At 10.1% CAGR, Global Data Visualization Tools Market to Surpass US$ 18.1 Bn By 2026, Forecast Report By Zion Market Research

The global Data Visualization Tools market accrued earnings worth approximately 8.1(USD Billion) in 2019 and is predicted to gain revenue of about 18.1(USD Billion) by 2026, is set to record a CAGR of nearly 10.1% over the period from 2020 to 2026. The report offers assessment and analysis of the Data Visualization Tools market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).

Overview

Data visualization tools offer designers in producing visual representations of big data sets in an easier way. These tools help data scientists or data analysts in dealing with data sets comprising of large number of data points along with automating visualization process. In addition to this, tools of data visualization can be utilized for yearly reports, investor slide decks, dashboards, and sales & marketing activities. The best of these tools can handle multiple data sets in a single visualization and can display various kinds of charts, maps, and graphs in an effective way. Citing an instance, tableau software is the best example of the data visualization tool and public version of this software is available for free for producing data visualizations.

Market Growth Drivers

Surge in acceptance of data visualization tools by small, giant, and medium-scale firms will steer the growth of data visualization tools market over 2020-2026. In addition to this, massive use of these tools in predictive analytics as well as by software advisory services will embellish the size of data visualization tools industry over the assessment period. Apart from this, data visualization platform assists business personnel in gaining insights from large proportion of unstructured data and facilitates in effectively demonstrating data for unsupervised learning algorithm such as K-means algorithm. All these aspects will not only enhance the market profitability but will also help in expanding the market scope. Additionally, need for effective graphical data representation in the form of pie chart, scatter plots, column chart, and line chart will assist in increasing market size over the years ahead.

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Furthermore, with increase in the data and need for critically examining purchasing pattern of the consumers has resulted in massive demand for data visualization tools by retail shops and supermarket & hypermarket stores in the recent years. This, in turn, will generate high growth prospects for data visualization tools market in the coming years.

North America To Make Notable Contributions Towards Overall Market Share By 2026

The expansion of data visualization tools industry in North America over the assessment timespan can be credited to massive use of data visualization tools in the small & medium-scale companies in the U.S. In addition to this, rise in the need for data analytics in flourishing retail sector across countries like Canada & the U.S. will result in expansion of market size in the region over 2020-2026. Humungous need for information tracking from different sources and then representing this information through various kinds of charts in the form of data representation will drive the regional market trends.

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Key players profiled in the study include: