cl-au logo
Story image

Data visualisation market growing US$900 million a year

09 Mar 2020

The global data visualisation market is growing by up to $900 million a year, and is expected to be worth over $9 billion by 2026, according to a statement from UK-based data visualisation provider Zegami.

The statement outlines the results of analysing 360 Reports' research into the market.

The statement claims this growth is fuelled by the huge proliferation in the amount of data being produced, the increased use of data visualisation in data analytics and business intelligence tools, and organisations looking to find ways to reduce their increased expenditure on data warehousing and storage costs. 

As well as the traditional use-case of providing insights that can aid in financial and business decision making, Data visualisation tools also have a role to play in compliance and meeting regulatory requirements. 

Zegami’s statement claims that it will also be vital in the development of artificial intelligence, where machines and computers will increasingly make more decisions without human input.

In fact, Gartner’s latest analytics and BI Magic Quadrant describes how simple data visualisation is no longer the main differentiator between vendors as clients are looking for analytics augmented with machine learning and AI-assisted data preparation, insight generation and insight explanation.

Over the next 10 years, the biggest increase in the use of data visualisation tools is expected to be in academia and research, financial services and healthcare.

“The data visualisation market in these sectors will enjoy double-digit compound annual growth rates over the next few years, and in some cases CAGR of over 20%,” says Zegami founder and CTO Roger Noble”

“We see potential growth in unstructured data, in particular, especially images and video. By unlocking these untapped sources of data, we enable new ways of thinking and revenue opportunities for our customers.

“With the huge proliferation of data, and how the Internet of Things and 5G will fuel this further, data visualisation tools are fast becoming business critical for any organisation that uses data.”

More analytics predictions, from the Gartner Magic Quadrant:

  • By 2022, augmented analytics technology will be ubiquitous, but only 10% of analysts will use its full potential.
     
  • By 2022, 40% of machine learning model development and scoring will be done in products that do not have machine learning as their primary goal.
     
  • By 2023, 90% of the world’s top 500 companies will have converged analytics governance into broader data and analytics governance initiatives.
     
  • By 2025, 80% of consumer or industrial products containing electronics will incorporate on-device analytics.
     
  • By 2025, data stories will be the most widespread way of consuming analytics, and 75% of stories will be automatically generated using augmented analytics techniques.
Story image
Whither quantum computing in a rapidly digitising Australia?
While widespread digitisation continues to transform the way Australians live, work and play, the real revolution is occurring in the background, in the quantum computing sphere.More
Link image
Five emerging cybersecurity trends MSP need to be aware of
MSPs need to be constantly updating their service portfolio and making the case to clients to up their cybersecurity budgets. Let’s examine five threats that have emerged in the first half of 2020 that MSPs should be monitoring as we enter the second half of the year.More
Story image
Unisys recognised as powerful AWS partner thanks to digital transformation solutions
“Our team is dedicated to helping clients harness the power of hybrid cloud and achieve business outcomes by leveraging the agility, breadth of services and pace of innovation that AWS provides.”More
Story image
CrowdStrike recognised as leading endpoint security vendor on global scale
IDC's report shows that CrowdStrike demonstrated a 2018-2019 growth rate of 99% and close to doubled its market share, while the market shares of the top three vendors in the corporate endpoint segment declined.More
Story image
Time to take responsibility: E-waste - a global crisis
e-Waste is the world’s fastest-growing domestic waste stream, fueled by consumption rates of equipment, short life cycles, and few options for repair.More
Link image
How to capture leads, market your business and drive traffic with Smart CIO
With Smart CIO, vendors across New Zealand and Australia can hold virtual exhibits to boost their brand and generate end-user leads. Here's how to secure your place.More