How bright is the future of data visualization in the next 10 years?

Posted by SR Analytics on June 19th, 2021

Over the years, data visualization has become more proficient and adept in analyzing data. It's no more restricted to big organizations or IT professionals. It’s now available for non-tech consumers. Thus, also encouraging SMEs to imbibe a data-driven culture. So, if you look at the future of data visualization, it's pretty promising. 

But, before we understand the future of data visualization, let's go through its importance.

Is Data Visualization important?

The interactive charts and graphs of data visualization enrich the experience of the DataViz analysts and the end consumers.

• Understand your business's performance over a period

• Know your customer sentiments and design strategies accordingly

• More interactive data presentation

• Interpreting correlations in different matrices and taking a holistic decision

• Analyzing risk before they become too challenging

• Analyzing and predicting trends

Thus, data visualization isn't a choice but a business necessity that'll help it grow tremendously.

The future of data visualization

Mobile-friendly visuals

Over the years, mobile users have increased. According to a recent survey, mobile's market share is 52.1% (desktop's is 44.2%).  So, the modern BI tools are now focusing on mobile-friendly reports. The reports prepared using BI tools like Power BI, Google Analytics, etc., can be conveniently accessed from smartphones. 

Thus, setting a future trend where data is available for analysis on personal smartphones, accessible from anywhere.

Working methodology of analysts

Since DataViz is now available for non-techies, too, its reach has widened. Packed with infographics, it has transformed the way data analysts work. Thus, making it easier for businesses to get insights and respond to problems. 

So, the future of DataViz will be more infographics-based, making data easy to decipher.

Artificial Intelligence

From 2021 to 2028, the AI market is forecasted to have a CAGR of 40.2 percent. It has been profoundly impacting several market segments, including data visualization. Thus, undoubtedly the future of data visualization is largely intertwined with Artificial Intelligence. Analysts would use data visualization, AI, and machine learning to decode the vast amounts of complex data and reinvent the consumer experience. 

Just imagine - you type in a question on your BI tool, and it responds with a visual. Doesn't it sound handy? It's because of the Natural Language Processing Abilities of the Business Intelligence tools.

Conclusion

The global market share of data visualization was USD 8.85 billion in 2019. With an anticipated CAGR of 10.2%, it’ll reach USD 19.20 billion by 2027. Thus, the future of data visualization is booming. If you haven't yet adopted DataViz in your organization, it's time you do it now and with a reliable consultancy firm.