Market Research Future (MRFR), in its report on the visual analytics market 2020, sheds light on multiple factors that can influence the visual analytics market across the review period. An additional report on the impact of the COVID 19 pandemic on the worldwide visual analytics market is provided. As per MRFR analysis, the visual analytics market is expected to rise by 11.9% CAGR across the assessment period from 2020 to 2027.
Advancements in the field of data analytics are observed to gain considerable traction, which can prompt the expansion of the visual analytics market during the analysis period. The high demand for various visual analytics tools, solutions, and techniques can cause the expansion of the market in the near future. Thus, boosting the visual analytics market growth through the review period. On the contrary, the visual analytics market rise can be limited by a lack of trained professionals and in proper governance, followed by data inconsistency.
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The segment evaluation of the global visual analytics market is done by industry, Component, and deployment.
The component-based segments of the visual analytics market are software and services. The increase in the use of visual analytics software and high demand for visual analytics services can cause the market to surge in the years ahead. The service segment is expected to generate considerable revenue for the market through the review period.
Based on deployment, the visual analytics market is segmented into on-cloud and on-premise. The high rate of deployment of on-cloud visual analytics solutions can cause the market to thrive the review period.
The industry-based, segments of the visual analytics market are BFSI, IT, retail, defense, transportation, manufacturing, military, logistics, and others. The IT segment can cause the global visual analytics market to generate considerable revenue through the assessment period. The rise in need for visual analytics in the booming IT sector can prompt the expansion of the visual analytics market through the review period. The transportation and logistics industry can contribute significantly to the expansion of the visual analytics market through the assessment period. The increase in the adoption of advanced analytical process can push the visual analytics market in the study period.
A surge in requirement for visual analytics due to interactive feature of visual interface that ensures simplification of tasks and able quick decision are major causes for the expansion of the visual analytics market in North America. The presence of numerous high tech companies and the booming IT sector is expected to impel the expansion of the visual analytics market across the review period. In Europe, the rise of the visual analytics market can be attributed to pen-up demand for visual driven data enabled by visual analytics tools and techniques. APAC visual analytics market can fuel the rise of the visual analytics market in the assessment period. The fast paced rise of the IT sector can also underpin the expansion of the APAC market.
IBM Corporation (the U.S.), SAP (Germany), Oracle (the U.S.), Tableau Software (the U.S.), SAS Institute (the U.S.), Qlik (the U.S.), TIBCO Software (the U.S.), Microsoft (the U.S.), MicroStrategy (the U.S.), and Alteryx (the U.S.) are some prominent names in the visual analytics global market listed by MRFR. The change in focus of these visual analytics dealer on increase in research and development activities for the launch of innovative services can favor the visual analytics market. Strategic mergers and acquisitions, and partnership can significantly support the market and aid players to gain global foothold in the highly competitive environment.
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