Forecasting
The global data visualization market size stood at USD 8.85 billion and is projected to reach USD 19.20 billion by 2027, exhibiting a CAGR of 10.2% during the forecast period. (Fortune Business Insights)
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https://www.fortunebusinessinsights.com/data-visualization-market-103259
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North America is expected to hold the highest market share in terms of the data visualization market.
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Europe is expected to grow substantially owing to growing demand for information visualization and analytics.
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Asia Pacific region is the lucrative market for software vendors in this area.
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Middle East, Africa and Latin America are expected to make strides in this field as per the forecast
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https://www.fortunebusinessinsights.com/data-visualization- market-103259
Data visualization and Education
Data visualization is increasingly claiming its rightful place in business and most other fields. In the recent years it has become an established area of study in academia. As Stephen Few states, (Perceptual Edge) “Most of the best commercial visualization software has directly emerged from work that began as academic research. Efforts are currently under way, including my own, to bridge the gap between academic researchers with great ideas and business intelligence vendors who know how to build and sell commercially viable software products”
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https://www.perceptualedge.com/articles/Whitepapers/Data_Visualization.pdf
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Snippets from research, on the future of data analytics in education:
Inclusive design principles and accessibility are important considerations in education. Data visualization can be made accessible by adding alternative text. It should also include other machine-readable data format so people with impaired vision can tab through the chart data with a screen reader.
Advocates of accessibility are optimistic about this. They believe that the continued growth of tools and resources in future can make data visualization and its benefits more accessible to everyone.
The rapid expansion of AI can transform the way the educational institutions operate and function in near future. With the exponential growth we’ve seen in data collection, AI can become the interpretive tool that deciphers and visualizes data. The synergetic possibilities of the two can result in helping instructors bringing out the full potential of their learners, increase retention, and provide early intervention where needed. For an AI based learning system, data analytics is the backbone and data visualization is it’s voice.
Prescriptive analysis is the future of data analytics in education. “Prescriptive analytics uses continuous data to go beyond anticipating what will happen and recommends actions to take. Prescriptive analytics attempt to quantify the effect of future decisions. Meaningful applications for prescriptive analysis exist in marketing, recruitment, admissions decisions, financial aid award, student advising, academic planning, financial forecasting and executive planning. Visualizing this analysis method will help stakeholders communicate their growth, successes and pain points.
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High costs involved in data analytics and visualization is a major concern. But with the open source technology expanding, more affordable data visualization solutions may emerge. This will make analyzing and visualizing data more obtainable to smaller and not-for-profit organizations.
Augmented, Mixed and Virtual reality technologies are redefining how we interact and submerge ourselves in data visualization. Many start-up ventures are exploring how immersive technologies can provide a more natural interaction with data, egocentric views of data and compensate for the typical downsides of three-dimensional visualizations by enabling a better comprehension of spatial distances and outliers.
