The Asia Pacific visual analytics market accounted for US$ 447.4 Mn in 2017 and is expected to grow at a CAGR of 16.3% over the forecast period 2018-2025, to account for US$ 1469.4 Mn in 2025. With the growing complexity of business processes, business intelligence is gaining popularity among SMEs. One of the primary trend impacting data visualization and analytics innovation is the widespread presence of AI and Machine Learning. Modern IT departments and personals might hesitate to be in syn. With analytic platforms that include AI and ML capabilities. However, it will act as a highly effective assistant to modern analysts. While there might be concerns over being replaced, machine learning will supercharge analysts, and make them more efficient, more precise, and more impactful to the business. The increasing need for making precise data-driven decisions, along with high growth in volume and variety of data due to increasing adoption of IoT and BYOD concept is also propelling the demand for Visual Analytics market. Popularity and demand for Visual Analytics solutions are highly growing in various industries such as IT & Telecom, BFSI, Manufacturing, and healthcare, among others as it offers them to infer insights regarding changing consumer preferences, which allows them to provide custom solutions to their end users and improve the bottom line.
The Asia Pacific visual analytics market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the visual analytics market further. For instance, the governments of the emerging economies of Asian countries are committed to focus on attracting FDI for the development of their economy. For this, governments are taking various initiatives. This would result in increased investment in the implementation of visual analytic solutions in the future. Thus, the visual analytic market is anticipated to witness growth in the Asia Pacific region. For instance, China government relaxed the restrictions on new entries to encourage overseas and private capital to invest in their economy. Companies operating in the visual analytics market are focused on providing advanced visual analytics solutions to gain a broader customer base and generate more revenues. The increasing penetration of the internet and a growing amount of data generated are the significant factors driving the growth of visual analytics market.
The visual analytics market by vertical is segmented into retail & consumer goods, IT & telecom, BFSI, manufacturing, energy & utilities, healthcare, and government, among others. Retailers require sophisticated systems for tracking, managing, and optimizing customer and supplier relationships owing to the presence of a considerable number of products as well as customers. The targeted market programs require the analysis of a huge amount of customer transactions. To avoid supply shortages, big retailers should integrate and evaluate customer transaction data, radio frequency identification supply chain data, and vendor delivery schedules. Additional valuable analysis for retail companies comprises of "market basket" analysis of the products customers purchase in a specified shopping period, customer loyalty programs for regular shoppers, understock/overstock and supply chain optimization.
The overall Asia Pacific visual analytics market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific visual analytics market. It also provides the overview and forecast for the Asia Pacific visual analytics market based on all the segmentation provided with respect to Asia Pacific region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Asia Pacific visual analytics industry. Some of the players present in visual analytics market are Alteryx, Inc., IBM Corporation, Microsoft Corporation, Microstrategy Incorporated, Oracle Corporation, Qlik Technologies Inc, SAP SE, SAS Institute Inc., Tableau Software, and Tibco Software Inc. among others.