Global Security Data Visualization Market Size (2022 – 2030)

According to the latest analysis by Virtue Market Research, the Global Security Data Visualization Market was valued at USD 2.26 billion and is projected to reach a market size of USD 5.5 billion by the end of 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 9%. 

Industry Overview

Data visualization software is regarded as crucial to data warehousing and business intelligence. Utilizing visual elements like graphs, charts, and maps, it is the graphical depiction of facts and information. Software tools for data visualization offer an easy way to recognize and comprehend outliers, trends, and patterns in data. It allows decision-makers to use visually displayed information to get analytical results. Data visualization provides a company with detailed analysis at many levels. It is an important tool for making sense of the vast amount of data produced every day. Businesses are recognizing the value of big data and using data visualization software tools to help them achieve their objectives.

A virtual environment or infrastructure is protected by a group of techniques and procedures known as visualization security. Additionally, it discusses the many security concerns that affect virtual infrastructure components and how they might be avoided or mitigated. Numerous alternative techniques for managing, implementing, and monitoring security throughout the virtual environment or infrastructure may be included in virtualization security. On the other hand, visualization security may include steps like implementing security policies and gradual controls at each visualization system, protecting virtual networks, virtual machines, and other virtual components from cyberattacks and those that originate from the main physical device, tracing authority and control of each virtual machine, and implementing and maintaining security policies.

Additionally, data visualization has had a significant impact on networking and information technology and has already provided a significant return on investment for the cloud, data centres, and businesses. Since there is a separation between VMs, visualization is safer than traditional virtual environments. However, just like traditional physical infrastructure, virtual infrastructure needs protection. On the other hand, because the innovative and new environment is more complex, the virtual method is integrating with the existing networks to create both new networks for virtualization and additional security.

Impact of Covid-19 on the industry

The COVID-19 pandemic had a significant impact on world economic conditions, which also had an impact on the global market for data visualization. The demand for data visualization tools and solutions has significantly decreased as a result of the severe slowdown in the global technology industry caused by the cancellation of ongoing and forthcoming projects. However, as demand for data visualization tools to monitor the effects of COVID-19 increased around the end of the first quarter of 2021, the market started to pick up speed. Simple visualization tools have emerged as a crucial method of disseminating data to the general public because of the increasing use of line charts, bar charts, and choropleth maps in news and social media platforms. The industry is therefore anticipated to experience above-average revenue growth throughout the pandemic for a few years going ahead.

Market Drivers

Data collection has become easier and simpler which will drive the market growth

The market for data visualization software is driven by the growth of social media and internet users, as well as multi-device access to data visualizations. Additionally, a rise in the use of data visualization software solutions in small and medium-sized businesses (SMEs) is anticipated to fuel market expansion.

Increasing demand for interactive virtual data representation for quick business decisions

Data visualization improves how data is presented and makes it simpler to grasp. Many different data visualization components, including graphs, charts, tables, and tools, are used to convey data insights and speed up decision-making. Additionally, adopting cloud computing increases the flexibility of the process of scaling and managing large amounts of data and extracting valuable value from it. Thus, increasing demand for quick decisions and quick acceptance of cloud computing are crucial elements anticipated to fuel market revenue growth throughout the projection year.

Market Restraints

The lack of a skilled labour force will challenge the market growth

The market for data visualization software is growing, but to some extent, it is constrained by a lack of technical know-how to analyse and extract meaningful information and by rising software costs. In contrast, AI and deep learning are spreading into new fields, which presents an opportunity for the data visualization software industry because it provides tools for visualizing sophisticated deep learning engines and the data they generate.

SECURITY DATA VISUALIZATION MARKET REPORT COVERAGE:

This research report on the global security data visualization market has been segmented and sub-segmented based on components, solutions, enterprise size and Geography & region.

