The global visual data discovery market is expected to grow at a CAGR of 19.5% during the forecast period. Digitization in various sectors such as BFSI, retail & e-Commerce, healthcare, and others is generating high volumes of data that require proper solutions for data management and analysis. Visual data discovery tools help in analysing and interpreting data and in generating relevant information for making appropriate business decisions.
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Organizations are using available data to make business decisions by identifying key performance indicators and target market, and by building innovative strategies. Visual data discovery makes use of charts and images to integrate data and scrutinize them to make business-related strategies in order to gain competitive advantage. The competition among organizations is increasing due to globalization, which is increasing the total overhead cost. The use of visual data discovery tools helps reduce overhead costs and increase the profit margin.
In addition to this, these tools are being used by customer-centric firms to understand customers’ requirements and to integrate various business functions such as sales, marketing, and others, in order to generate revenue. However, unstable returns on investments through visual data discovery can hinder the market demand. The rising use of machine learning by organizations is increasing the volume of data, which will generate opportunities for visual data discovery.
The visual data discovery market is segmented on the basis of component type, deployment type, application, organization size, end-use industry, and region. On the basis of end-use industry, the market is categorized as BFSI, retail & e-commerce, media & entertainment, IT & telecom, healthcare, government & defence, transportations & logistics, and others. The BFSI industry is widely using data analytics to predict the future risks, create efficient investment plans, and to identify potential customers.
Region-wise, North America was dominating the market in the year 2018 due to the early adoption of emerging technologies and rising investments in cloud-based services. The market demand for visual data discovery in the Asia-Pacific region is also expected to grow exponentially due to a rise in the use of data analytics in small and medium enterprises.
The key players operating in the visual data discovery market are Birst, Inc., Clearstory Data, Datameer, Inc., Datawatch Corporation, IBM Corporations, Microsoft Corporations, Oracle Corporations, Platfora, Inc., Sas Institute, and others. Various strategies such as joint ventures, partnerships, and mergers and acquisitions are being adopted by organizations to expand their product portfolio and generate revenue. For instance, in 2018, Periscope Data, a California-based analytics software providing company, has announced partnership with Snowflake Computing, a cloud-based data warehousing company, to build a powerful business intelligence visualization platform. The partnership helped Periscope Data to gain a larger share in the visual data discovery market.