In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
June 2021- Optimus SBR acquired Unilytics and launched Optimus SBR Data to expand its portfolio of data advisory and analytics services in North America.
January 2018- Deloitte and Tableau announced the launch of first-of-its-kind visual analytics solution for tax departments of companies to help them make smarter decisions.
The tableau services market is estimated to garner a sizeable revenue by growing at a significant CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing demand for business intelligence tools for visual analysis of data, and upsurge in the need for customer analytics across the world. Along with these, rising usage of business intelligence tools by academic researchers and government organizations for data blending and real-time collaboration, and spiraling penetration of smartphones are also expected to drive market growth in the near future. About 6 billion people in the world were smartphone users in the year 2020, which is calculated to increase up to more than 7 billion users by the end of 2024. Furthermore, escalating adoption of a more formal business approach by several private and government organizations, and rising usage of business intelligence by small and medium enterprises globally are projected to offer ample growth opportunities to the market in the near future.
Get more information on this report: Download Sample PDF
The market is segmented by service type into consulting, maintenance & support, data preparation, governance, dashboard development & designing, and server development. Out of these, the consulting segment is anticipated to hold the largest share in the tableau services market on account of the increasing usage of tableau by consultants as it offers faster analytics. Apart from these, tableau services help in simplifying raw data in a very easily understandable format, helping consultants convey information more effectively. This is also predicted to bolster the growth of the market segment significantly in the future. Additionally, on the basis of enterprise size, the small & medium enterprises segment is assessed to acquire the largest share during the forecast period owing to the high rate of adoption of business intelligence solutions in organizations with less than 100 employees.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the tableau services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of continuous development in business infrastructure of companies, and rapid digitalization at workplaces in the region. In addition, generation of large amount of data from portable user devices resulting from large population is also expected to drive market growth in the region in the coming years. As of July 2021, the population of Asia is estimated at more than 4.5 billion, which is evaluated to rise up to about 5 billion people by the end of the year 2055. Moreover, the market in North America is projected to gather the largest share during the forecast period ascribing to the well-established IT infrastructure, and strong presence of prominent market players in the region.
Get more information on this report: Download Sample PDF
The tableau services market is further classified on the basis of region as follows:
Our in-depth analysis of the tableau services market includes the following segments:
Ans: The major factors driving market growth are growing demand for business intelligence tools for visual analysis of data, and upsurge in the need for customer analytics worldwide.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022-2031.
Ans: Data security challenges associated with tableau services are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the continuous development in business infrastructure of companies, and rapid digitalization at workplaces in the region.
Ans: The major players in the market are Accenture PLC, Silicus Technologies, LLC, Interworks, Nabler Web Solutions Pvt. Ltd., Vizual Intelligence Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by service type, enterprise size, and by region.
Ans: The consulting segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.