The Global Visual Analytics market is expected to grow from US$ 2,215.0 million in 2017 to US$ 5,718.6 million by 2025 at a CAGR of 12.8% between 2018 and 2025.
Increasing adoption of AI and machine learning and growing demand of cloud based business operations are the key factors driving the global visual analytics market. North America is one of the prominent regions in visual analytics market which will contribute the highest revenue globally due to technological developments and considerable application of Visual Analytics in different end-user verticals. Rapidly growing economies in Asia-Pacific (APAC) with significant growth industrial sector will pave the path for increasing adoption and propel the visual analytics market.
Exhibit: Visual Analytics Regional Markets
Visual analytics to witness robust growth in its Asia Pacific Market
APAC region presents a huge opportunity for the visual analytics market. Several companies in the region are already having a vision and strategy for the implementation of visual analytics solutions in the next coming years; whereas, numerous enterprises are still under planning phase. The region is considered as the growth engine for the visual analytics market with countries like China, India, Japan, Singapore, growing remarkably technology wise. The region has become a global manufacturing hub with the presence of diverse manufacturing industries. Among China's evolution into a high-skilled manufacturing hub, other developing countries such as China, India, South Korea, Taiwan, and Vietnam among others are attracting several businesses that are in a quest to relocate their low to medium skilled manufacturing facilities to neighbouring countries, offering lower labour cost. The Asia-Pacific region is expected to drive the growth of visual analytics market in the coming years.
Rapid adoption of game-changing technologies across the retail - value chain
Technology is projected to be the key driver of retail industry transformation. The success of the industry participants highly depends upon the relentless focus on the application of various technologies for enhancement of the value-added services to consumers. The following disruptive technologies have played a critical role in the transformation of retail and adoption of artificial intelligence: the Internet of Things (IoT), autonomous vehicles (AV)/drones, robotics, augmented reality (AR)/virtual reality (VR), digital traceability, 3D printing, and blockchain. Over the next ten years, all of these technologies are expected to attain significant maturity in the retail industry, creating an unprecedented level of disruption. The trend is in response expected to generate the demand for visual analytics solutions, contributing to the growth of global visual analytics market in the retail & consumer goods sector.
Exhibit: Visual Analytics Market by Vertical