The global data visualization tools market is anticipated to grow significantly at a CAGR of nearly 11.5% during the forecast period (2024-2031). The market is segmented based on a business function which is further classified into finance, human resource, sales and marketing, and operations. The sales and marketing segment is expected to account for the largest market size during the forecast period. The growth of the segment can be attributed as data visualization tools enable sales managers to monitor sales performance against quarterly goals for revenue, the percentage of closed deals, and the status of the deal stages in the sales funnel. Data visualization tools also support them in planning marketing strategies and identifying drivers and key performance indicators.
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Further, government initiatives such as digital media campaigns, social media marketing, video marketing, and search engine optimization are boosting the demand for data visualization tools in the SME segment. For instance, in May 2019, Info-Communications Media Development Authority (IMDA) launched a public consultation process to design a policy framework for facilitating 5G.
Apart from this, the key companies across the globe are highly inclined towards the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launch, and product innovation to remain competitive in the marketplace. For instance, in June 2020, IBM Corp. and SAP SE announced a partnership to develop and deliver advanced intelligent industry solutions that can potentially enable end-to-end processes and help businesses in accelerating the modernization of workflows and systems.
Further, in March 2021, Tableau declared a new dedicated area in London, UK, to capture data insights Tableau Online, which is a fully hosted software as a service (SaaS) product. The region is expected to offer improved performance and greater data locality options to Tableau users. Moreover, in November 2019, Microsoft announced the availability of Azure Synapse Analytics, a new Azure product for businesses. The solution is described by the firm as the next step in the evolution of Azure SQL Data Warehouse. It emphasizes the solution’s compatibility with Power BI, and easy-to-use business intelligence and reporting tool, as well as Azure Machine Learning for model development. Its goal is to provide essential features for customer development.
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Market Coverage
- Segment Covered- By Tools, By Business Function, By Organization Size, By Deployment Mode and by End-User
- Regions Covered- North America, Europe, Asia-Pacific, Rest of the World
- Competitive Landscape- Salesforce.com, Inc., IBM Corp., Microsoft Corp., Alibaba Group Holdings Ltd., and among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment/region dominates the market in the base year?
- Which segment/region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID forecast
o Most affected region/segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Data Visualization Tools Market – Segmentation
By Tools
- Standalone
- Integrated
By Business Function
- Finance
- Human Resource
- Sales and Marketing
- Operations
By Organization Size
- Small and Medium Enterprises
- Large Enterprises
By Deployment Model
- On-Premise
- Cloud
By End-User
- BFSI
- Government
- Healthcare
- IT and Telecom
- Manufacturing
- Retail
- Transportation and Logistics
- Others (Education, Media and Entertainment, Energy and Utilities)
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