Technavio Announces the Publication of its Research Report Global Visual Analytics Market 2016-2020
Technavio recognizes the following companies as the key players in the global visual analytics market: Microsoft, SAS Institute, SAP, Tableau Software, and QlikTech International.
Other prominent vendors in the market are: Arcadia Data, Alteryx, BeyondCore, Datameer, Datawatch, Logi Analytics, MicroStrategy, Oracle, OpenText (Actuate), Pentaho, Platfora, Sisense, Teradata, and TIBCO Software.
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Commenting on the report, an analyst from Technavios team said: One of latest trends in the market is growing demand for predictive analytics. Predictive analytics provide actionable insights into an organization’s data. It uses various techniques such as data mining, modeling, machine learning, and game theory to provide an estimate of future outcome. Predictive analytics is used in all major industries such as retail, healthcare, manufacturing, IT, BFSI, and education. The industries benefit from the analysis of a customer buying pattern and behavior. With the growing adoption of predictive analytics in various industries, the predictive analytics market will grow at a CAGR of 21.1%.
According to the report, one of the primary drivers in the market is 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. The system trails the process of data storytelling and cloud offerings. Almost all industries benefit from the use of this technology, ranging from healthcare to finance or manufacturing to e-commerce.
Further, the report states that one major challenge in the market is emerging threat from open-source visual analytics tools. With innovative advancements, a few open-source solutions have shown up, competing for commercial visual analytics tools. Open-source applications can be downloaded and run on all platforms. As the purchasing and licensing costs of the commercial visual analytics tools are high, some small and medium-sized enterprises and individual users prefer open-source products, which are freely available on the internet. The presence of open-source visual analytics vendors is reducing the market share of propriety visual analytics vendor. Even advanced features provided in propriety visual analytics tools is available in some of the open-source visual analytics tools. A combination of multiple products from various open-source vendors can provide almost all the functionalities provided by on-demand business analytics software. Open-source vendors provide query, reporting, analysis, advanced analytics, and data warehouse generation platforms. So enterprises prefer open-source visual analytics tools for its cost effectiveness. Thus, the presence of open-source visual analytics tools poses a threat to the global visual analytics market.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Visual Analytics
Visual analytics is a form of data analysis that helps in problem solving by displaying the data in a graphical and interactive way. Visual analytics solutions are used to understand the significance of data in visual context with the help of data visualization tools and technologies. Data visualization tools are not limited to standard charts and excel spreadsheets. The user can also observe interesting patterns and data displayed with better infographics such as heat maps, sparklines, detailed bar or pie charts, fever charts and geographic maps. It helps professionals to identify patterns, trends, and relationship in data and is also easier for non-technical users to modify analytical parameters.
Technavios analysts forecast the global visual analytics market to grow at a CAGR of 22.16% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the 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.
The market is divided into the following segments based on geography:
Technavio’s report, Global Visual Analytics Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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