Data Visualization: Definition, Trends, Tools, and Learning Opportunities
The global data visualization market size hit USD 9.48 Billion in 2020 and is projected to reach USD 20.16 Billion by 2028. What is data visualization, and why is it so important?
Emergen Research attributes its optimistic forecast to the “generation of large data volumes and the rising need for multi-device access facilities.” It added that cloud computing and the need for fast decision-making, particularly during volatile times, are also accelerating the adoption of data visualization.
The rise of Augmented Reality (AR) and Virtual Reality (VR) that help companies process data in 3D formats pushes the demand for cloud computing in data visualization, according to Emergen Research. These are further driving the market revenue growth.
The KPI Institute defines data visualization as “the visual representation of data, in order to better understand information and present it in a clear and effective manner.” Data visualization can help detect and analyze patterns, trends, and correlations.
According to the report “TDWI best practices report: Data visualization and discovery for better business decisions,” some of the benefits of data visualization are the improvement of operational efficiency, better response to business changes, identification of new business opportunities, and higher employee and partner productivity.
Based on Emergen Research’s findings, the software segment revenue would increase steadily during the firm’s forecast period. Moreover, the standalone visualization software segment revenue is soaring due to the need to produce useful information from huge volumes of data. Such data usually comes nowadays from social media and other online platforms. “Use of data visualization software such as Oracle, tableau, and SAP made this approach feasible,” the forecast report states.
Developing and designing a visual representation is not a walk in the park. To communicate data visually and effectively, you need the right tools, knowledge, and expert guidance.
The KPI Institute’s Certified Data Visualization Professional course teaches participants how to create better and more relevant reports and present intelligible data sets to decision-makers. If you would like to improve the visual communication within your organization, secure your slot on 21 – 25 February 2022 (EMEA: 09:00 – 13:00 GST and ASEAN: 13:00 – 17:00 GMT +8) by signing up here.
