The visual data discovery market has seen considerable growth due to a variety of factors.
• The market size of visual data discovery has been experiencing swift growth in the past few years. It's projected to expand from $12.4 billion in 2024 to $14.59 billion in 2025, with a compound annual growth rate (CAGR) of 17.6%.
The historical growth can be linked to the rising demand for self-service analytics and business intelligence solutions, the escalating need to uncover sensitive structured and unstructured data, the increasing necessity to access sensitive data and enhance business productivity, the proliferation of visual data discovery tools, and an elevated emphasis on data governance and compliance.
The visual data discovery market is expected to maintain its strong growth trajectory in upcoming years.
• There is an anticipated swift expansion in the visual data discovery market size in the coming years. It's predicted to surge to $27.59 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 17.3%.
This escalation during the projected period can be credited to the increasing embracement of digital transformation strategies, raising demand to incorporate data into commercial operations for the extraction of valuable insights, escalating needs for self-dependent visual analytics tools, and the emergence of cloud-based visual data discovery offerings. Also, the adoption of mobile-centric design doctrines plays a significant role. Key trends during this forecasted timeframe encompass augmented reality (AR) amalgamation, real-time data scrutiny, cooperative data exploration, amalgamation with expansive data platforms, and industry-customized solutions.
The growth of the visual data discovery market is predicted to gather momentum in response to the escalating demand for visual analytics tools. These tools are software solutions that facilitate the crafting of interactive visual data presentations for analysis and decision-making. The surge in the use of visual analytics tools is a result of the rising complexity of data, the urgency for rapid and more informed decision-making, and the aspiration to exploit data as a strategic business resource. In the context of visual data discovery, visual analytics tools serve to demystify complex data, support decision-making, foster collaboration, and highlight patterns and trends in datasets. For example, a report in May 2023 by Datanami, a news portal based in the US, stated that the number of Tableau customers - a leading data visualization and business intelligence tool - had grown to 126,000 from the 121,000 recorded in 2021. Hence, the mounting demand for self-service visual analytics tools is fuelling the expansion of the visual data discovery market.
The visual data discovery market covered in this report is segmented –
1) By Component Type: Software, Service
2) By Deployment Type: Cloud, On-Premises
3) By Organization: Small And Medium Enterprise, Large Enterprise
4) By Application: Risk Management, Cost Optimization, Customer Experience Management, Supply Chain Management And Procurement, Social Network Analysis, Asset Management, Sales And marketing Optimization
5) By End User: Banking, Financial Services And Insurance, Retail And Commerce, Automotive, IT And Telecommunication, Media And Entertainment, Government And Defense, Healthcare, Transportation And Logistics, Other End-Users
Subsegments:
1) By Software: Standalone Software, Integrated Software
2) By Service: Consulting, Integration And Deployment, Support And Maintenance
Leading firms in the visual data discovery market are pushing the limits of innovation with technologies such as Studio Canvas, aimed at producing dynamic and high-grade data visualizations. Studio Canvas is a sophisticated data visualization and narrative tool incorporated within the Forsta Human Experience (HX) Platform. For example, in May 2023, Forsta Inc., an American tech firm, introduced Studio Canvas. This tool, embedded within the Forsta Human Experience (HX) Platform, provides customer experience (CX) professionals with the capacity to craft compelling visual narratives from data. This enhances collective responsibility for CX enhancement and promotes improved organizational coordination and decision-making. The tool enables CX and EX specialists to create dynamic depictions of their data, democratizing actionable insights and increasing awareness across their organizations. It is a self-service product for enterprise CX and EX experts, merging crucial data with relatable and comprehensible visuals to depict their customers' and employees' journeys.
Major companies operating in the visual data discovery market are:
• Amazon Web Services Inc.
• Google LLC
• Microsoft Corporation
• Intel Corporation
• International Business Machine Corp.
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• Thales Group
• Workday Inc.
• SAS Institute Inc.
• Micro Focus International plc
• Teradata Corporation
• Fair Isaac Corporation
• TIBCO Software LLC
• Alteryx Inc.
• QlikTech Inc.
• Altair Engineering Inc.
• MicroStrategy Incorporated
• Cloudera Inc.
• Spirion LLC
• RapidMiner Inc.
• Datameer Inc.
• PKWARE Inc.
• Biomax Informatics AG
• Megaputer Intelligence Inc.
• Angoss Software Corporation
• BlueGranite Inc.
• ClearStory Data Inc.
North America was the largest region in the visual data discovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the visual data discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.