The research study covers the present scenario and growth prospects of the global visual analytics market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of visual analytics solutions.
|Visual analytics is a method for deriving insights from collected data. However, the exponential growth of big data is a huge challenge for the market. The visual analytics market will have significant growth during the forecast period because enterprises realize the importance of deriving useful information from data, especially from sensors and devices, social media, VOIP, and enterprise data. The process of interpreting data and gaining valuable insights is a challenge.|
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global visual analytics market:
- Increase in adoption of visual analytics in industries
- Accelerating data use in industries
- Facilitates easy exploration of data for non-technical users
Increase in adoption of visual analytics in industries
Visual analytics supports decision-making in industrial operations. The integration of visual analytics applications with IT systems within an organization helps in communicating with people and other computer systems in real-time. It also aids in recollecting previous interactions that assist in drawing conclusions independently while processing large quantities of data from diverse sources. For instance, a visual analytics self-service system such as Tableau and QlikView offers data blending and connectivity to non-relational databases.
Ishmeet Kaur, a lead enterprise application analyst at Technavio, says, “Visual analytics systems provide insights and help in the interpretation of large volumes of complex data. They significantly reduce the time taken for research while offering the required speed and agility. Visual analytics system provides 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 growing volume of data generated by organizations is a major factor driving the growth of the visual analytics market. Organizational data is generated from sources that include enterprise applications, web-based searches, social networks, and cloud-based applications. An organization produces structured as well as unstructured data. Structured data is derived from traditional applications like enterprise resource planning and CRM tools, and the unstructured data is derived from social networks, web-based searches, and cloud-based applications.
“IoT adoption has also lead to the generation of large data volumes. It is practically impossible to analyze such large quantities of data manually. Visual analytics and big data provide the necessary technologies to process large data volumes and generate actionable insights,” adds Ishmeet.
Facilitates easy exploration of data for non-technical users
Visual analytics tools enable all users to explore complex data, make and share discoveries using natural human abilities. Visual analytics solutions do not require the development of reports to get a newly calculated set of data and visualization.
Features provided by visual analytics to explore data are as follow:
- Optimizes the collaborative user experience, visualizations, data structures, the analytical query engine, and collaboration
- Encourages browsing and exploration, categorization and other decision-making processes, tapping into our natural human ability to process complex information
- Replicates the way the human brain searches for information, makes connections between various findings and uncovers insights through association, comparison, and anticipation.
- SAS Institute
- Tableau Software
- QlikTech International
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