Visualization is becoming a vital skill set that every organization must grasp in the age of big data. Digital technology has changed the way firms use data, providing insights into a wide range of company parameters.
All of that data, though, is only useful if you can see and interpret it. This is when data visualization plays a great role. Simply said, this is the process of combining data in a way that allows it to be viewed and evaluated.
It’s a group of approaches for communicating data and encoding it in a visual format as a graph, chart, video, or image. It is possible to take collections of numbers that may appear difficult to read and turn them into something that people can easily see and understand by expressing data in this manner.
According to research from the Wharton School of Business, efficient data visualization can help you pulse check small business finances and can cut meeting time in half. A graph depicting sales growth over the last few years, for example, is considerably easier to interpret than statistics presented in table form.
Visualization is becoming a rapidly increasing field as firms endeavor to extract insights and manage information. From $5.9 billion in 2021 to $10.2 billion in 2026, the market for data visualization tools is predicted to increase by more than 11% annually.
The sophistication of those graphical representations is anticipated to increase as technology advances. Here are six new trends to keep an eye on:
Data Stories
Will be the most frequent manner of consuming analytics by 2025. We are socially conditioned to respond to stories. Data, in essence, tells you a story about what’s going on in your organization.
As a result, the finest data analysts will also be the best storytellers. The Buy or Rent Calculator from the New York Times is an excellent example of this, as it uses statistics to show individuals if it makes more financial sense to buy or rent a home under various scenarios.
Real-time Data
Companies may now examine data in real time and from multiple places thanks to cloud computing. Traditionally, businesses have maintained their finances by preparing monthly or quarterly reports. Because the procedure is lengthy and inefficient, data is frequently out of date by the time the report is completed.
Managers may now produce reports presenting their financial data in real-time using cloud financial management tools. It enables them to acquire a clear picture of the most up-to-date financial data, making it much easier for them to examine data and spot potential financial difficulties.
Infographics in Video
Video is quickly gaining popularity as a means of accessing data-based information. According to a recent study, around two-thirds of consumers prefer to learn information through video. It might be difficult to get a complete picture of data from just text or graphics.
It comes to life through video. Data scientists are utilizing video infographics to make data consumption and understanding more interesting and accessible. These are usually short videos of a few minutes in duration that provide information in an entertaining and informative manner.
For example, video infographics have been utilized to produce real-time animations that disseminate COVID-19 data all around the world. It’s a good approach to get things done.
AR and VR
Many industries, including big data, are being transformed by virtual reality (VR) and augmented reality (AR). When used in conjunction with data visualization software, VR and AR allow you to interact with your data as well as examine it.
You can make maps, games, models, and virtual events that let you interact with data in new ways. Data scientists can extract previously undiscovered insights and detect invisible patterns in raw data sets using this holistic approach to data. For example, Google used virtual reality to create an interactive map that displayed the most frequently asked questions about Brexit from individuals across the globe.
It was a fantastic approach to get a sense of popular opinion on the referendum. Data scientists may view data in AR using IBM’s AR data visualization tools on their cellphones. It enables people to view datasets in 3D, extracting insights that a 2D display could miss.
Artificial Intelligence
The sheer volume of data being generated in the future will make it increasingly challenging for data scientists to manage. Machine learning and automation are being used by artificial intelligence to analyze data and identify patterns that would be impossible for humans to notice. For example, businesses are utilizing AI to produce visual representations of which news subjects are popular.
Mobile-Friendly Data Visualizations
For both professional and personal uses, mobile devices have become indispensable work tools. Because we use them to access apps, websites, reports, and more, the first impression we get from them is frequently a mobile one. When using mobile devices to access data visualizations, the quality of the user experience is critical and will become much more so in the future.
Data visualizations for workplace applications or websites must be evaluated across a range of mobile devices and browsers. Because you don’t have much room to deal with, it’s critical to keep the visualizations clear, straightforward, short, and brief. Furthermore, you must not only catch but also maintain the user’s attention, as attention spans on mobile devices are quite short.
You must make the facts as compelling as feasible while simultaneously making the interactive features as simple as possible. The most crucial points must be clear and simple to understand and process for users.
The six data visualization trends described above will ensure that data visualization can aid you to conquer different markets and future visualizations will provide enterprises with even more strategic value. We must be prepared to embrace each of these in order to develop visual data that fulfills the demands of our users both now and in the future.
