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Data Visualization Tool Market Trends

Report ID: GMI10175
Published Date: Jul 2024
Report Format: PDF

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Data Visualization Tool Market Trends

The trend of AI-powered data visualization tools represents a transformative shift in how organizations approach data analytics and decision-making processes. These tools integrate artificial intelligence and machine learning capabilities to automate and streamline complex data tasks, significantly enhancing efficiency and accuracy. By leveraging advanced algorithms, AI-powered tools can process vast amounts of data swiftly and uncover intricate patterns and insights that might be challenging for human analysts to detect manually. This capability is particularly valuable in industries such as finance, healthcare, marketing, and manufacturing, where data-driven insights drive strategic decisions.

Moreover, AI tools enhance data visualization by automatically recommending the most suitable visualizations based on data characteristics and user queries, thereby improving data accessibility and comprehension for all stakeholders. In April 2024, Tableau introduced new AI-powered features namely Tableau Pulse and Einstein Copilot aiming to democratize data insights. The company’s service offers personalized, AI-driven insights directly to users’ communication platforms based on their KPIs. Meanwhile, Einstein Copilot assists users with natural language interactions and automates data transformations.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of data visualization tools reached USD 8.1 billion in 2023 and is set to witness 11% CAGR from 2024 to 2032, due to rising data complexity, growing demand for insights, and advancements in analytics technology.

The software component segment in the data visualization tools industry recorded 66% share in 2023, owing to its pivotal role in transforming raw data into actionable insights.

The large enterprise size segment in the data visualization tools market accounted for 60% revenue share in 2023, attributed to the ability to visualize data effectively across departments and hierarchies.

North America market held 45% share in 2023, due to the digitalization across all business sectors, integration of IoT devices, and rising demand for real-time insights.