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Visual Data Discovery Market Growth And Visual Analytics Tools: Critical Driver Shaping the Global Visual Data Discovery Market in 2025
Visual Data Discovery
What Will the Visual Data Discovery Industry Market Size Be by 2025?
The market size of visual data discovery has been expanding swiftly in the past few years. The projection shows that it will surge from $12.4 billion in 2024 to $14.51 billion in 2025, with a compound annual growth rate (CAGR) of 17.0%. The historical growth was driven by factors such as the surging demand for business intelligence and self-service analytics solutions, the escalating need to identify sensitive structured and unstructured data, the increasing necessity to obtain sensitive details and enhance business productivity, the development of visual data discovery tools, and an intensified emphasis on data governance and compliance.
What's the Long-Term Growth Forecast for the Visual Data Discovery Market Size Through 2029?
In the coming years, the visual data discovery market is set to experience a swift expansion. The market is predicted to reach a value of $26.03 billion by 2029, representing a compound annual growth rate (CAGR) of 15.7%. The projected growth can be associated with several factors including the increased embrace of digital transformation initiatives, surging demand for incorporating data into business operations to gather actionable insights, growing requirement for self-service visual analytics tools, as well as the emergence of cloud-based visual data discovery solutions and the adoption of mobile-first design principles. The forecast period will also witness key trends such as the integration of augmented reality (AR), exploration of data in real-time, cooperative data exploration, integration with big data platforms, and sector-specific solutions.
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What Are the Key Growth Drivers Fueling the Visual Data Discovery Market Expansion?
The projected growth of the visual data discovery market is anticipated to be driven by the heightened demand for visual analytics tools. These tools are software solutions that allow users to generate dynamic visual illustrations of data to facilitate analytical reasoning and decision-making. The growing complexity of data, the need for swift and informed choices, and the ambition to utilize data as a valuable business resource are all contributing to the surge in visual analytics tools. These tools are employed in visual data discovery to demystify complex data, support decision-making, promote collaboration, and help in recognizing patterns and trends within datasets. For instance, Datanami, a US-based news website, reported in May 2023 that the user base of Tableau, a robust data visualization and business intelligence tool, had grown to 126,000 from 121,000 in 2021. Therefore, the burgeoning demand for self-service visual analytics tools is fueling the expansion of the visual data discovery market.
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What Are the Key Trends Driving Visual Data Discovery Market Growth?
Leading firms in the visual data discovery market are engineering cutting-edge technologies such as Studio Canvas to produce dynamic, high-quality data visualizations. Studio Canvas is a superior data visualization and storytelling tool embedded in the Forsta Human Experience (HX) Platform. For instance, in May 2023, the US-based tech firm, Forsta Inc., rolled out Studio Canvas, a sophisticated visualization and data narration tool integrated with the Forsta Human Experience (HX) Platform. This tool empowers customer experience (CX) specialists to design potent visual narratives around data, encouraging mutual responsibility for CX enhancements and promoting better organizational coordination and decision-making. The tool enables CX and EX professionals to effortlessly build dynamic data portrayals, democratizing actionable insights and heightening consciousness across their organizations. This innovative product is a self-service solution for enterprise CX and EX professionals, combining fundamental data with relatable, comprehensible visuals to illustrate their customer and employee journeys.
How Is the Visual Data Discovery Market Segmented?
The visual data discoverymarket 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
5) 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
Subsegments:
1) By Software: Standalone Software, Integrated Software
2) By Service: Consulting, Integration And Deployment, Support And Maintenance
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Which Companies Are Leading the Charge in Visual Data Discovery Market Innovation?
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.
Which Regions Are Leading the Global Visual Data Discovery Market in Revenue?
North America was the largest region in the visual data discovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the visual data discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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