The field of advanced data analytics is currently gaining traction in the global market. Owing to the high demand, various visual analytics tools and techniques are being introduced which provide visual representation of data for detailed analytical study. As per the report that has been published by Market Research Future (MRFR), the global visual analytics market is anticipated to expand at a robust CAGR of 11% during the forecast period of 2017-2023.
Market Drivers and Restraints:
The upsurge in demand for visual analytics owing to the interactive visual interface of data that ensures simplification of cognitive work and aids in quick decision making is acting as one of the major drivers of the global visual analytics market. Increasing use of visual driven data and high demand for tools and techniques for quick and detailed analysis of data are fueling the growth of the global visual analytics market.
Visual analytics aids the users to create comprehensive reports and interactive dashboards with the help of advanced business intelligence tools; this factor is inducing higher demand for visual analytics among various enterprises, resulting in the expansion of the global visual analytics market.
However, some of the challenges that are likely to act as restraints on the growth of the global visual analytics market are lack of trained professionals, data inconsistency and lack of proper governance in this field of data analytics.
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The global visual analytics market has been segmented on the basis of Component, deployment and industry. Based on component, the visual analytics market is segmented into software and services. Based on deployment, the visual analytics market is segmented into on-demand and on-premise.
Based on industry, the visual analytics market is segmented into IT, retail, BFSI, manufacturing, military and defense, transportation and logistics, and others. Among these, the IT segment is anticipated to expand rapidly in the global visual analytics market owing to the increasing demand for visual analytics in the IT sector. The transportation and logistics segment is also projecting significant growth in the global visual analytics market owing to the high rate of adoption of advanced analytical process in this sector.
Geographically, the global visual analytics market has is segmented into four major regions such as North America, Asia Pacific, Europe and the rest of the world. The North America region is dominating the global visual analytics market owing to the rapid adoption of visual analytics and presence of large number of prominent players in the global visual analytics market in this region.
The Europe region is projecting noteworthy growth in the global visual analytics market due to easy adoption of advanced analytical techniques by various enterprises in this region. The increasing pool of service providers and multiple outsourcing services in the emerging economies of the Asia Pacific region are propelling the growth of the global visual analytics market in this region.
The players in the global visual analytics market are focusing on increasing their investments for research and development in order to introduce innovative services in the global visual analytics market. The strategic mergers and acquisitions are aiding the market players to sustain the highly competitive environment of the global visual analytics market.
On 23rd July 2018, Copper, a Google-recommended CRM formerly known as ProsperWorks, has announced a native integration with Google Cloud Platform (GCP) to bring instant visual analytics via data studio.
The prominent players that are profiled in the report published by MRFR on the global visual analytics market are IBM Corporation (the U.S.), Oracle (the U.S.), SAP (Germany), SAS Institute (the U.S.), Tableau Software (the U.S.), Microsoft (the U.S.), MicroStrategy (the U.S.), TIBCO Software (the U.S.), Qlik (the U.S.), and Alteryx (the U.S.).
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