How does Data Visualization distil complex Big Data sets to actionable intelligence?
Data visualization, often used interchangeably with terms such as statistical graphics, information visualization and information graphics promises to break the complexity surrounding data. The incorporation of Internet of Things (IoT), data coming from many disparate sources, multiple data sources may often mean a strenuous task of data cleaning adding to the data pile that organisations passionately aim to decode. This fuels the need for organisations to have a less complicated medium to derive valuable insights from data. Such requirements drive the need for data visualization tools to help organisations derive analytical information from large chunks of big data in quick turn-around time.
The global data visualization market is estimated to grow at a CAGR of 8.68% from 2020-2028 owing to many factors that will drive the growth of the market that incorporate an increasing demand of internet and social media users, multi-platform assesses to data sources and dynamically changing data dashboards.
Why is Data Visualization so Powerful?
• Crystal Clear Information
Data Visualisations let businesses to see large amounts of data in a much cohesive and clear manner. Thus, it is significantly faster to analyse information presented in a graphical format as opposed to bulky spreadsheets.
• Establishes Data Relationships
When extensive amounts of complicated data explain themselves through data visualization dashboards, it is easier to establish a relationship like logistic or linear regression. Businesses can recognize which are highly correlated to focus on areas most likely to influence their most strategic goals.
• Captures Emerging Trends
Data visualization captures both business and market trends giving the businesses an unprecedented edge over its competition. This makes it easy for businesses to spot outliers which may affect its product quality or customer churn, and address potential issues before they become bigger concerns.
• Communicates the Data Story
Interactive dashboards communicate the data story in an easy to understand and cohesive manner. The rampant use of visually impactful representations engages the decision makes and gets the message across swiftly.
Data Visualization Deployments and Players
The global data visualization software market is categorised on the basis of-
1. Deployment Model Adopted– On-premise, cloud-based and hybrid.
2. End-Use Industries Served– Retail, BFSI, Telecom, Manufacturing, IT, Healthcare, and others.
3. Geography Market– North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
The global Data Visualization Platforms comprise of-
• International Business Machine (IBM)
• Tableau Software
• Microsoft Corporation
• Oracle Corporation
• TIBCO Software Inc.
• SAS Institute and SAP SE.
Top Data Visualization Interactions
The advancement of COVID-19 deploys massive use of information for decision making. As the name suggests, this intelligent data dashboard displays both statically and dynamically to explain how the deadly Coronavirus has penetrated all across the world.
Plastic profusion by NGC
Conceptualised by the National Geographic this interactive dashboard shows the proliferation of all plastic waste into the oceans. It is estimated that an average rate of about nine million tons of plastic is thrown in the oceans a year. Plastic Profusion explains how critical is the concern of environmental degradation owing to plastic dumping into the ocean bed.
This piece of interactive content introduces to the 2,678-existing language in the world, detailing most spoken languages; where languages are spoken; common languages families; the number of speakers and how many exchange words are among languages.
This creative piece of data visualization combines all the necessary ingredients of an effective and engaging piece combining massive reams of data into a single page; it uses colour to easily distinguish trends by allowing the viewer to get a global sense of the data and engages users by allowing them to interact with the piece.
Transparency International’s corruption survey explains the relationship between the type of corruption prevalent with regards to the geographic location of the country.
In this data visualization master-piece, Matt explains, “Literary elites love to rep Shakespeare’s vocabulary: across his entire corpus, he uses 28,829 words, suggesting he knew over 100,000 words and arguably had the largest vocabulary, ever. I decided to compare this data point against the most famous artists in hip hop. I used each artist’s first 35,000 lyrics. That way, prolific artists, such as Jay-Z, could be compared to newer artists, such as Drake.” This amazing data visualization piece grabs the most essential objective of data communication- telling a story.