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September 08, 2021, New York, USA - What is Visual Analytics?
The platform where interactive visual interfaces are used to facilitate analytical reasoning is called Visual Analytics. General, it is a multidisciplinary field.
Visual analytics is the combination of data analytics with visualizations. This method of solving problems combines interactive visual representations with underlying analytics processes to facilitate complex, high-level activities such as reasoning or data-driven decision-making. Visual business intelligence and visual analytics are both categories of visual analytics. Data mining and statistical work are used to visualize information in a way that is easily understood by humans.
Data analytics visualization focuses specifically on the use of analytical reasoning techniques to provide greater insight that can directly support decision making, planning, visual representations, and interaction techniques that utilize the human eye's perceptual process, data representations, transformations that format data to support visualization, analytics, and techniques that support distribution and presentation of analysis results in the right context.
Dashboards, data visualization tools, and data source integration software are essential visual analytics tools.
Health Benefits of the Visual Analytics:
Businesses are immensely adopting the data analysis and visualization tools in order to excel in their business performance and advance their business decisions making procedures. Some primary benefits of visualization in data analysis include:
The Global Visual Analytics Market Forecast:
The Visual Analytics Market is projected to grow from USD 2.57 billion in 2017 to USD 6.51 billion by 2022.
Segmentation of the market can be done by component, deployment, and end-user industry. Global efforts by various government agencies to standardize data security protocols are expected to be one of the driving factors for the global market for visual analytics during the forecast period.
Further, the end-use industry segment can be divided into IT, BFSI, retail, military, defense, and manufacturing. The supply chain and logistics industry are expected to invest heavily in information technology to improve data availability and quality. This is due to the fact that supply chain intelligence provides demand patterns, quality, and customer requirements from multiple sources.
It provides forecasts and production planning using sophisticated algorithms. The software also calculates inventory policies. Due to the growing need for real-time data management from different logistics operations, the supply chain industry will grow substantially. Cloud technology adoption is expected to increase in visual analytics, positively impacting the global market.
The Global Visual Analytics Market Region Analysis:
Asia Pacific's visual analytics market is expected to grow at the highest rate in the global market. This can be attributed to the increasing use of the Internet of Things (IoT) and advanced technologies for smart solutions, especially analytical solutions. The target market will also benefit from the increased investments made by the government in various initiatives, such as smart cities for Asia Pacific countries.
North America's visual analytics market is expected to be the largest in terms of global revenue share. This is due to developed economies such as Canada and the US, which are putting more emphasis on technological innovations in order to gain unique insights through analytics.
Due to the increasing awareness about the positive effects of using analytic technology in business processes among many organizations in countries like Germany, the visual analytics market in Europe will contribute a significant revenue share to the target market.
The Key Market Segmentation of the Global Visual Analytics Market:
Global Analytics Market can be divided into Component, Organization Size, Deployment Mode, Industry Vertical and Geographical landscapes, etc.
Visual Analytics Market Segmentation By Component:
Visual Analytics Market Segmentation By Organisation Size:
Visual Analytics Market Segmentation By Deployment Mode:
Visual Analytics Market Segmentation By Industry Verticals:
Visual Analytics Market Segmentation By Geographical Landscape:
Major Key Players in the Global Visual Analytics Market Are:
The Global Visual Analytics Market Report Highlights:
The target market is experiencing a growing need for intelligent visualization to understand the data better and make informed decisions.
Analytics are in high demand due to the increasing volume of data. This is key to increasing the adoption of analytics tools within organizations. The forecast period will see a significant increase in demand for visual analytics that can effectively visualize the data insights.
The market for visual analytics is expected to grow at a Compound Annual Growth Rate (CAGR) of 20.4%.
The demand for advanced analytics tools is growing rapidly due to the availability of features like Interactive dashboards, reports, and business intelligence (BI), tools.
Cloud-based services and solutions are becoming increasingly popular with small and medium-sized businesses (SMEs) around the world. This is due to their cost-effectiveness and efficiency, which will drive growth in the on-demand market over the forecast period.
Financial services, banking, and insurance (BFSI) all require transparency in transactions and data insights. This is driving a growing need for visual analytics from these companies. The increasing demand for visual analytics is also due to the increasing need to simplify financial transaction visuals or interfaces among banks. This is a significant factor in driving the BFSI segment's growth across all industry verticals.
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