Outsell, Inc., the research and advisory firm focused on media, information, and technology, has announced the publication of a new report 'Next Generation Enterprise Data Visualization Tools'. Big data has ushered in a wave of data-driven decision-making in the enterprise and traditional business intelligence systems have given way to an explosion of next generation analytics companies offering easy-to-use products requiring minimal infrastructure, IT support, and statistical skills.
The acceleration and availability of big data and of data-supported decision-making means that businesses must adopt tools that can uncover insight and present it to executives and stakeholders in intelligible ways (and quickly). Data visualisation is a core component of business intelligence and has evolved from guesswork and simple pie charts to advanced analytics. Despite its importance, it is challenging for businesses to stay on top of the market, but having a current understanding of this market is essential to making sure solutions are well-matched to business objectives.
Outsell estimates the total market size for the global data visualization tools segment to grow to over $8.5 billion by 2018 with top players including: QlikTech International, Splunk, Inc., and Tableau Software, Inc. This growth is affected by increased competition as established and emerging companies enter the business intelligence market, evolving customer requirements, players growing their global footprints, and as the introduction of new products and technologies continues.
The report further reveals that next generation data visualization tools are disrupting this market and traditional 'Big' BI is under pressure to offer core features, functionality, and flexibility common to next generation tools in their suites, which has led to substantial pivots and acquisitions. Big data is still an emerging practice area for most information management professionals; skill gaps remain, investment levels are low, and cross-functional teams are still experimenting with its application.
Data visualization vendors also face their set of challenges and opportunities; they need to innovate and grow at a rapid pace to remain competitive in a dynamic big data ecosystem where business leaders demand superior data visualization solutions.
