Visual Analytics is one the fastest growing trend in the advanced analytics market. Visual analytics is used to visually represent the information and helps individual to interact directly with the information to gain knowledge, draw conclusions and make quick decisions. The visual representation of the information reduces complex cognitive work needed to perform certain tasks. People uses visual analytics tools and techniques to create information and derive insight from enormous, active, and often conflicting data by providing timely, unassailable, and understandable calculations.
Visual analytics helps in making overloaded information into an opportunity. Visual analytics allow decision makers to focus their full cognitive and perceptual capabilities on the analytical process, while allowing them to apply advanced computational capabilities to augment the discovery process.
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Visual analytics can be described as study of information visualization which focuses on analytical reasoning enabled by visual interfaces. Visual analytics is used for applications includes complex and large data sets and analytical processes requiring high degree of monitoring and interaction.
Visual AnalyticsMarket: Drivers and Challenges
The major factor driving the adoption of visual analytics is the growing demand for analytics tools among enterprises and increased usage of visually driven data. Visually driven data allow users to view, interpret, and analyze information quickly. Also, with the help of visual analytics users can create their reports and dashboards with the help of visualization tools such as charts, graphs, pivot tables widgets and others. These tools help in defining data in easy and interpretable terms. By investing in a visual analytics tool, these organizations can be sure that they are taking a step in the right direction by empowering users, increasing productivity, and positively impacting the business at large.
The key challenge restraining the market for visual analytics market is the lack of trained personnel who can work on advanced business intelligence tools. Moreover, one cannot completely rely on visual analytics tools as these tools can also have errors. So it can be risky, if the results from these tools are not checked and verified properly. Other challenges are lack of proper governance and data inconsistency.
In September 2016, Zoomdata, a visual analytics platform provider has entered into the partnership with Teradata, an analytics solution company to provide unified visual analytics solutions. The partnership enables customers to leverage a distributed Teradata environment with a single, unified visual analytics front end.
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In September 2016, Greenwave Systems, an IoT and managed service provider has acquired Predixion Software, a real time visual analytics provider. This acquisition will enhance Greenwave’s AXON Platform with advanced visual analytics, enabling real-time data insights across one of the world largest connected networks.
In October 2015, NetSuite, a software provider has entered into the partnership with Tableau software, a visual analytics provider to provide visual analytics based solutions to customers of NetSuite. This partnership is helping both companies to offer combined solutions for visual analytics, deep statistics, seamless business analytics, interactive mapping and others.
In visual Analytics market there are many vendors some of them are Tableau software, Zoomdata, SAS, Qlik, Inet software and others.
North America is holding the largest market share currently for visual Analytics market due to the convergence of IoT, cloud, and big data will create new opportunities for visual analytics. Moreover, Data accuracy has become the main focus of valid visual analytics due to which the market demand for visual analytics has increased significantly.
In Europe region, the market for visual Analytics is witnessing high growth rate due to presence of large number of companies that are using business intelligence technology for improving their business productivity. In APAC also with the rising investments in research and development, the implementation of visual Analytics is increasing progressively.