ID: MRFR/ICT/3392-HCR | 100 Pages | Published By Aarti Dhapte on March 2023
The Visual Analytics Market is projected to be worth USD 31.4 Billion by 2030, registering a CAGR of 19.30% during the forecast period (2022-2030).
Visual Analytics is the science of analytical reasoning supported by interactive visual interfaces. Visual Analytics can be seen as an integral approach combining visualization, human factors, and data analysis. Visual Analytics methods allow decision makers to combine their human ﬂexibility, creativity, and background knowledge with the storage and processing capacities of today’s computers to gain insight into complex problems.
The global visual analytics market is divided on the basis of component, deployment, industry and region. On the basis of industry the segment is further classified in to IT, retail, BFSI, manufacturing, military & defense, and transportation & logistics among others. The field of supply chain of every industry deals with large and complex structures. To deal with such complex structures, organizations have been investing in information technology to improve data quality and availability. DynCorp International is a global services provider offering sophisticated aviation, logistics, training, intelligence and operational solutions to commercial, government, and military customers. DynCorp implemented visual analytics tool from Qlik Software which is a leader in visual analytics and Business Intelligence. It is believed that instead of placing a new tool which places new face on the same old data, it has adopted visualizations that are intuitive and allow users to freely explore the underlying data.
Statistical Analysis System (SAS), a leader in visual software provider for organizations, is offering Supply chain intelligence which can provide demand patterns, quality and customer requirements and combine data from multiple sources. For demand driven planning and optimization, the software provides weighted consensus forecasts, production planning by using sophisticated algorithms, and calculate optimal inventory policies using multiechelon inventory optimization. The Supply Chain area is expected to witness the highest CAGR during the forecast period because of the increasing need for managing real-time data coming from various transportation and logistics activities, such as the vehicle’s schedule and route analysis, based on the transportation and logistics activities conducted.
Global Visual Analytics market is expected to grow at 19.30% CAGR through the forecast period of 2030.
The growing demand for analytical tools among enterprises and increased usage of visually driven data are the major factors for the rise in demand for visual analytics.
In October 2017, GE Aviation’s Digital Solutions had an agreement with Tableau Software to empower commercial and military airline customers across the aviation industry with responsive visual analytics that can help improve fuel efficiencies, aircraft safety and consumers’ overall flying experience. GE’s Predix platform will provide rich services with detailed data and reports blending airline and industry data that aviation customers can acquire to analyze and customize on-the-fly with Tableau’s advanced visual analytics capabilities.
The market for global visual analytics is led by North America due to the technological advancements and early adoption of analytical solutions in this region. Asia Pacific occupies the second place in visual analytics market. Increasing technological adoption and huge opportunities across industries in the APAC countries, especially in India, China, and Japan, are the primary drivers for the market growth.
The global Visual analytics market consists of some major players and new entrants in the market which includes IBM Corporation (U.S.), Oracle (U.S.) , SAP (Germany), SAS Institute (U.S.), Tableau Software (U.S.), Microsoft (U.S.), MicroStrategy (U.S.) , TIBCO Software (U.S.), Qlik (U.S.), and Alteryx (U.S.).
The global visual analytics is divided into component, deployment, industry and region. On basis of component the segment is further divided in to software and services. The deployment is further divided into on-demand and on-premise. Visual analytics caters a wide area of industries like IT, sales and marketing, finance, supply chain and others.
The visual analytics market is projected to be worth USD 31.4 billion by 2030.
The global visual analytics market is predicted to grow at an 19.30% CAGR between 2022- 2030.
IT, retail, BFSI, manufacturing, military & defense, and transportation & logistics among others are the different applications of visual analytics.
Increased use of visually driven data and demand for analytical tools among enterprises are driving the global visual analytics market growth.
Key contenders profiled in the global visual analytics market include IBM Corporation (U.S.), Oracle (U.S.) , SAP (Germany), SAS Institute (U.S.), Tableau Software (U.S.), Microsoft (U.S.), MicroStrategy (U.S.) , TIBCO Software (U.S.), Qlik (U.S.), and Alteryx (U.S.).
North America will lead the global visual analytics market.