Data Visualization Market Size to Reach USD 20.16 Billion in 2028 | Rapid Development in Augmented Reality and Virtual Reality Technologies for Better Interaction of Data in 3D Formats is a Key Factor Driving Industry Demand, According to Emergen Research

VANCOUVER, BC, Jan. 26, 2022 /PRNewswire/ -- The global data visualization market size was USD 9.48 Billion in 2020. Continuous developments in data visualization solution are driving market revenue growth during the forecast period. Various factors such as generation of large data volumes and rising need for multi-device access facilities are driving adoption of data visualization tools by large-, medium- and small-scale enterprises globally.

Drivers: Rising need for interactive virtual representation of data for speedy business actions

Data visualization enhances presentation of data and makes it easy to understand. Various data visualization elements such as graphs, charts, tables, and tools are being widely used to communicate data insights, which also helps in fast decision making. Furthermore, using cloud computing adds flexibility to the process of managing and scaling high-volume data and deriving useful value out of it. Hence, rising demand for quick decision making and rapid adoption of cloud computing are key factors expected to continue to drive market revenue growth during the forecast period.

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Restraints: Lack of skilled workers

Proper implication of data valuation requires sound technical knowledge of data valuation tools and software. Lack of skilled resources as well as high implementation costs are key factors hindering market revenue growth.

Growth Projections

The global data visualization market size is expected to reach USD 20.16 Billion in 2028 and register a revenue CAGR of 10.2% over the forecast period, according to the latest report by Emergen Research. Rapid adoption of data visualization tools and software among small- and medium-scale enterprises is expected to continue to boost market revenue growth during the forecast period.

COVID-19 Direct Impact

The COVID-19 pandemic had major impact on global economic conditions, which also affected global data visualization market. Severe slowdown in the global technology industry due to halt in current and upcoming projects had resulted in significant decrease in demand for data visualization tools and solutions. However, towards the end of first quarter of 2021, the market began to regain some pace with an increase in demand for data visualization tools to track the impact of COVID-19. With growing use of line charts, bar charts, and choropleth maps in news and social media platforms, simple visualization tools have become a key mode of communicating data with the general public. As a result, the market is projected to register more than average revenue growth rate during the pandemic for a few years going ahead.