The visual analytics market is expected to grow from USD 2.57 Billion in 2017 to USD 6.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.4%.
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The report "Visual Analytics Market by Component (Software and Services), Business Function (IT, Sales and Marketing, Finance, Supply Chain, and HR), Deployment Model (On-Demand and On-Premise), Organization Size, Industry, and Region - Global Forecast to 2022",
The major factors driving the visual analytics market are the rapid growth in volume and variety of business data, growing need for data-driven decision-making, and increasing demand for advanced analytics.
The visual analytics market is growing rapidly because of the transformation from the traditional analytical techniques for analyzing business data to the advanced techniques and due to the massive surge of the flowing business data.
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IT business function is expected to grow at the highest CAGR
Visual analytics software and services are used for various business functions, which include Information Technology (IT), sales and marketing, finance, supply chain, Human Resource (HR), and others (product management and shop floor). The IT business function is expected to witness the highest CAGR during the forecast period because of the increasing need for IT departments across industries, to have access to real-time analytics on Key Performance Indicators (KPIs) and the visualization of the percentage of helpdesk ticket requests resolved in the agreed time-frame to assess the success of on-going support.
Transportation and logistics industry is expected to have the highest growth rate during the forecast period
Visual analytics solutions have been deployed across various industries, including Banking, Financial Services, and Insurance (BFSI); telecom and IT; retail and consumer goods; manufacturing; healthcare and life sciences; energy and utilities; transportation and logistics; media and entertainment; government and defense; and others (travel and hospitality, education, and eCommerce). The transportation and logistics industry is expected to witness the highest CAGR during the forecast period because of the increasing need for managing the real-time data coming from various transportation and logistics activities, such as the vehicle’s schedule analysis and route analysis, based on the transportation and logistics activities conducted.
North America is expected to dominate the visual analytics market during the forecast period
North America is expected to hold the largest share of the visual analytics market in 2017, due to the technological advancements and early adoption of analytical solutions in this region. The market size in Asia Pacific (APAC) is expected to grow at the highest CAGR from 2017 to 2022.
The primary driving factors for this growth are the increasing technological adoption and huge opportunities across industries in the APAC countries, especially in India, China, and Japan.
The report also encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product upgradations, adopted by the major players to increase their shares in the market. Some of the major technology vendors include IBM (US), Oracle (US), SAP (Germany), SAS Institute (US), Tableau Software (US), Microsoft (US), MicroStrategy (US), TIBCO Software (US), Qlik (US), and Alteryx (US).
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