Data visualisation: - an investment for future growth

Data visualization is majorly attributed to continuously increasing penetration of digital technologies into business functions across industries. Digitization has increased across all the verticals of the industry. Data Visualization is seen as an investment for future growth.

Industry Scenario

Data visualization is the graphic representation of data. It helps in producing data in graphical and image form for a better understanding of the user. This communication is achieved through the use of a systematic mapping between graphics marks and data values in the creation of the visualization. Data visualization uses statistical graphics, plots, information graphics and other tools for communicating information clearly and efficiently.

Visualization of data in an effective manner helps the user to analyze, give a logical and apt reason for the cause. It helps in making complex data more accessible, understandable and usable. Data can be visualized through information graphics and depicted by information visualization, scientific visualization, exploratory data analysis, and statistical graphics. Digitization is happening across all major verticals, increasing the focus of enterprises towards capitalizing on the huge volumes of data generated and it is increasing the demand for data visualization solutions. Intensifying competition across industries has been pushing industry players towards adopting strategies and technologies which can keep them at par or ahead of their rivals in order to avoid losing market share on account of failing to align with continuously changing industry trends. As this continues, both SMEs and large enterprises across all major industries are adopting advanced Business Intelligence (BI) and data visualization solutions.

Digitalization is the process of converting information into a digital format (computer-readable), in which information is organized into bits. It is represented in a form of an object, image, sound, document or signal by generating a series of numbers that describe a discrete set of points or samples. Digitization is required for data processing, storage, and transmission.

Business Intelligence (BI) helps software and services to transform data into actions that form the basis of organizations' strategy and a part of tactical decisions. BI tools provide detailed intelligence about the state of the business by accessing and analyzing data sets and presenting analytical findings in reports, summaries, dashboards, graphs, charts, and maps. BI does not tell the business user what to do or what will happen if they take a certain course, neither is BI solely about generating reports.

Big data refers to data that is too large, fast or complex that it is difficult or impossible to process using traditional methods. Data with many cases (rows) offer greater statistical power, while data with higher complexity (more attributes or columns) may lead to higher false discovery rate. Big data includes capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating, information privacy and data source. The emergence of big data is closely linked to advances in Information Communication Technology (ICT).

Segmentation Analysis

The global data visualization market is segmented on the basis of deployment and end-user industry. On the basis of deployment, it is segmented into on-Premise and Cloud. On-Premise is installed and run on the person or organization computer. On-Premise is also known as shrinkwrap software and is also called "Software as a Service" ("SaaS"). Whereas Cloud Computing is the on-demand availability of computer system resources, especially data storage and computing power without direct management by the user. Cloud computing is generally used to describe data centers available to users over the internet. Segmentation on the basis of end-user is by Retail, Media and entertainment, BFSI, Information Communications and Technology, Consulting and others.

• Retail: - Motivating the customer to act remains a top priority for retailers today. But accomplishing the job—whether through customer engagement, inventory strategies, marketing tactics, or other methods—can become more challenging in a rapidly evolving digital world where the customer is in charge. Enhanced data visualization tools offer retailers an opportunity to better understand customer behavior, product trends, store-specific performance, and more.
• Media and Entertainment: - Data analytics in the media and entertainment industry holds immense potential to revolutionize the future of content personalization. It can unleash a new era of innovation, help media companies understand audiences, refine marketing and improve customer advocacy. Media companies are early adopters of big data technologies because it enables them to drive digital transformation, new resources of data from both inside and outside the organization.
• BFSI: - Data visualization is helping the BSFI sector in increasing organizational success, increase returns, transform business operations, reduce risks and provide seamless services to its customers.
• Consulting: - Data visualization will help to substantially improve decision making, minimize risks, and unravel valuable insights that otherwise remain inconspicuous. Useful insights can help in boosting productivity and expose system infirmities. Making data accessible to relevant stakeholders in a timely manner will create tremendous value.

Competitive Strategies

The Data Visualization Market is becoming highly competitive in the coming times due to an increase in the number of market players. Companies are investing in research and development to create innovative solutions to increase their market share and customer base. Organizations now simply don’t put a few bars chart, and pie diagram, rather engage in presenting data in interactive designs for convincing decision-makers of the validity of discoveries they have made from data. Intensifying competition across industries has been pushing industry players towards adopting strategies and technologies which can keep them at par or ahead of their rivals in order to avoid losing market share on account of failing to align with continuously changing industry trends. Rapid developments in the field of big data along with growing size and complexity of data have led to increased deployments of data visualization software globally.

The incorporation of the internet of things (IoT) in all aspects of business is adding to the increase in the number of data. This is further fuelling the need for organizing the data so as to derive valuable insights from it. Such requirements are driving the data visualization software market. The rising need for decisions to be made in a short span of time requires tools to help derive analytical information from large chunks of unorganized data in quick turn-around time.

• January 2019 - Tableau expands data prep capabilities with Tableau Prep Conductor, a product, which enables organizations to schedule and manage self-service data preparation. Tableau Prep Conductor is part of a new subscription offering called Tableau Data Management Add-On. This helps the customers to ensure that governed and timely data is available and ready for analysis.
• January 2018 - Tableau launched Hyper, new data engine technology included within Tableau 10.5. With Hyper's ability to slice and dice massive volumes of data in seconds, customers can see up to 5X faster query speed and up to 3X faster extract creation speed.

Future Prospects

Data Visualization market to see growth in the future as digitization is happening across all major verticals, increasing the focus of enterprises towards capitalizing on the huge volumes of data generated and it is increasing the demand for data visualization solutions. Rapid developments in the field of big data along with growing size and complexity of data have led to increased deployments of data visualization software globally. The global data visualization market is expected to grow at a CAGR of 8.24% from US$8.277 billion in 2018 to reach a total market share of US$13.227 billion in 2024.

Knowledge Sourcing Intelligence is a market research and consulting firm based out of India. Steered by some of the industry experts, the company provides syndicated reports, custom research, and consulting services.