Big data is obtained from growth in number of social media and internet users along with multi-device access to a data visualization, which drives the data visualization software market. In addition, increase in adoption of data visualization software tools in small and medium enterprises (SMEs) is projected to fuel growth of the market.
However, lack of technical skillset to analyze & extract useful information and higher cost of software hinders growth of the data visualization software market to some extent. Conversely, AI and deep learning are proliferating to new domains, which is opportunistic for the data visualization software market as it offers tools that are capable of visualizing complex deep learning engines and data churned by them.
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Adoption of data visualization software, which is agile in responding to user commands has become an important feature. Software is expected to include a drag-and-drop user-interface to create graphical illustrations and dashboards. These interactive dashboards help for an active communication within the software network. It aids business to effectively communicate with business partners, employees, and company clients.
In addition, data visualization software tools and techniques enabling users to build customized dashboards that solve their specific business requirements.
Modern day businesses are obsessed with data democratization,which enables users within an organization to modify reports, access data, and extract insights. Advanced data visualization techniques and self-service business intelligence are allowing business users to freely access data at any time from any location. With a secured data sharing from various departments of an organization, it also provides real-time data updates and complete annotations.
Impact of COVID-19 on Data Visualization Software Market:
- COVID-19 have created major havoc both in terms of health casualties as well as economic crisis around the globe and brought various businesses to halt. It has enormously impacted overall economic growth and productivity.
- While the world is dealing with pandemic, data visualization software tools are playing a vital role by assisting governments to adapt to trends and extract relevant insights from big data. Advanced data visualization help researchers and governments to closely watch regular developments of COVID-19 impact and make decisions effectively.
- Data visualization software market is flourishing and is expected to grow post-pandemic, owing to factors such as an accelerating digitalization of both businesses and consumers for various technology companies, data-driven automation will be a strategic focus; and cloud services are continuing to grow in pandemic leveraging ML and AI capabilities.
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