players of the Market:
Tableau Software, SAP SE, The International Business Machines Corporation, Oracle Corporation, Microsoft Corporation, Alibaba Group Holding Limited, Alteryx Inc., Amazon Web Services Inc., Domo Inc., Dundas Data Visualization Inc., GoodData Corporation, International Business Machines Corporation, Klipfolio Inc., QlikTech International AB, Salesforce Inc., SAS Institute Inc., Sisense Inc., TIBCO Software Inc., Zegami Ltd., HeapAnalytics Inc., Looker Data Sciences Inc., Google Data Studio, SAP Lumira, MicroStrategy, Yellowfin Business Intelligence, Slemma, Zoho Corporation Pvt. Ltd., Datawrapper Gmbh, ThoughtSpot Inc., Periscope Data Inc.
Data Visualization Tools Market 2024 Key Insights:
• The data visualization tools market size is expected to see rapid growth in the next few years. It will grow to $13.82 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Big Data'S Role In Fueling The Growth Of The Data Visualization Tools Market
• Technological Advancements Reshaping The Data Visualization Tools Market
• North America was the largest region in the data visualization tools market in 2023
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