Data visualisation market ‘will hit $9bn by 2026’
The global data visualisation market is growing by up to $900m a year, and is expected to be worth $9bn by 2026, according to analysis of industry data by Zegami, the data visualisation company helping businesses unlock their data potential.
Property is producing more data than ever but this creates pressure on managers and advisers to make sense of the numbers. This is leading to the increased use of data visualisation in data analytics and business intelligence tools, as well as organisations looking to find ways to reduce their rising expenditure on data warehousing and storage costs.
Roger Noble, founder and CTO of Zegami, said: “The data visualisation market in these sectors will enjoy double digit compound annual growth rates over the next few years, and in some cases compound annual growth rate of over 20%. We see a potential growth in unstructured data in particular, especially images and video. By unlocking these untapped sources of data, we enable new ways of thinking and revenue opportunities for our customers. With the huge proliferation of data, and how the Internet of Things and 5G will fuel this further, data visualisation tools are fast becoming business critical for any organisation that uses data.”
Data visualisation tools are being used to not only enhance decision making and speed up this process, they also have a vital role to play in compliance and meeting regulatory requirements.
To date, data visualisation is primarily being used to enhance human decision making rather than replacing it. However, Zegami says it also has a key role to play in the development of artificial intelligence, where machines and computers will increasingly make more decisions without human input
In terms of which sectors Zegami expects to see the biggest increase in the use of data visualisation tools, it believes academia and research, financial services and healthcare will be among the biggest adopters over the next 10 years or so.
Zegami launched out of Oxford University in 2016. The firm is currently exploring new ideas and making new discoveries for 35 clients and counting, across an ever-growing variety of sectors. The platform enables users to rapidly analyse, categorise, label and clean large image datasets, invaluable for many applications including training machine learning. It also creates insightful visualisations from the widest range of structured and unstructured data in business and scientific research.