Rise of Big Data: In need of better Data Visualization Products

We know that Big Data is the future. It is a powerful tool for organizations, which seek business insights, based on data. With the rise of ‘Internet of Things’ and ‘Wearable Technology’, the amount of data that is getting generated everyday is expanding. It is crucial for an organization to use this data and develop business strategies. But, without proper tools and techniques, most of the data from which insights can be derived would be lost. Proper Data Visualization solutions are needed to uncover the true potential of Big Data.

Players like IBM, Oracle, SAP, Microsoft used to dominate the market. But, the scenario has changed now. With the advent of Tableau, Visual.ly, D3.js and others, even non-technical employees can use these data visualization tools to implement data driven decisions. These solution providers realized the importance of Data Visualization techniques in the future, and are continuously evolving to meet the ever-rising competition. Recently, TIBCO, a global leader in business intelligence software, released Live Datamart v2.0, which adds Predictive Modeling to Real-Time Analytics. With the latest implementation of its industry-first Continuous Query Processor for streaming data, Internet of Things support, new JavaScript APIs and native support for in-memory data grid technology with TIBCO ActiveSpaces, it is going to stand high in the competition. This software is designed to analyze and make sense of any event in real time, be it a trade, a news article or a transaction. Even IBM InfoSphere Streams and SAS Event Stream Processing come under this category. Tableau, with it’s latest version 9.0 added numerous new features like support for statistical data files, Ad-Hoc calculations, Smart Maps and so forth, partnered with Birst, a global leader in Cloud BI and analytics to come out as a strong competition. Even Microsoft made their move by acquiring Datazen, a mobile business intelligence and data analytics provider.

The business analytics market is overcrowded with traditional and emerging players. To stay ahead in competition, the data visualization software providers must evolve continuously. Most of the data such as Facebook likes, YouTube videos, and tweets are unstructured. If the providers of data visualization software can find ways to analyze this unstructured data and generate insights, it would revolutionize the market. The Data Visualization Applications Market is expected to reach $6.4 billion by 2019 at a CAGR of 9.21%.

SaiKiran Kadam is an Analyst working with Mordor Intelligence, a market research consulting firm which specializes in Market Research Consulting, Market Research Reports, Market Sizing Reports, Industry Research Reports.