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.
Visual Analytics can be described as the science of analytical reasoning which is further supported by interactive visual interfaces in order to visually represent the information. It permits business decision makers to collectively use their human capabilities with the data processing, retrieving and storage capacities to gain insight into complex business problems, thereby enabling them to make strategic business decisions.
With the technological advancement, the data volume and movement both have amplified enormously. Thus, in last few decades there has been a boom in data analytics industry with companies coming up with new and more interactive solutions to cater diverse industrial needs. Amongst this, visual analytics is one the fastest growing trend in the advanced data analytics market.
Visual analytics find an extensive use in various industries. For instance, visual analytics has made a mark in traffic modelling and simulation where combination of interactive visual techniques and statistical computational methods coupled with machine learning is used to support data modelling and analysis of time series data. Visual analytics is also used in the analysis, evaluation, and prediction of traffic volumes based on GPS tracking. Additionally, it is immensely used in data centric industries for cyber security analysis where it is difficult to identify which data is relevant.
The visual analytics market is anticipated to record a CAGR of around 22% during the forecast period i.e. 2019-2027. The market is segmented by component, deployment, end use industry, intended audience & region. The global attempt of various government agencies to standardize the data security protocols is anticipated to be one of the driving factors behind the growth of the global visual analytics market during the forecast period. The end use industry segment is further bifurcated into retail, IT, BFSI, military & defense, manufacturing, and transportation & logistics. Out of these, the field of logistics and supply chain is anticipated to invest highly in information technology to improve data quality and availability on the back of the fact that the supply chain intelligence provide demand patterns, quality and customer requirements from numerous sources for demand driven planning. The software provides forecasts, production planning based on sophisticated algorithms, and calculation of inventory policies. The supply chain industry is anticipated to grow significantly on the back of growing necessity for real-time data management from various logistics operations. Additionally, cloud deployment model used in visual analytics is anticipated to grow owing to rising adoption of cloud technology, thereby positively impacting the global visual analytics market.CLICK TO DOWNLOAD FREE SAMPLE
Advancement in data interactions and solutions will significantly affect the visual analytics market on the back of the vendors' use of Apache open source technologies and SQL-on-Hadoop, in-memory computing, and in-database processing. Additionally, recent advances include continuous updating analytics capacities and dashboards which allows data movement into Hadoop clusters rather than traditional data warehouses. These technologies will enable business intelligence users and visual analytics application users to explore data hubs for daily, operational requirements and ad-hoc queries instead of waiting for batch cycles to conclude.
One of the major factors driving the growth of visual analytics market is the rising demand for visual analytics tools among enterprises to access, interpret, and analyze information.
There are inadequate trained personnel who are efficient in working with business intelligence tools. Additionally, enterprises cannot solely depend on visual analytics tools as some of these tools can also have errors as they are still in developing stage. Hence their use require proper supervision and knowledge. These factors are anticipated to negatively affect the growth of the market over the forecast period.