The “Visual Analytics Market to 2025 by Deployment Model (On-Premises and Cloud); Business Function (Sales and Marketing, Operations, Finance, Supply Chain, Information Technology, CRM, and Human Resources); Vertical (Retail & Consumer Goods, IT & Telecom, BFSI, Manufacturing, Energy & Utilities, Healthcare, and Government) – Global Analysis and Forecast” The scope of study involves understanding on the factors responsible for this growth of Visual Analytics market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant visual analytics players in the market and their key developments.
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Visual Analytics Market to 2025 – Global Analysis and Forecast by Deployment Model, Business Function, and Vertical, visual analytics market is expected to grow US$ 5, 7186 Mn by 2025 from US$ 2, 2150 Mn in 2017. Visual Analytics is the science of analytical reasoning supported by interactive visual interfaces. Visual Analytics methods allow decision makers to combine their human ﬂexibility, creativity, and background knowledge with the enormous storage and processing capacities of today’s computers to gain insight into complex problems. Using advanced visual interfaces, humans may directly interact with the data analysis capabilities of today’s computer, allowing them to make well-informed decisions in complex situations.
The global Visual Analytics market by geography is segmented into six region including North America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to account for the largest share of the global Visual Analytics market in 2016, followed by Europe. Germany and UK being two key countries in Europe region which will lead Visual analytics market in this region and is also expected to continue its dominance throughout the forecast period from 2016 to 2025. The report profiles key players such as Tableau Software, SAP SE, Qlik Technologies, TIBCO Software, ADVIZOR Solutions Pvt. Ltd., SAS Institute, Oracle Corporation, MicroStrategy and IBM Corporation among others among others.
A paradigm shift in the business approaches has led to rising demands for the integration of various analytics software in the business processes by various industry verticals, across the globe and in particular in the advanced regions. The business users today have taken leaps from the conventional data management, processing and analyzing techniques. Different business functions in a particular sector require data to be analyzed for various purposes. Conventional methods where spreadsheets were produced to arrange and store data prove to be inefficient in handling a splurge of data over the internet and various other streams. Also, spreadsheet tools lack a proper analyzing capability which is more than a mandate in today’s business requirements, in order to gain a proper insight of the market from the collected data.
Combining visualization with interactive analysis to explore large data set is the wholesome aim of a Visual Analytics solutions. In other words, visual analytics is the science of analytical reasoning facilitated by interactive visual interfaces. To be more precise, visual analytics is an iterative process that involves information gathering, data pre-processing, knowledge representation, interaction and decision making. The ultimate goal is to gain insight in the problem at hand which is described by vast amounts of scientific, forensic or business data from heterogeneous sources. To reach this goal, visual analytics combines the strengths of machines with those of humans. On the one hand, methods from knowledge discovery in databases (KDD), statistics and mathematics are the driving force on the automatic analysis side, while on the other hand human capabilities to perceive, relate and conclude turn visual analytics into a very promising field of research. Today, just data visualization is not sufficient, and the companies are looking forward to data driven analytics capabilities integrated with their data visualization. Visual analytics can be explained as the formation of intellectual visual metaphors combined with manual information interaction.
A raw and unstructured data needs to be arranged properly and presented properly in order to elicit effective actionable insight. Visual analytics come into play at such critical junctures for the different business functions. Each and every business function in any industry are largely different from each other but require almost the same data for their operations.
A visual analytics software enables a business user to gain a more personalized experience with the data. Exploding data volumes compel the users to deep-dive into such data sets and further discover more insights related to their particular domain. A holistic improvement can be achieved through the use of visual analytics as it brings about improvements in business strategies, operations, processes, and customer engagement platforms. Easier data exploration, increased depth, and frequency of the data analysis are achieved with the help of visual analytics. The advent of visual analytics has had a certain impact on the various business functions in any industry vertical that includes information technology, finance, sales & marketing, human resources, supply chain management, and other small business functions.
The IT department is the foremost vertical that has a direct interface between the human user and the data. For the IT team to know about the demands of the device users, network management, health monitoring and remote monitoring of the devices require a proper analytics software that could help them in presenting the data generated. Another critical domain where the use of visual analytics elicits improved actionable insights and formulation of strategies is the sales & marketing as well as the supply chain domains. Business experts today believe that marketing is the prime requirement for any product-based enterprise. The better the marketing of the product, the better is the customer response received. Gaining deep consumer behavioural insights can help the sales & marketing domains to better project the products looking into various regional as well as cultural demographics.
Some of the remarkable partnership and collaboration in this industry are partnership of Tableau Software with Swinburne University for launching a course related to data visualization and business analytics. Through this partnership the university enhance the digital literacy of students and thus, successfully reducing the analytics skills gap by promoting analytics technology. Furthermore, TIBCO announced its partnership with TXODDS, to have provision of TIBCO Spotfire data visualization software for simple and fast analysis of gambling data.
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