Combining visualization with interactive analysis to explore large data set is the wholesome aim of a Visual Analytics solutions. In other words, visual analytics is the science of analytical reasoning facilitated by interactive visual interfaces. To be more precise, visual analytics is an iterative process that involves information gathering, data preprocessing, knowledge representation, interaction and decision making. The ultimate goal is to gain insight in the problem at hand which is described by vast amounts of scientific, forensic or business data from heterogeneous sources. To reach this goal, visual analytics combines the strengths of machines with those of humans. On the one hand, methods from knowledge discovery in databases (KDD), statistics and mathematics are the driving force on the automatic analysis side, while on the other hand human capabilities to perceive, relate and conclude turn visual analytics into a very promising field of research. Today, just data visualization is not sufficient, and the companies are looking forward to data driven analytics capabilities integrated with their data visualization. Visual analytics can be explained as the formation of intellectual visual metaphors combined with manual information interaction.
The market for visual analytics has been segmented on the basis of deployment model, business function and vertical. Based on deployment model, the visual analytics market has been segmented into on-premises and cloud. Based on business function, the visual analytics market has been segmented into sales and marketing, operations, finance, supply chain, information technology, CRM, and human resources. The market is further segmented on the basis vertical into retail & consumer goods, IT & telecom, BFSI, manufacturing, energy & utilities, healthcare, and government. Geographically, the market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
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Visual Analytics Market: Strategic Insights
The biggest trend impacting data visualization and analytics innovation today is the prevalence of artificial intelligence (AI) and machine learning. While it may sound scary to IT departments and analysts who are hesitant to relinquish human control, analytic platforms that include AI and ML capabilities are actually going to serve as a highly effective assistant to modern analysts. While there might be concern over being replaced, machine learning will actually supercharge analysts and make them more efficient, more precise, and more impactful to the business. Instead of fearing machine learning technology, embrace the opportunities it presents.
The visual analytics comprises of cloud, and on-premise deployment model. The deployment model for the visual analytics is a critical decision for deciding upon a particular model to opt for. Enterprises prefer both cloud as well as on-premise mode of deployment depending upon various factors. The demand for cloud-based visual analytics is preferred as the best deployment type by many SMEs as it comes at inexpensive rates.
A paradigm shift in the business approaches has led to rising demands for the integration of various analytics software in the business processes by various industry verticals, across the globe and in particular in the advanced regions. The business users today have taken leaps from the conventional data management, processing and analyzing techniques. Different business functions in a particular sector require data to be analyzed for various purposes.
The basic function of any visual analytic tool is to take the complex data and present it to the user in such a manner that it would be highly interactive and easy to comprehend. Visual analytic tools are required to perform two critical tasks that include visualization of the data and then analysis of that data. Simple visualization won’t suffice the issues of simplifying a large volume of data. User friendliness of these tools, cost-effectiveness, the ability of customization of visual analytics tools, interactive user interfaces, dashboards, and filtering options are some of the parameters that help the end-users decide upon choosing a particular visual analytic tool for their business function..
Players operating in the Visual analytics market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the visual analytics market. A few developments by key players of the visual analytics market are:
In September 2018, TIBCO introduced A(X) Experience for TIBCO Spotfire which will permit real-time visual analytics on data streams allow real-time awareness and actions.
In September 2018, SAP SE introduced SAP Analytics Cloud, it is one simple cloud for all analytics. This analytic cloud offers its customers with all-in-one integration of data visualization, predictive, and planning capabilities.
The regional trends and factors influencing the Visual Analytics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Visual Analytics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2017 | US$ 2.22 Billion |
| Market Size by 2025 | US$ 5.72 Billion |
| Global CAGR (2017 - 2025) | 12.8% |
| Historical Data | 2015-2016 |
| Forecast period | 2018-2025 |
| Segments Covered |
By Deployment Model
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Visual Analytics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Visual Analytics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies
1. Tableau Software
2. SAP SE
3. Qlik Technologies
4. TIBCO Software
5. ADVIZOR Solutions Pvt. Ltd
6. SAS Institute
7. Oracle Corporation
8. MicroStrategy
9. IBM Corporation
10. Alteryx, Inc.