Visual analytics enables business users to access business data and perform queries to generate visual insights using this data. It equips business users with easy-to-use data exploration, data preparation, appropriate analytics, and data visualization tools and techniques. It helps companies cut down on inevitable losses, gain real-time operational insights, and grab new opportunities. The global visual analytics market is expected to grow from USD 2.57 Billion in 2017 to USD 6.51 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 20.4%.
The visual analytics market includes an expansive number of vendors, such as IBM (US), Oracle (US), SAP (Germany), SAS Institute (US), Tableau Software (US), Microsoft (US), MicroStrategy (US), TIBCO Software (US), Qlik (US), and Alteryx (US), providing software and services. The players in this market have embraced different strategies to expand their worldwide presence and increase their market shares. Partnerships, collaborations, agreements, new product launches, product upgradations, mergers and acquisitions, joint ventures, and expansions are some of the significant strategies adopted by the market players in the visual analytics market.
Microsoft Corporation is one of the eminent leaders in the visual analytics market. The organization primarily serves the regions of North America, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA), and Europe. Microsoft’s long-term strategy leans more toward the inorganic growth strategy, where it looks forward to maintain a competitive edge over other players in the market. Inorganic strategies such as acquisitions, partnerships, and collaborations are enabling Microsoft to improve its visual analytics product offerings as well as cater to a wider audience. For instance, in March 2016, Microsoft formed a partnership with IntelliBoard to bring Moodle reports and analytics to Power BI and deliver enhanced functionalities to its customers. The company is also investing a large amount of its annual revenue in Research and Development (R&D) activities to deliver an innovative set of products and make a strong foothold in the untapped markets. For instance, in 2016, the company invested USD 13.04 billion in R&D.
The fundamental objective of IBM is to meet every industry’s client’s requirement and in addition, provide new advancements to BI with visual analytics tools. The organization serves clients across different industries, such as communications; Banking, Financial Services, and Insurance (BFSI); energy and utilities; hospitality; healthcare; retail; travel and transportation; metals and mining; government sector; media and entertainment; and education. IBM is headquartered in the US and has its presence in 175 countries, worldwide. It is considered as one of the strongest suppliers of visual analytics tools. The company follows both organic as well as inorganic strategies to deal with the expansion of its market share. As per its inorganic growth strategy, in July 2017, IBM opened 4 new IBM cloud data centers including 2 in London, England; 1 in San Jose, California, US; and 1 in Sydney, Australia. These new facilities bring IBM’s global cloud data center footprint to nearly 60, across 19 countries and strengthen its existing cloud footprint in these regions. Whereas, in accordance with its organic growth strategy, in November 2016, IBM released Cognos Analytics, 11.0.5, adding new mapping and visualization capabilities which includes a new visualization engine (the latest version of the IBM Rapidly Adaptive Visualization Engine 2) to improve visualizations and expand the range of chart types that are supported.
Visual Analytics Market by Component (Software and Services), Business Function (IT, Sales and Marketing, Finance, Supply Chain, and HR), Deployment Model (On-Demand and On-Premise), Organization Size, Industry, and Region - Global Forecast to 2022
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