The market for data visualization products—such as scorecards and dashboards—is expected to continue its steady growth, as more organizations look to better understand data and use them to better make use of other information systems.
The worldwide data visualization market was valued at $4.51 billion in 2017 and is expected to reach a value of $7.76 billion by 2023, a compound annual growth rate of 9 percent, according to a report by Mordor Intelligence, a market research firm. The report covers products offered by major players, including solution providers of both visual analytics and reporting tools.
Dashboards have developed their own niche market, along with vendors offering customer-centric dashboard products to be used on top of current BI applications or other operational systems, such as enterprise resource planning. More healthcare organizations are turning to the use of dashboards and other visualization technology to improve patient care, and to enable better management of staff and facilities.
With the advent of advanced analytical and business intelligence tools, data visualization offerings such as scorecards and dashboards—which previously were typically deployed as a subset of a larger business intelligence solution—today are more flexible, the report said.
A growing emphasis on measuring the performance of every operation across an organization to get a daily view of their performance is driving demand for visualization products, the report said. Technological advancements within the market, along with rapid growth in big data and the growing need for faster decision-making, are among the other factors accelerating the growth of the market.
The implementation of data visualization software can be complex, the report said. Many organizations have reported challenges in aligning visualization products to make use of all the features, because of the complex organization structure into which such products are being implemented, and other challenging factors involved in implementation.