New York, United States, March 06, 2024 (GLOBE NEWSWIRE) -- Streaming analytics continuously analyzes moving data streams. It allows businesses to perform real-time analytics on websites, devices, sensors, social media, and app data. It also reduces stream processing system complexity by processing millions of events per second using SQL. Streaming analytics helps businesses find new income and business opportunities, increasing new clients, revenue, and customer satisfaction. Streaming analytics help improve accuracy and reliability and streamline complex business outlines and scenarios, so they are being integrated with machine learning, predictive analytics, and rules engines.
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Rising Adoption of Cutting-Edge Technologies Like Big Data, IoT, and AI Drives the Global Market
According to Straits Research, “The global streaming analytics market size was valued at USD 12,607 million in 2021. It is expected to reach USD 107588.62 million by 2030, growing at a CAGR of 26.90 % during the forecast period (2022–2030).” Increasing adoption of cutting-edge technologies like artificial intelligence, big data, the Internet of Things (IoT), and cloud computing, along with ongoing advancements in these fields, have opened up new opportunities for extracting insights from streaming data. Connected devices produce enormous amounts of data from various sources, including cameras, sensors, and other electronic gadgets. Unless the data is transformed into sound, contextual information with data analytics, it has no value by itself. Through batch processing and offline analysis, streaming analytics assists clients in gaining fresh insights. It will be necessary to use streaming analytics tools, which execute and update insights every few seconds or milliseconds, to analyze this data continuously.
Companies are also concentrating on using artificial intelligence (AI) to combine historical information with their understanding of current business processes to create precise predictive models. While implementing these cutting-edge technologies, companies can find patterns in real-time data and identify various anomalies by integrating streaming analytics software. As a result, adopting advanced technologies will increase demand for streaming analytics software, driving market expansion.
Ongoing Collaborations and Product Launches Create Tremendous Opportunities.
Streaming analytics vendors are developing new data integration and high event-streaming analytics capabilities to outperform competitors and increase the variety of commercial applications. As a result, these players are putting various strategies into practice, such as launching new products and working with tech start-ups to develop innovative solutions, which are expected to present profitable opportunities for market expansion.
Regional Analysis
North America is the most significant market shareholder and is expected to grow at a CAGR of 23.5% during the forecast period. The adoption of artificial intelligence (AI)-powered streaming analytics solutions is growing as more businesses struggle to interact with customers in the present and in a relevant, meaningful way due to the availability of various data sources at the on-premises, edge, and in multiple clouds. The region has also experienced a sharp increase in the adoption of cloud technologies, which helps the market expand.
During the forecast period, Europe is anticipated to grow at a CAGR of 26.3%. The market for streaming analytics in Europe comprises the UK, Germany, France, and the rest of the continent. International corporations are heavily investing in traditional and emerging analytics tools in Europe as part of data-driven business initiatives because doing business there is simple and reliable access to relevant markets and infrastructure. The market expansion for streaming analytics is anticipated to benefit from data-driven investments in this area.
The Asia-Pacific streaming analytics market includes China, India, Japan, and other nations. Streaming analytics solutions will analyze real-time IoT data streams to enhance user experience and productivity. Due to rising technology spending in China, India, and Japan and the demand for reasonably priced analytical solutions among SMBs, the Asia-Pacific region is anticipated to grow at the fastest rate in the upcoming years.
Key Highlights
- By component, the global streaming analytics market is segmented into software and service. The software segment dominates the market and is expected to grow at a CAGR of 25.5% over the forecast period.
- By deployment model, the global streaming analytics market into on-premise and cloud. The cloud segment contributed the most to the market and is expected to grow at a CAGR of 28.6% during the forecast period.
- By organization size, the global streaming analytics is segmented into large enterprises and small and medium-sized enterprises. Large enterprises own the highest market share and are expected to grow at a CAGR of 26.1% over the forecast period.
- By application, global streaming analytics is segmented into fraud detection, predictive asset management, risk management, network management and optimization, sales and marketing, supply chain management, and location intelligence. The fraud detection segment is the largest contributor and is expected to grow at a CAGR of 21.9% during the forecast period.
- By industry vertical, the global streaming is segmented into BFSI, IT and telecom, manufacturing, government, retail and e-commerce, media and entertainment, health care, and energy and utilities. The IT and telecom segment owns the highest market share and is expected to grow at a CAGR of 17.7% during the forecast period.
- North America was the most significant market shareholder and is expected to grow at a CAGR of 23.5% during the forecast period.
Competitive Players
The global streaming analytics market’s major key players are IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Software AG, SAS Institute Inc., TIBCO Software Inc., Amazon Web Services, SQLstream, Inc., and Impetus Technologies, Inc., and Others.
Market News
- August 2022, Crash-consistent snapshots of a portion of the EBS volumes attached to an Amazon EC2 instance are now possible with Amazon EBS.
Global Streaming Analytics Market: Segmentation
By Component
- Software
- Services
By Deployment Mode
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
By Industry Vertical
- BFSI
- IT and Telecom
- Manufacturing
- Government
- Retail and E-Commerce
- Media and Entertainment
- Healthcare
- Energy and Utilities
- Others
By Application
- Fraud Detection
- Predictive Asset Management
- Risk Management
- Network Management and Optimization
- Sales and Marketing
- Supply Chain Management
- Location Intelligence
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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