As per the report, the global data visualization tools industry was estimated at $7.4 billion in 2021, and is set to reach $19.5 billion by 2031, growing at a CAGR of 10.2% from 2022 to 2031.
The thriving data analytics industry and high demand for remote management solutions along with the rise in work-from-home activities drives the growth of the global data visualization tools market. Nevertheless, data privacy issues and sharing challenges related to data visualization tools can impede market growth across the globe. However, integrating advanced tools such as machine learning and data analytics with data visualization tools is anticipated to create new growth avenues for the global market.
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Covid-19 scenario:
- The COVID-19 pandemic favorably impacted the growth of the global data visualization tools market due to a rise in demand for digital devices and an increase in the online presence of people during the pandemic period.
- Surging demand for data visualization tools during the COVID-19 pandemic due to lockdowns and social distancing norms will boost global market trends.
Based on the offering, the software segment contributed to the highest market share in 2021, accounting for nearly two-thirds of the global data visualization tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The growth of the segment over the forecast period can be attributed to the growing need for data processing and analytics in modern business enterprises.
However, the service segment is predicted to register the fastest CAGR of nearly 11.5% from 2022 to 2031. The segmental growth over the next ten years can be attributed to the surging large-scale data applications of large enterprises.
Regarding the deployment model, the on-premise segment contributed to the highest market share in 2021, accounting for more than half of the global data visualization tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031.
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The expansion of this segment over the forecast timeline is due to more secure operations of on-premise data visualization tools. However, the cloud segment is predicted to register the highest CAGR of nearly 10.8% from 2022 to 2031. The segmental surge can be due to the scalable deployment of cloud-based data visualization tools.
On the basis of the application, the supply chain segment contributed to the highest market share in 2021, accounting for more than one-third of the global data visualization tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031.
The segmental surge over the forecast timespan can be credited to the growing demand for supply chain analytics tools. However, the finance segment is anticipated to record the fastest CAGR of 12.8% over the forecast period. The growth of the segment during the forecast period can be attributed to the growing need for data visualization solutions for critical financial operations.
On the basis of the enterprise size, the large enterprises segment contributed to the highest market share in 2021, accounting for nearly three-fourths of the global data visualization tools industry share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031.
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The segmental surge over the forecast timespan can be credited to large-scale operations of data visualization tools in large enterprises. However, the SMEs segment is anticipated to record the highest CAGR of 12.0% over the forecast period. The growth of the segment during the forecast period can be attributed to the growing innovation of SMEs driving investments in the data visualization sector.
On the basis of the application, the supply chain segment contributed to the highest market share in 2021, accounting for more than one-third of the global data visualization tools market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031.
The segmental surge over the forecast timespan can be credited to the growing demand for supply chain analytics tools. However, the finance segment is anticipated to record the fastest CAGR of 12.8% over the forecast period. The growth of the segment during the forecast period can be attributed to the growing need for data visualization solutions for critical financial operations.
Leading players of the global data annotation tools market analyzed in the research include Amazon Mechanical Turk Inc., clickworker GmbH, Dbrain, Lionbridge Technologies Inc., Scale AI Inc., Cogito, APPEN LIMITED, LightTag, Playment, and tagtog Sp. z o.o.
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