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Visual Data Discovery Market Growth And Visual Analytics Tools Driver: A Major Catalyst in the Evolution of the Visual Data Discovery Market in 2025
Visual Data Discovery Market Size
The market size of visual data discovery has been on a speedy growth trajectory in the past few years. Anticipated to rise from $12.4 billion in 2024 to $14.59 billion in 2025, the market is predicted to exhibit a compound annual growth rate (CAGR) of 17.6%. The notable growth during the historic period is attributable to a surge in demand for self-serve analytics and business intelligence solutions. Additionally, factors such as the mounting necessity to identify sensitive structured and unstructured data, the increasing requirement to access sensitive data to enhance business productivity, the growth of visual data discovery tools, and a heightened emphasis on data governance and compliance have contributed to this expansion.
A swift escalation in growth is anticipated for the visual data discovery market in the coming years. It is projected to reach a sizeable $27.59 billion by 2029, with a commendable compound annual growth rate of 17.3%. The uptick anticipated throughout the forecast period can be linked to a surge in digital transformation campaigns, a growing need to incorporate data into business operations for deriving critical insights, a heightened demand for self-service visual analytics tools, the emergence of visual data discovery solutions based in the cloud, and the preference for mobile-first design principles. The forecast period is also expected to see prominent trends such as the incorporation of augmented reality, exploration of data in real-time, collaborative exploration of data, integration with platforms focusing on big data, and solutions tailored for specific industries.
What Are the Key Drivers Behind the Growth of the Visual Data Discovery Market?
The rising need for visual analytics tools is predicted to fuel the expansion of the visual data discovery market. Visual analytics tools are software solutions that allow users to generate interactive visualizations of data, which aids in analytical thinking and decision-making. The escalating demand for these tools is rooted in the increasing data complexities, the necessity for quicker and better-informed decision-making processes, and the aspiration to utilize data as a critical resource to accomplish business goals. These tools find applications in visual data discovery to untangle complex data, support decision making, boost collaboration, and facilitate the detection of patterns and trends in data sets. To illustrate, a report by Datanami, a US-based news outlet, stated in May 2023 that Tableau, a robust data visualization and business intelligence tool, had its customer base increase to 126,000 from 121,000 in 2021. Consequently, the surging demand for self-service visual analytics tools is pushing the growth of the visual data discovery market.
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Who Are the Major Industry Players Fueling Visual Data Discovery Market Expansion?
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 Key Developments Are Influencing the Visual Data Discovery Market?
Leading companies in the visual data discovery market are pioneering new technologies like Studio Canvas to create compelling, dynamic data visuals. Studio Canvas is a sophisticated data visualization and narrative tool ingrained in the Forsta Human Experience (HX) Platform. For instance, in May 2023, Forsta Inc., a US-headquartered tech firm, introduced Studio Canvas, a proficient visualization and data narrative tool encapsulated within the Forsta HX Platform. This tool allows customer experience (CX) professionals to design poignant visual narratives from their data, promoting collective responsibility for CX enhancement and encouraging improved organizational collaboration and decision-making. It enables CX and EX experts to construct fluid depictions of their data to democratize actionable insights and increase awareness enterprise-wide. This product is a self-service solution for corporate CX and EX specialists that combines important data with relatable, easy-to-comprehend visuals, depicting the journey of their customers and employees.
How Is the Segmentation of the Visual Data Discovery Market Defined?
The visual data discovery market 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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What Is the Leading Region in the Visual Data Discovery Market?
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.
What Is Covered In The Visual Data Discovery Global Market Report?
- Market Size Analysis: Analyze the Visual Data Discovery Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Visual Data Discovery Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Visual Data Discovery Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Visual Data Discovery Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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