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Streaming Analytics Market by Offering (Platforms, Services), Deployment Mode (Cloud, On-premise), Application (Fraud Detection, Customer Analytics, Others), Organization Size, Sector (IT & Telecom, Retail, BFSI, Others) & Geography - Global Forecast to 2030
Report ID: MRICT - 104818 Pages: 248 Jun-2023 Formats*: PDF Category: Information and Communications Technology Delivery: 2 to 4 Hours Download Free Sample ReportThe Streaming Analytics Market is projected to reach $73.27 billion by 2030, at a CAGR of 19.7% during the forecast period of 2023–2030. The growth of the streaming analytics market is driven by the growing adoption of streaming analytics platforms for faster insights and actions and the growth in industrial automation. However, streaming analytics solutions’ lack of integration with legacy systems restrains the growth of this market.
The development of new data integration and high event stream analytics capabilities is expected to generate growth opportunities for the players operating in this market. However, factors such as data security & privacy issues and the infrastructure requirements and complex architectures of streaming analytics solutions are major challenges for market growth. Additionally, the growing adoption of cloud-based streaming analytics platforms is a prominent trend in the streaming analytics market.
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:
Thus, the growing adoption of streaming analytics platforms for faster insights and actions drives the growth of this market.
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In 2023, the Customer Analytics Segment is Expected to Dominate the Streaming Analytics Market
Based on application, the global streaming analytics market is segmented into fraud detection, customer analytics, sales & marketing, predictive asset management, risk management, network management & optimization, location intelligence, supply chain management, and other applications. In 2023, the customer analytics segment is expected to account for the largest share of the global streaming analytics market. The segment’s large market share is attributed to organizations’ rising need to retain customers through improved customer satisfaction, gain a competitive advantage in the market, boost customer loyalty, improve brand reputation, and accelerate overall business growth.
In 2023, the Retail Segment is Projected to Record the Fastest Growth Rate During the Forecast Period
Based on sector, the global streaming analytics market is segmented into media & entertainment, BFSI, IT & Telecom, retail, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities and other sectors. In 2023, the IT & Telecom segment is expected to account for the largest share of the global streaming analytics market.
However, the retail segment is projected to record the highest CAGR during the forecast period. Companies from the retail sector have access to multiple data streams. Analyzing this data is important for retail activities, including predicting inventory reorder times and shortages, fulfilling shipments, tracking customer activity and business trends to offer personalized products/services/discounts to customers, and geo-targeted mobile marketing. Thus, the growing adoption of streaming analytics solutions among retailers for improving supply chain visibility, ensuring customer loyalty through personalized campaigns and location-based microservices, and detecting and preventing fraud is expected to drive the growth of this segment.
Asia-Pacific: Largest Regional Market
Based on geography, the streaming analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global streaming analytics market. Increasing digitization, rising sales of smartphones and tablets, growing adoption of consumer IoT devices, and increasing disposable incomes in economies such as China, India, and Japan have emerged as the key growth drivers for the regional market. The demand for streaming analytics in APAC is expected to continue growing as organizations recognize the need to harness real-time insights from streaming data to drive business growth, enhance customer experiences, optimize operations, and stay competitive in the digital age.
Furthermore, the continuous rollout of high-speed wireless internet networks and the focus of developing economies on improving legacy infrastructure have improved internet penetration in the Asia-Pacific region. Enhanced internet connectivity has enabled companies to easily deploy advanced IoT sensors and devices for process monitoring and control. This is expected to provide opportunities for the growth of streaming analytics.
Key Players:
Some of the key players operating in the streaming analytics market are IBM Corporation (U.S.), Informatica Inc. (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Striim, Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), SQLstream (U.S.) a subsidiary of Thales Group (France), Software AG (Germany), TIBCO Software Inc. (U.S.), Cloudera, Inc. (U.S.), Teradata Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Impetus Technologies, Inc. (U.S.), and Hewlett Packard Enterprise Company (U.S.).
Scope of the report:
Streaming Analytics Market, by Offering
Streaming Analytics Market, by Deployment Mode
Streaming Analytics Market, by Application
Streaming Analytics Market, by Organization Size
Streaming Analytics Market, by Sector
Streaming Analytics Market, by Geography
Key questions answered in the report:
The global streaming analytics market is projected to reach $73.27 billion by 2030, at a CAGR of 19.7% during the forecast period.
The growth of the streaming analytics market is driven by the growing adoption of streaming analytics platforms for faster insights and actions and the growth in industrial automation.
Some of the key players operating in the streaming analytics market are IBM Corporation (U.S.), Informatica Inc. (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Striim, Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), SQLstream (U.S.) a subsidiary of Thales Group (France), Software AG (Germany), TIBCO Software Inc. (U.S.), Cloudera, Inc. (U.S.), Teradata Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Impetus Technologies, Inc. (U.S.), and Hewlett Packard Enterprise Company (U.S.).
The platforms segment is expected to account for the larger share of the global streaming analytics market.
The fraud detection segment is expected to grow with the highest CAGR during the forecasted period.
The retail segment is expected to grow with the highest CAGR during the forecasted period.
The large enterprises segment is expected to grow with the highest CAGR during the forecasted period.
The small & medium-sized enterprises segment is expected to grow with the highest CAGR during the forecasted period.
Published Date: Aug-2024
Published Date: Aug-2024
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Published Date: May-2024
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