Press release
Soaring Demand Set to Propel Data Visualization Tools Market to $15.75 Billion by 2029
Data Visualization Tools Market
What Is the Expected CAGR for the Data Visualization Tools Market Through 2025?
The market for data visualization tools has seen a significant boost in size in the past few years. Forecasts indicate growth from $8.55 billion in 2024 to $9.52 billion the following year, with a compound annual growth rate (CAGR) of 11.3%. This growth during the historic period can be credited to the rise in data complexity, the widening recognition of data-guided decision-making processes, the spread of businesses globally, the need for regulatory compliance, the increasing demand for real-time insights, and user-friendly interfaces.
What's the Projected Size of the Global Data Visualization Tools Market by 2029?
The market size of data visualization tools is predicted to experience fast-paced growth in the upcoming years, expecting to expand to $15.75 billion by 2029, with a CAGR of 13.4%. This surge during the forecasted timeframe can be accredited to the rising emphasis on predictive analytics, enhanced cybersecurity visualization, customization and personalization, data democratization, and sustainability analytics. The market outlook also showcases key trends like wider acceptance of self-service BI, advancements in augmented analytics, visualization of real-time and streaming data, emphasis on mobile-friendly visualizations, synchronization with data preparation tools, data governance and security standards, with a strong focus on accessibility and inclusivity.
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Top Growth Drivers in the Data Visualization Tools Industry: What's Accelerating the Market?
The surge in big data is anticipated to stimulate the expansion of the data visualization tools industry. Big data refers to the colossal, complex volumes of structured and unstructured data that flood businesses daily. Big data's origins can be traced to social media, streaming data, and publicly accessible data. Visualization is evolving to become an essential instrument for comprehending the trillions of data rows created daily. For example, in July 2022, data released by EarthWeb, a U.S.-based resource discovery platform, revealed that WhatsApp users conducted over 55 million video calls and transmitted over 65 billion messages daily in 2020, which escalated to 100 billion messages a day. Consequently, the surge in big data is fuelling the growth of the data visualization tools industry.
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What Trends Will Shape the Data Visualization Tools Market Through 2029 and Beyond?
A primary trend in the data visualization tools market is technological innovation. The leading players in this market are focusing on inventing new technological enhancements to strengthen their competitive edge. For example, in September 2024, GrubMarket, a food technology company based in the U.S., unveiled the GrubAssist Charts, a data visualization tool powered by artificial intelligence. The GrubAssist Charts function is a potent facet of GrubMarket's enterprise AI assistant, GrubAssist, developed to aid businesses in the food supply chain in visualizing intricate data with dynamic, easy to comprehend charts and graphs. Using natural language commands, users can design visual reports that are intuitive and customized to their requirements, enabling them to track crucial performance measures, scrutinize sales patterns, and observe profitability across vendors and customers. Accessible on both desktop and mobile, this attribute simplifies data interpretation for corporate leaders, analysts, and sales teams, thus facilitating more informed decision making quickly.
What Are the Main Segments in the Data Visualization Tools Market?
The data visualization tools market covered in this report is segmented -
1) By Tool: Standalone, Integrated
2) By Business Function: Marketing And Sales, Human Resources, Operations, Finance
3) By Deployment Mode: On-Premises, Cloud
4) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
5) By Vertical: Banking, Financial Services And Insurance (BFSI), Government, Healthcare And Life Sciences, Retail And E-Commerce, Manufacturing, Transportation And Logistics, Telecommunications And Information Technology (IT), Other Verticals
Subsegments:
1) By Standalone: Desktop Applications, Web-Based Solutions
2) By Integrated: Business Intelligence (BI) Platforms, Data Analytics Software, Cloud-Based Integrated Tools
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Which Top Companies are Driving Growth in the Data Visualization Tools Market?
Major companies operating in the data visualization tools market are 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, 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.
Which Regions Will Dominate the Data Visualization Tools Market Through 2029?
North America was the largest region in the data visualization tools market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data visualization tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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