Global Security Data Visualization Market- By Components

• Software
  • On- Premises
  • Cloud
• Services
  • Consulting Services
  • Support Services

The market is segmented into software and services based on components. While the services category is sub-segmented into consulting services and support services, the software segment is further sub-segmented into cloud services and on-premise deployment models. Throughout the projection period, the software sector is anticipated to account for more than half of the market share. This is probably because businesses all around the world are increasingly using business intelligence software for better data interpretation and to gain informed insights. For instance, in July 2019, QlikTech International AB and the UK-based University Hospitals of Morecambe Bay NHS Foundation Trust (UHMBT) cooperated. To put more of an emphasis on patient care and increase patients' effectiveness, they installed an advanced analytics system.

In addition to this, support and consulting services are anticipated to expand at a solid CAGR throughout the projection period due to the growing popularity of visualization platforms and software.

Global Security Data Visualization Market- By Solutions

• Standalone Visualization Software
• Embedded Data Visualization Module

The market is divided into standalone software and embedded modules based on the solution. The software's visualization APIs and plug-ins are covered by the embedded module. Software and solutions for corporate intelligence frequently include these elements. During the projection period, the embedded module industry is anticipated to experience significant growth possibilities. Companies frequently favour embedded modules since standalone software is so expensive. But from 2023 - 2030, the standalone segment is anticipated to expand at a significant CAGR. This is explained by the rise in businesses using standalone software instead of embedded visualization modules.

Global Security Data Visualization Market- By Enterprise Size

• Small Enterprise
• Medium Enterprise
• Large Enterprise

The market is divided into small, medium, and large enterprises according to the size of the enterprise. The segment of major firms among them is anticipated to rule the market over the forecast period. The market's expansion is mostly being driven by large businesses' widespread adoption of visualization platforms. While the medium-sized business segment is predicted to experience significant revenue growth during the forecast period. This is because information visualization and visual analytics are receiving more attention.

Global Security Data Visualization Market- By Geography & Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

According to the results based on our research methodology, North America is anticipated to hold the largest market share for data visualization during the forecast year. The North American market is expanding as a result of the substantial company presence and high penetration of visualization tools across a variety of industries. Additionally, the significant amount of money that businesses spend on analytics and business intelligence is likely to accelerate this region's growth. Due to the rising need for information visualization and analytics among the retail and e-commerce as well as the transportation and logistics industries, Europe is predicted to develop at a significant CAGR throughout the projection period.

According to our market research report, standalone visualization software, in particular, is being widely adopted in the Asia Pacific. The Asia Pacific region's rising need for visualization platforms is creating prosperous prospects for software providers. Many providers of visualization platforms are concentrating on expanding their customer bases through mergers and acquisitions, business alliances, and company collaborations to take advantage of these prospects. Such corporate initiatives and investments are fostering the expansion of the Asia Pacific market. Similar to the North American and European regions, the Middle East and Africa, and Latin America is anticipated to experience a solid growth rate throughout the forecast period, primarily because of the expanding number of visualization software vendors and their tailored products.

Global Security Data Visualization Market- By Companies

1. Tableau Software Inc.
2. Microsoft Corporation
3. Oracle Corporation
4. IBM Corporation
5. Tibco Software Inc.
6. SAS Institute Inc.
7. Sisense Inc.
8. Microstratergy Inc
9. Hitachi Vantara.

NOTABLE HAPPENINGS IN THE GLOBAL SECURITY DATA VISUALIZATION MARKET IN THE RECENT PAST:

• Business Collaboration: - In 2020, The U.S. Census Bureau and Tableau Software, LLC worked together to launch the Response Rate Map in April 2020 using Tableau Public. This platform will improve customer experience, encourage participation, and provide data transparency for the Census.
• Merger & Acquisition: - In 2020, QlikTech International AB announced the acquisition of RoxAI to expand its product portfolio in the data visualization market.
• Merger & Acquisition: - In 2019, The acquisition of Lymbyc Solutions Pvt. Ltd. by Larsen & Toubro Infotech Ltd. (LTI) would expand LTI's digital and analytics capabilities and give their platform access to deep learning, natural language processing (NLP), and visualisation tools.