Visual Analytics market worth 6.51 Billion USD by 2022
PUNE, India, November 17, 2017 /PRNewswire/ -- According to a new market research report "Visual Analytics Market by Component (Software and Services), Business Function (IT, Sales and Marketing, Finance, Supply Chain, and HR), Deployment Model (On-Demand and On-Premise), Organization Size, Industry, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to grow from USD 2.57 Billion in 2017 to USD 6.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.4%.
IT business function is expected to grow at the highest CAGR
The major factors driving the Visual Analytics Market are the rapid growth in volume and variety of business data, growing need for data-driven decision-making, and increasing demand for advanced analytics. The Visual Analytics Market is growing rapidly because of the transformation from the traditional analytical techniques for analyzing business data to the advanced techniques and due to the massive surge of the flowing business data.
Visual analytics software and services are used for various business functions, which include Information Technology (IT), sales and marketing, finance, supply chain, Human Resource (HR), and others (product management and shop floor). The IT business function is expected to witness the highest CAGR during the forecast period because of the increasing need for IT departments across industries, to have access to real-time analytics on Key Performance Indicators (KPIs) and the visualization of the percentage of helpdesk ticket requests resolved in the agreed time-frame to assess the success of on-going support.
Transportation and logistics industry is expected to have the highest growth rate during the forecast period
Visual analytics solutions have been deployed across various industries, including Banking, Financial Services, and Insurance (BFSI); telecom and IT; retail and consumer goods; manufacturing; healthcare and life sciences; energy and utilities; transportation and logistics; media and entertainment; government and defense; and others (travel and hospitality, education, and eCommerce). The transportation and logistics industry is expected to witness the highest CAGR during the forecast period because of the increasing need for managing the real-time data coming from various transportation and logistics activities, such as the vehicle's schedule analysis and route analysis, based on the transportation and logistics activities conducted.
North America is expected to dominate the Visual Analytics Market during the forecast period
North America is expected to hold the largest share of the Visual Analytics Market in 2017, due to the technological advancements and early adoption of analytical solutions in this region. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022. The primary driving factors for this growth are the increasing technological adoption and huge opportunities across industries in the APAC countries, especially in India, China, and Japan.
The report also encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product upgradations, adopted by the major players to increase their shares in the market. Some of the major technology vendors include IBM (US), Oracle (US), SAP (Germany), SAS Institute (US), Tableau Software (US), Microsoft (US), MicroStrategy (US), TIBCO Software (US), Qlik (US), and Alteryx (US).
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From the report
Visual analytics enables business users to access business data and analyze them to generate visual insights, even if they do not have data science and analytical skills. The visual analytics market size is expected to grow from USD 2.26 Billion in 2016 to USD 6.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.4%. 2016 is considered to be the base year, while the forecast period is 2017–2022.
Following are the objectives of the report:
** To describe and forecast the visual analytics market on the basis of components (software and services), business functions, deployment models, organization sizes, industry, and regions
** To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
** To analyze the subsegments with respect to individual growth trends, prospects, and contribution to the total market
** To analyze the opportunities in the market for stakeholders and provide the details of a competitive landscape for the major players
** To forecast the revenue of market segments with respect to all the major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA)
** To profile the key players and comprehensively analyze their recent developments and positioning
** To analyze competitive developments, such as mergers and acquisitions, new product launches, and R&D activities in the market
The research methodology used to estimate and forecast the visual analytics market began with capturing the data on key vendor’s revenues through secondary research sources, such as companies’ websites, Factiva, and Hoovers. The other secondary sources included annual reports, press releases, and investor presentations of companies; white papers and certified publications; and articles from recognized authors, directories, and databases. The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global visual analytics market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with the key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.
The visual analytics market is expected to grow from USD 2.57 Billion in 2017 to USD 6.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.4%. The major growth drivers of the market include the rapid growth in volume and variety of business data, growing need for data-driven decision-making, and increasing demand for advanced analytics.
The visual analytics market is segmented by software and services. The services segment is expected to grow at the highest CAGR during the forecast period, out of which, deployment and integration services in the professional services segment is projected to witness the highest demand, due to the growing need of visual analytics software solutions across organizations.
The Banking, Financial Services, and Insurance (BFSI) industry is expected to hold the largest share of the visual analytics market in 2017. The growth is fueled by the growing need to simplify the workload related to security and the increasing dependence on data generated from various Information Technology (IT) systems, used for financial transactions. The transportation and logistics industry is expected to grow at the highest CAGR during the forecast period, due to the increasing need to store and manage data coming from various connected transportation devices and logistics record systems, used across transportation and logistics organizations.
The major business functions for which the visual analytics is deployed include the IT, sales and marketing, supply chain, finance, Human Resources (HR), and others (product management and shop floor). The adoption of visual analytics for IT is expected to increase significantly in the coming years because of the increasing need to resolve IT-related issues in real-time and streamline the business process across industries.
Organizations are deploying visual analytics solutions either on-premises or on-demand (cloud). The demand for cloud-based visual analytics solutions is expected to grow, due to its cost-effective and time-efficient features; its growth is expected to be high, particularly in the Small and Medium-sized Enterprises (SMEs), where low-cost solutions are largely required.
The global market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). The North American region, followed by Europe, is expected to continue as the largest revenue-generating region for the visual analytics vendors, for the next 5 years. This is mainly because, in the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D) and technologies. The APAC region is expected to be the fastest-growing region in the visual analytics market because of the increasing adoption of Internet of Things (IoT) and smart technologies, and various other government initiatives, such as smart cities across the APAC countries, including China and India.
The visual analytics market faces challenges, such as managing data quality and safety, and lack of skilled workforce. Factors such as lack of integration with legacy systems and complex analytical process are expected to limit the market growth.
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