The global visual analytics market was valued at more than $2 billion in 2015 and is expected to surpass $5 billion by 2020, says Technavio.
Technavio has announced its latest market research report on visual analytics during the forecast period, 2016-2020. This market analysis, under the enterprise application vertical, discusses the major drivers and key emerging trends that will influence the growth of the global visual analytics market during the forecast period. Some of the top vendors listed in this industry analysis include Microsoft, SAS Institute, SAP, Tableau Software, and QlikTech International.
In terms of geographical analysis, APAC will be the fastest growing region in the global market and is expected to reach revenues of more than $1 billion by 2020. Australia, China, India, Japan, and Singapore will emerge as the key revenue-generators.
“Predictive analytics uses methods like data mining, modeling, machine learning, and game theory to provide actionable insights into an organization’s data. This tool helps various end-user industries to analyze their customer buying patterns and behaviors. Some of these industries include retail, healthcare, manufacturing, IT, BFSI, and education sectors. Predictive modeling techniques can be personalized to an individual customer or a group based on data points and leads to the development of precise and efficient solutions for the organizations,” says Ishmeet Kaur, a lead analyst at Technavio for research on enterprise application.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in the adoption of visual analytics across industries
The increased adoption and integration of visual analytics applications with IT systems aids in decision-making in industrial operations, communicating with people, and other computer systems in real-time. These solutions help in recollecting previous interactions that assist in drawing conclusions independently while processing large quantities of data from diverse sources. Visual analytics processes data using cloud offerings. These systems provide insights and help in the interpretation of large volumes of complex data. It offers a complete view of the data from all business processes and enables efficient operations by providing end to end view on market perspectives.
Accelerating data use in industries
The extensive use of enterprise applications, web-based searches, social networks, and cloud-based applications results in huge volumes of data generated by organizations and increases the demand visual analytics. Visual analytics and big data provide the necessary technologies to process large data volumes and generate actionable insights. Big data solutions help organizations optimize their business decisions and innovate new business models, products, and service offerings. These analytics tools help organizations to maximize their profits, increase revenue, and save costs. Visualization tools provide flexibility to communicate with everyone for decision-making through real-time collaborative sessions, annotations, and shared bookmarks.
Facilitates easy exploration of data for non-technical users
Visual analytics enables users to explore complex data, make and share discoveries using natural human abilities. This tool optimizes the collaborative user experience, visualizations, data structures, the analytical query engine, and collaboration. It also encourages browsing and exploration, categorization and other decision-making processes, tapping into our natural human ability to process complex information.
Other prominent vendors identified in this report are Arcadia Data, Alteryx, BeyondCore, Datameer, Datawatch, Logi Analytics, MicroStrategy, Oracle, OpenText (Actuate), Pentaho, Platfora, Sisense, Teradata, and TIBCO Software.
This research report includes an in-depth analysis, market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Visual Analytics Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Visual Analytics Market in the US Education Sector 2016-2020
- Global Geographic Information System Analytics Market 2016-2020
- Global Artificial Intelligence Market in the Education Sector 2016-2020
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