New York, United States , March 21, 2024 (GLOBE NEWSWIRE) -- The Global Visual Analytics Market Size is to Grow from USD 8.7 Billion in 2023 to USD 37.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 15.79% during the projected period.
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The analysis of datasets using data visualizations through the use of sophisticated tools and processes is known as visual analytics. Users can identify patterns and generate actionable insights by presenting the data with tables, graphs, and maps. These insights help businesses make better informed, data-driven decisions. The primary factors driving market expansion are technological advancements, the increasing demand for real-time data analysis, and the volume and diversity of data being generated. As a result, industry participants are focusing on developing new software, which will promote market growth. The healthcare industry is also using visual analytics solutions more and more regularly. The market for visual analytics solutions is being driven by the requirement to analyze massive amounts of medical data and give results to improve patient treatment. The other drivers propelling the market revenue development are the increasing requirement for individualized care and the expanding use of electronic health records. In the visual analytics industry, cloud computing is becoming progressively more popular. This is because cloud-based visual analytics technologies provide several benefits, such as affordability, flexibility, and adaptability. The expansion of the visual analytics market is now limited by several variables. These include the expensive installation costs and the common security worries that prospective customers have. The absence of skilled personnel with experience in visual analytics technology presents a significant barrier to the progress of this industry.
Browse key industry insights spread across 200 pages with 115 Market data tables and figures & charts from the report on the "Global Visual Analytics Market Size, Share, and COVID-19 Impact Analysis, By Service (Managed Services, Professional Services), By Deployment (On-Premise, On-Demand), By End-Users (Healthcare, BFSI, IT & Telecom, Retail & Consumer Goods, Education), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The managed services segment is anticipated to hold the greatest share of the global Visual Analytics market during the projected timeframe.
Based on the type, the global Visual Analytics market is divided into managed services and professional services. Among these, the managed services segment is anticipated to hold the greatest share of the global Visual Analytics market during the projected timeframe. Managed analytics services assist firms in identifying key performance indicators (KPIs) within data and provide real business insights, enabling them to make better business decisions. Through rapid and easy use of data and the ability to conduct real-time operations, managed analytics solutions help businesses reduce their Total Cost of Ownership (TCO).
The on-demand segment is anticipated to grow at the fastest pace in the global Visual Analytics market during the projected timeframe.
Based on deployment, the global Visual Analytics market is divided into on-premise and on-demand. Among these, the on-demand segment is anticipated to grow at the fastest pace in the global Visual Analytics market during the projected timeframe. On-demand visual analytics systems are highly advantageous for businesses with different data quantities since they allow for flexible scaling up or down according to requirements. On-demand visual analytics solutions give firms greater flexibility because they can be accessed from any place with an internet connection. On-demand solutions could be an effective choice for businesses that need to access visual analytics services from any location or with different amounts of data.
The healthcare segment is predicted to grow at the highest pace in the visual analytics market during the estimated period.
Based on end-users, the global visual analytics market is divided into healthcare, BFSI, IT & telecom, retail & consumer goods, and education. Among these, the healthcare segment is predicted to grow at the highest pace in the Visual Analytics market during the estimated period. The healthcare industry has mainly relied on these advancements to make data-driven decisions to improve patient care and operational efficiency. Visual analytics helps doctors diagnose a range of conditions by analyzing pictures and data from medical imaging tests. Visual analytics are becoming more widely accepted in the healthcare sector because of regulatory frameworks that promote uniform reporting and better compliance.
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North America is expected to hold the largest share of the global visual analytics market over the forecast period.
North America is expected to hold the largest share of the global visual analytics market over the forecast period. This has contributed to a rich IT infrastructure in the region, which makes integrating visual analytics programs simple. In North America, there are numerous applications for the use of visual analytics in the banking, technology, and healthcare sectors. This trend is marked by the formation of new business models, rapid implementation of big data, business intelligence (BI), and associated technologies by end users, and technology innovations that together have a positive impact on market growth. North America's established economies particularly those of the United States and Canada, which highly value scientific discoveries and technical advancements are expected to contribute the most to the region's revenue share over the projected period.
Asia Pacific is predicted to grow at the fastest pace in the global Visual Analytics market during the projected timeframe. Developing nations like China, Japan, Singapore, India, and others are spending more money on research and development initiatives. The many manufacturing organizations in the Asia Pacific area that are utilizing cutting-edge technologies are driving the market for visual analytics.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global visual analytics market include Geckoboard Software, DataDeck, Microsoft Corporation, SAS Institute Inc., Ubiq, Data Clarity, Tableau Software Inc., IBM Corporation, Locii Solutions Ltd., Oracle Corporation, MicroStrategy Incorporated, IBM Corporation, SAP, TIBCO Software, Qlik, Alteryx, And Others.
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Recent Developments
- In February 2024, with more than 40 G2 badges under its belt, TIBCO has demonstrated its acknowledged and verified leadership in the implementation and data management fields. In just the first three months of 2024, TIBCO earned 18 badges in these specific categories. However, the majority of these badges were classified as "Leader" badges, which is the highest distinction given by G2, emphasizing TIBCO's unparalleled excellence in product performance.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Visual Analytics Market based on the below-mentioned segments:
Global Visual Analytics Market, By Service
- Managed Services
- Professional Services
Global Visual Analytics Market, By Deployment
- On-Premise
- On-Demand
Global Visual Analytics Market, By End-Users
- Healthcare
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Education
Global Visual Analytics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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