The global data visualization market is expected to grow from a market size of US$8.227 billion in 2018 to US$13.227 billion by 2024 at a CAGR of 8.24%. Data Visualization is a map for understanding the information represented in an organized manner. Consequently, data visualization tools are an access to the data maps enabling the consumer to fathom patterns, trends and outliers in data. In the age of an incessant flow of Big Data which is being increasingly recognized as the most valuable resources supplanting the established cognizance of the very particular phrase. Thus, emerges the role of visualization tools that are not only fundamental to an efficacious and appealing way of storytelling that is a vital accompaniment of a great analysis.

The need for sound analytical strategies ranges from streamlining various organizational operations and future endeavors, analyses data to identify new markets and acquire customers, to understand trends and opportunities for further business developments, ensure better customer experience, among others. The space of data visualization tools is rapidly evolving. There are tools like Qlik and Tableau, which offer consumers the ease of setup, the ability to access data from various sources and as well as the opportunity to familiarize the employees with the nitty-gritties of data visualizations. Furthermore, organizations like IBM, Microsoft, SAP, among others, offer business intelligence and reporting platforms that are normally built to address relatively complex needs and are equipped with offering a wider range of capabilities. Nevertheless, this range of tools necessitates the organizations integrating such tools to train personals in order for a fuller utilization of the same as well as requiring the IT department to setup and integrate the tools.

The ever-growing adoption of digital technologies and the resulting cosmos of data is estimated to drive the growth of the market during the forecast period. Getting a grasp on consumption behavior, customer trends and outlook is another factor that would bolster the growth of this market for the reason that organizations needs to be abreast of the latest developments in order to stay ahead their counterparts. Moreover, the presence of a variety of solutions that are being offered in the market is poised to buttress the data visualization market. This market has been further categorized into segments, which are deployment model, end-user industry and geography.

Data Visualization Market Analysis By Development Model                                                                            

By deployment model, the data visualization market is segmented into two broad categories, namely On-Premise and Cloud. For instance, the tableau platform which has been acquired by Salesforce.com, Inc. (NYSE: CRM) in 2019 offers a combination of deployment models, whereby the analytics could be visualized and store either on the cloud or on-premise. Despite the hybrid nature of this tool, cloud-based deployment is in relatively more demand because of their due to the accompanying convenience and ease of accessibility. Further the use-friendly data visualization tools over handheld devices have the potential to save time and provide more convenience for senior management or the leadership team.

Data Visualization Market Analysis By End-User Industry

By end-user industry, the data visualization market is segmented into retail, media and entertainment, BFSI, communication and technology, consulting and others. Al the end-use applications have adopted data visualization tools. The foremost of the above is that of BFSI that extensively employs financial analytics. The aforesaid primarily finds its use in research in corporate bonds and equity markets. Investigation of financial statements and health, competitive advantages, management, competitors and markets are estimated to be the predominant applications of this sector. Moreover, the utilization of financial analytics hence the adoption of data visualization tools by the BFSI is also to improve standard financial functions. A few of the major players in this segment are International Business Machines Corporation (IBM), Oracle Corporation, SAP A.G., and TIBCO Software Inc.

Data Visualization Market Analysis By Geography

By geography,the data visualization market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The regions with emerging economies or BRICS nations and developing countries are estimated to experience a good growth in the segment due to expansion business operation of transitional organization, emergence of new entrants which are causing disruption to well established business models and due to favorable regulatory measures, which are  projected to catapult the growth of this market to new heights as well. In case of China, the government policy and increasing integration of technology are one of the major driving factors for the growth of data visualization tools market. BFSI, retail and communication and technology are the sectors that are the major consumers of big data technologies that are inclusive of but not limited to, data visualization tools. Due to India’s well-established IT services industry, the country is one of the key contributors to the growth of the data visualization market.

Towards An Inclusive Business Intelligence Ecosystem

Almost every facet of business is surrounded by data which encompasses investments, business development, employee performance as well as operations. In order fathom the efficiency of all the process and keep all the stakeholders of the business entities in sync requires data analysis reinforced by what has been monikered as data journalism or storytelling. This is the space that not only facilitates a better data literacy among the consumers but also enables everyone to see the larger landscape of processed information and ask questions that aids in a deeper connection with consumers who are increasingly better informed and educated.

Security as a service which is abbreviated as SECaaS is a comprehensive model under which many services related to security against sensitive and confidential data and identities among other is provided. By using these services the threats like malware, adware, ransomware and cryptojacking gets reduced. Security as a Service solutions are provided by different security services companies which include cloud security providers, data security providers, ransomware protection providers, e-mail security providers among others to the organisations who are in need to deploy these services to prevent data breaches, data loses and unauthorized to information.

