More data, need for faster decisions behind rapid growth in visualization
The worldwide data visualization market was valued at $4.51 billion in 2017, and is expected to reach a value of $7.76 billion by 2023 at a compound annual growth rate (CAGR) of 9 percent between this year and 2023, according to a report by market research firm Mordor Intelligence.
The report covers products offered by major players, including solution providers of both visual analytics and reporting tools.
With the advent of advanced analytical and business intelligence (BI) tools, data visualization offerings such as scorecards and dashboards—which were usually deployed as a subset of a larger business intelligence solution—today are more flexible, the report said.
In addition, dashboards have developed their own niche market, along with vendors offering customer-centric dashboard products to be used on top of current BI applications or other operational systems, such as enterprise resource planning (ERP).
A growing emphasis on measuring the performance of every operation across an organization to get a daily view of their performance is driving demand for visualization products, the report said. Technological advancements within the market, along with rapid growth in big data and the growing need for faster decision-making, are among the other factors accelerating the growth of the market.
The implementation of the software can be complex, the report said, and many organizations have reported challenges while aligning the visualization products to make use of all the features, due to the complex existing organization structure and complex implementation.
North America has the largest market for these products, at 37 percent.