Visual Analytics Market Predicted to Grow $28.9 billion by 2031, with a 16.2% CAGR

The global visual analytics market is set to grow due to rising advanced visualization tech adoption, demand for analytics tools, and increasing data volume.

WILMINGTON, DE, UNITED STATES, October 11, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global visual analytics market size generated $6.5 billion in 2021, and is projected to reach $28.9 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.

The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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COVID-19 Scenario:

1. The outbreak of COVID-19 had had a positive impact on the growth of the global visual analytics market, owing to the occurrence of lockdowns in various countries across the globe.

2. Lockdowns resulted in the closure of various manufacturing facilities, leisure parks, physical stores, hotels, restaurants, traveling, and others.

3. In addition, all sorts of commercial and business workplaces were also closed, which enabled businesses to increasingly adopt advanced visual analytics technology to improve the overall growth of the company.

4. Besides, the visual analytics industry saw a boom in new investments due to the surge in the adoption of innovative technologies by prominent players. Thus, both businesses and customers both are becoming more reliant on digital channels that subsequently expanded the growth of the market.

The visual analytics market is driven by factors such as rise in among enterprises to access, interpret, and analyze information, and attempt of various government agencies to systematize the data security protocols. Furthermore, rise in adoption of advance visualization technology by enterprises and growing demand for analytical tools among enterprises are driving the growth of the visual analytics market. Moreover, rapid growth in volume and variety of business data are boosting the visual analytics market size. However, high cost of installation and security concern, lack of skilled professionals, and lack of awareness restrict the visual analytics market growth. On the contrary, increased usage of the internet of things (IoT) and the introduction of improved visual analytics is expected to offer remunerative opportunities for expansion during the visual analytics market forecast.

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The report offers detailed segmentation of the global visual analytics market based on offering, deployment model, application, enterprise size, industry vertical, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest growing segments and highest revenue generation that is mentioned in the report.

Based on offering, the solution segment held the dominating market share in 2021, holding more than two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is expected to cite the fastest CAGR of 18.0% during the forecast period.

Based on enterprise size, the large enterprises segment held the largest market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is expected to cite the fastest CAGR of 19.0% during the forecast period.

Based on deployment model, the on-premise segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 17.0% during the forecast period.

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Based on region, the market across North America held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 19.1% during the forecast period.

The key players analyzed in the global visual analytics market report include Alteryx, Inc., DataDeck, Data Clarity, Geckoboard Software, IBM Corporation, Locii Solutions Ltd., Microsoft Corporation, MicroStrategy Incorporated, Nexidia Inc., Oracle Corporation, Orbital Insight, Qlik, SAP SE, SAS Institute Inc., Tableau Software Inc., TIBCO Software Inc., and Ubiq.

The report analyzes these key players in the global visual analytics industry. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.

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