Streaming Analytics

Streaming Analytics

The streaming analytics means the technology and software solutions used in real-time technology for the analysis of continuous data feed from social media, IoT devices, and transaction systems. This market is characterized by the ability to deliver Analytical Services to organizations with a prominent level of timeliness, to support decision-making and operations. The global data integrations and ingestions market is primarily governed by factors like the unprecedented rise in data production, upsurge in IoT applications, demand for emerging analytics across verticals that include finance, healthcare, and retail sectors besides others, and the focus on the utilization of data in decision making. Also, cloud computing and advancements in machine learning technologies improve the applicability and capability of streaming analytics to increase the rate of business implementation of streaming analytics.

The streaming analytics market is set to show a growth rate of about 30.04%. This is due to the growing need for immediate insights from data across industries that drive the adoption of streaming analytics solutions. Also, increasing R&D, investment, and collaborations in this industry drive the streaming analytics market. For instance, in August 2023, Microsoft declared the acquisition of Activision Blizzard, Inc. to bring more resourceful and inventive games to performers everywhere and on any device. The acquisition with Activision Blizzard, Inc. focused on driving efforts to further strengthen the company’s culture and accelerate business growth.

• Based on the components, the market is bifurcated into software and services. The software category is likely to still be the largest market shareholder of the streaming analytics market as it helps to process, analyze, and visualize data in real-time, especially for organizations that wish to make decisions based on data in real-time. Event generation software, cloud-based software along with event stream processing tools and machine learning facilities help to connect and analyze HVDs from numerous sources, including IoT, SMM, and TSs. These tools enable organizations to make decisions on quality, growth, and efficiency, better customer satisfaction for improving organizational performance, and thus the need for advanced streaming analytics for every business. The dynamic nature of the technologies that have appeared, like AI and ML, also plays an added strength in the continuous growth of innovative solutions for streaming analytics solutions.
• Based on the deployment, the market is bifurcated into On-premises and Cloud. Among these, the Cloud category is expected to grow at the fastest CAGR during the forecast period by offering open, elastic, and cheap platforms for processing real-time data. Cloud-based platforms are ideal because they allow organizations to easily capture, process, and analyze data streams from various sources without having to make huge investments in local premises. On-demand scalability of resources and compatibility with Big Data, IoT, and AI quicken the pace of adopting streaming analytics in diverse sectors. Moreover, cloud solutions provide better availability, which can help businesses of many sizes apply sophisticated analytics for real-time decision-making, workflow optimization, and consumer understanding, thus promoting market growth.
• Based on the applications, the market is segmented into marketing and sales, network management & optimization, location intelligence, fraud detection, and others. Among these, the marketing and sales segment is a key driver of the streaming analytics market as it empowers organizations to use real-time insights in improving their customer engagement, planning, and execution of campaigns and sales tactics. Through streaming analytics, they can analyze massive amounts of customer data from various channels including social media, e-commerce platforms, and digital advertising, and gain real-time insights into customers’ behavior and trends. This enables marketing and sales to increase customer value and perfect the conversion ratio while reducing cost and risk, therefore, the growth of streaming analytics is seen across most industries.
• Based on the industry, the market is segmented into IT and telecom, media and entertainment, BFSI, healthcare, and others. Among these, the IT and telecom segment is a key driver of the streaming analytics market as it generates enormous amounts of real-time data from numerous sources, such as network traffic, customer interactions, and Internet of Things devices. As the companies in these sectors look to increase operational efficiency, better customer relations and retain a competitive edge they turn to stream analytics to process this data and analyze it in real time. This capability provides real-time visibility into the networks, user activities, and the quality of services delivered, making it possible for decisions to be made where there is an emergence of current trends. Moreover, with 5G networks and the growth of the cloud services market, there is a push for having increasingly sophisticated streaming analytics, which drives the market further.
• For a better understanding of the market adoption of streaming analytics, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Among these, the market for Streaming Analytics in the Asia-Pacific region is also growing steadily owing to trends such as the digitalization of Asia-Pacific, the expansion of IoT, and the adoption of technologies like AI and machine learning. Today, retail, finance, telecommunications, and manufacturing businesses are successfully using streaming analytics to make better decisions in real-time, perfect their activities, and improve the clients’ experiences. Smart cities, 5G networks, and the shift to cloud-based solutions increase the demand significantly more with countries such as China, India, and Japan taking the lead in the market. Another driver is the rising adoption of efficient and inexpensive Statistical Analytics and Business Intelligence tools by using Small and Medium-sized enterprises-SMEs across this region.
• Some major players running in the market include IBM; Microsoft; Google Inc.; Software GmbH; Confluent, Inc.; Amazon Web Services, Inc.; Informatica Inc.; Impetus Technologies, Inc.; Cloud Software Group, Inc.; and Oracle.