The global data visualisation market is growing by nearly $1 billion (£770 million) a year, and is expected to be top $9 billion (£6.95 billion) by 2026 as data visualisation tools become "business critical" for any company which wants to get the most out their data.
According to an analysis of industry data by Zegami, a firm which launched out of Oxford University in 2016, executives are under increasing pressure 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 rising expenditure on data warehousing and storage costs.
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.
The biggest increase in the use of data visualisation tools is predicted to come from academia and research, with financial services and healthcare also among the major adopters over the next decade.
Zegami founder and chief technology officer Roger Noble said: "We see a potential growth in unstructured data in particular, especially images and video. By unlocking these untapped sources of data, companies can enable new ways of thinking and revenue opportunities.
"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.”