Data visualization concept that deals with analytical concepts in businesses, where clients can review data in a variety of graphical representations that were previously only available in tabular reports. The data visualization industry is expected to witness growth due to rising usage of data visualization in small and medium enterprises (SMEs).
Market Dynamics:
Various factors such as growing demand for an interactive view of data for faster business decisions, and increasing developments in Augmented Reality (AR) and Virtual Reality (VR) to enable the interaction of companies with data in 3D formats are expected to boost demand for data visualization tools. Data collected from E-commerce and social media websites is unstructured and difficult to analyze for the businesses. So these business organizations are increasingly using data visualization technology to plan their operations and forecast their forthcoming product launch or strategy, in order to get structured data analysis and market insights. Data visualization tools are used in the cloud enable companies to conduct data analysis in a cost-effective and scalable manner. Through Business Intelligence (BI), organizations can discover business drivers and Key Performance Indicators (KPIs). Companies uses data visualization tools to remove superfluous data, and to identify patterns, insights, trends, and utilization strategies.
Factors such as a lack of expertise and funding, and lack of technical capabilities for report development, are expected to hamper the global data visualization tools market growth.
Key features of the study:
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