Data visualization tools market: Unlocking insights and driving competitive advantage

The global market size of data visualization tools is projected to reach $22.12 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2030. Organizations increasingly rely on data-driven decision-making in today’s business landscape, leading to a rising demand for data visualization tools.

These tools enable users to comprehend complex data sets quickly and easily. With the exponential growth of data generated by organizations, data visualization tools have become essential for identifying patterns and insights, enabling businesses to leverage their data assets for a competitive advantage.

Market growth & trends in data visualization tools

The data visualization tools market is shaped by the rise of self-service analytics, enabling non-technical users to access and analyze data independently without relying on IT or data science expertise. This trend emerged as a response to the increased availability of data and the growing demand for data-driven decision-making across industries.

Traditional data analysis typically requires technical expertise from data scientists or IT professionals. However, self-service analytics tools provide intuitive interfaces and user-friendly features that empower non-technical users to create interactive dashboards, perform ad-hoc analyses, and visualize data. This allows business users to make data-informed decisions without depending on IT or data scientists for insights.

Clear communication with the target audience is crucial when designing effective data visualizations. Considering the audience’s expertise, the visualization should be easy to view and understand. For audiences unfamiliar with the presented data or principles, the visualization should be designed with clear labels, simple language, and a logical flow.

Conversely, for more experienced or STEM-oriented audiences, the visualization can be more complex, incorporating advanced charts and graphs. Additionally, the type of data being presented should be considered, as different data types require different visualization techniques.

Key insights and findings

• According to a report by Grand View Research, the software segment accounted for more than 64% of the global revenue in 2022, driven by the need for tools that aid businesses in data analysis and understanding.
• The marketing and sales segment held the largest revenue share, over 35% in 2022. Data visualization tools are increasingly used in these departments to gain insights into customer behavior, preferences, and trends, facilitating research-based decision-making and targeted campaigns.
• Large enterprises dominated the market, holding over 69% of the global revenue in 2022. These tools assist these enterprises in deciphering Big Data for better-informed decisions.
• The on-premises segment captured the largest revenue share, over 59% in 2022. However, cloud-based data visualization tools are gaining popularity due to their easy deployment and lack of software or hardware installation requirements.
• The IT and telecommunication segment held the largest revenue share, with over 21% in 2022. Predictive analytics supported by data visualization tools offer a competitive advantage to companies in the IT and telecommunications industry.

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