Consumers and businesses are increasingly generating huge volumes of data at unprecedented speeds. The volume and variety of data moving through an organization can often be overwhelming. Understanding the data context is key to improving customer relationships, enhancing operational efficiencies, reducing risks, and uncovering new opportunities.
Streaming analytics solutions help extract business value from data in motion like traditional analytics tools use data at rest. Real-time streaming analytics help companies of all sizes by instantly issuing alerts when a customer’s experience is degraded, or fraud is detected. Additionally, information derived from real-time analytics can be used to identify anomalies and business changes (sudden spikes in demand for a product or service or a defect in manufacturing) as they occur. Such information allows companies to take instant action and seize opportunities they would otherwise miss.
Use cases of real-time analytics performed on streaming data can be found in cybersecurity, financial services, retail, manufacturing, energy, and healthcare, among other industries. Stream processing is becoming increasingly important for companies. Some key examples of the use of streaming analytics platforms to gain faster insights from streaming data are as follows:
- Heathrow Airport (U.K.) uses the Microdot Azure streaming analytics platform to pull data from back-end business systems and push it to Power BI, providing employees with real-time insights into airport passenger traffic.
- Hunt Oil Co. (U.S.) implemented the TIBCO Drilling Accelerator to connect all its streaming data, increasing its development agility for new solution-driven projects.
- Ovo (Indonesia), a part of the Lippo Group and Indonesia’s largest payment, rewards, and financial services platform, uses the Informatics streaming analytics platform to increase customer engagement with the Ovo ecosystem.
- Medtronic (Ireland), a global healthcare solutions company, worked with the IBM Analytics and Watson Health teams to develop the Sugar.IQ with Watson solution, which provides real-time actionable glucose insights and predictions for individuals with diabetes, making diabetes management easier.
Thus, the growing adoption of streaming analytics platforms for faster insights and actions drives the growth of this market. Furthermore, rising investments in Industry 4.0 technologies are also expected to drive the growth of the streaming analytics market.
Industry 4.0 has increased the adoption of digital technologies, such as automation, data analytics, and IIoT, transforming economies, production systems, and the delivery of goods and services. In March 2022, the World Economic Forum announced adding 13 new sites to its Global Lighthouse Network, a community of 103 world-leading manufacturing facilities and value chains, using Fourth Industrial Revolution technologies to increase operational performance and environmental sustainability. In February 2021, Singapore announced plans to provide USD 18.1 billion over the next three years to help local businesses innovate and build the capabilities needed to take them through the next transformation phase by adopting emerging technologies, including 5G, Artificial Intelligence (AI), and cybersecurity.
Data generated by connected equipment has become crucial to optimizing operations. Many manufacturers embed intelligent sensors in devices throughout their production lines and supply chains. Analyzing the data from these sensors in real-time allows manufacturers to identify problems and correct them before a product leaves the production line. This improves the productivity and efficiency of operations, saving money. Therefore, the growth in industrial automation is expected to drive the streaming analytics market.
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