Security as a service is used by many end-user industries which include Banking, Financial and Insurance Services(BFSI) and Government among others. Using Security as a solution provides a wide variety of benefits to the users of thus service. Cost-cutting is one of the major benefits of using these services as they reduce the burden for online businesses by integrating advanced security features preventing any form of data breaches without on premise hardware and a huge budget. Also using cloud security features removes the cost of hiring cyber security specialists. Another benefit that is provides is that as there are continuous checks and updates happening  that provide enhanced security features so that there is lesser chance for a data breaches or data loss to occur, thus making it easier to manage and providing continued protection. Lastly, it allows the organizations to save a lot of time that can go to waste in evaluating the problems that can occur due to lack of security and focus more on the core competencies.

Security as a Service Product Market, by segments

Security as a service market has many components all of which need to be secured In order to ensure the proper and effective security of organisations data and systems. Security as a service belongs to caters to end-users like Information, Communication and Technology and Healthcare among others

• E-Mail Protection

E-mail Protection refers to the concept consisting of a wide variety of techniques that are used for the protection and safeguarding of digital communications within different organizations. It comprises of various types of security measures that can help protect e-mail from dangers  such as spyware detection, login security and encryption of e-mail.

• Data Loss Prevention

Data loss is an event in which any organizations important data is lost or leaked. Data Loss Prevention is defined as the techniques or methods that are used to stop data breaches, data exfiltration and unwanted destruction of sensitive data. These techniques are used by various organizations to protect and secure their data in compliance with the regulations

• Web Protection

Web Protection is defined as the method or techniques that are used to stop employees from unknowingly accessing to phishing sites, malware sites, un-protected sites, or sites with low level of protection and untrusted sites which have been blocked in the custom indicator list. These techniques can mitigate the web threats that pose a risk to the organization.

• Network Protection

Network Protection is defined as the policies and practices that include various hardware and software technologies which can prevent misuse and can monitor any unauthorised access, modification, of  a computer network an resources that are accessible through the network .

• Identity and Access Protection

Identity and Access Protection is defined as the discipline by which access to an organizations resources and confidential information can be managed and monitored. Its basic objective is to provide access to the information and resources only to the right people. It uses techniques to verify the identity of the users before granting them authorized access to information so the sensitive data remains secure.

Acquisitions and Investments in Security as a Service and Cyber Security solutions

Cyber Security and Data Protection are very important these days to protect on organization’s or a user’s data from spyware, malware, phishing and other threats as the number of cyber-attacks and data braches have increased over the last few years. There are many threats that end-user industries are facing due to which, they are taking steps and involve in making investments in order to mitigate this problem plaguing their operating capability and gain a competitive edge over other competitors. For example, recently this year, a tier 1 mobile group which has operating unit throughout Europe entered into a strategic partnership with network intelligence and cyber security solution provider Allot to provide the Alllot NetworkSecure Security as a Service solution to protect the company’s mobile users against cyber threats, also providing  them with parental control.

This is also encouraging and pressurizing the market players ramp the development and improvement  of Security as a Service and cyber security solutions through acquisitions, partnerships and heavy investments to mitigate the threats posed to websites, company data, company networks, employee identities,  and access to confidential data completely. For example, Recently, this year Accenture has entered into an agreement with Broadcom to acquire Symantec’s Cyber Security Services which would aid Accenture Security in becoming on of the leading security as service provider by enhancing their ability to detect and respond to cyber threats. In November 2019, Proofpoint one of the leading cybersecurity solutions providing companies announced that they had acquired ObserveIT, which is an insider threat management platform. This acquisition would help them provide organizations with a deeper insight about the sensitive data and the threats posed to it. Also in August 2019, Mc Afee , which among the one the leading device-to-cloud  security company announced that it has completed the acquisition of NanoSec which is a  security platform with multi-cloud and zero-trust application. This will allow organizations to improve governance and compliance to the security norms. Therefore, according to the market analysis, the key players are participating in acquisitions and heavy investments while the end-users are showing increased interest to adopt these solutions, which will result in the growth of the market.

Conclusion:

Currently, E-mail protection solutions are expected to hold a significant share in this market and  are anticipated to  witness  a  fast  growth rate in the upcoming years due to the burgeoning demand from many organisations as there has been an increase In the number of phishing e-mails, ransom e-mails etc.  With respect to current market trends, it is anticipated that the Cloud based security solutions systems will flourish in the upcoming years with demand being generated from various regions and sectors and some major players like Cisco working towards adoption of these solutions. The growing need for better systems which ensure the safety of information data and other details of importance to the organisations from malicious and cyber attacks will continue to play a central role in driving this market and will attract a lot of new entrants  who will bring new and better changes in Security as a service and Cyber Security Solutions. Thus, the market will remain competitive in the upcoming years and it is projected to show modest growth in the upcoming years.