Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Streaming Analytics market.
Trusted Business Insights presents an updated and Latest Study on Streaming Analytics Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Streaming Analytics market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Streaming Analytics Market
The global streaming analytics market size was valued at USD 6.32 billion in 2018 and is expected to register a CAGR of 28.9% from 2019 to 2025.. The increasing investments made by companies in streaming analytics solutions to improve their business performance and operations through a better understanding of risks and opportunities gained from the analysis of data in motion. Streaming analytics, also known as event stream processing, refers to the analysis of a large amount of real-time and in-motion data using continuous queries known as event streams. Over the last few years, streaming analytics has been replacing conventional analytics methodologies across several applications owing to its capability of processing real-time streaming data.
Rapid advancements in Internet of Things (IoT) sensors and devices used in industrial and consumer applications have facilitated the emergence of streaming analytics solutions with improved processing performance. This can be attributed to the capability of advanced IoT sensors and devices of gathering large volumes of rice operational and performance data. The increased demand from companies for such data to improve their decision-making process, service delivery process, network optimization, and customer interaction and retention, among others, is likely to drive the adoption of advanced streaming analytics solutions in the near future. Companies are also adopting streaming analytics solutions to create new business channels and enhance customer experiences. As a result, streaming analytics has been witnessing increasing interest from fields such as marketing, finance, and operations.
Encouraged by the rapidly growing adoption of streaming analytics, a large number of startups are also focusing on developing feature-rich real-time streaming analytics solutions. Furthermore, advances in Artificial Intelligence (AI), Machine Learning (ML), and big data analytics are enabling users to analyze large volumes of real-time data obtained from multiple sources such as industrial IoT networks, consumer IoT devices, and electronic devices. Users are focusing on using AI to merge historical data with their knowledge about real-time business processes to build accurate predictive models. Furthermore, the integration of advanced cognitive computing technologies such as AI with streaming analytics software is enabling companies to deduce patterns and detect a wide range of anomalies from real-time data.
The major challenges impacting the market include legacy architecture, lack of experienced workforce, and the high cost of deployment and integration of advanced analytics solutions. Data security concerns and stringent data security regulations such as the General Data Protection Regulation (GDPR) in Europe are also negatively impacting the growth of the market to a certain extent. Furthermore, the lack of awareness regarding streaming analytics solutions and their benefits may also negatively impact market growth. Nevertheless, with a growing propensity toward digital transformation, the impact of the aforementioned factors is anticipated to diminish in the coming years.
Streaming analytics solution providers are developing advanced functionalities such as data pseudonymization to ensure a products compliance with data privacy and security regulations. Data pseudonymization prevents unauthorized users or hackers from using customer data for personal gains. For instance, the Striim platform by Striim, Inc. supports data pseudonymization by capturing, masking, filtering, obfuscating, enriching, and encrypting data-in-motion. Other leading companies are also working toward enriching their streaming analytics offerings using data pseudonymization capabilities.
Component Insights of Streaming Analytics Market
Based on component, the market has been segmented into software and services. The software segment dominated the market in 2018 and is also anticipated to emerge as the fastest-growing segment over the forecast period. The increasing adoption of streaming analytics software by large Multinational Companies (MNCs) as well as Small and Medium Enterprises (SMEs) in developed economies of North America, Europe, and the Asia Pacific regions is anticipated to drive the growth of the segment over the forecast period.
Companies are increasingly relying on streaming analytics software for analyzing unstructured video, text, audio, geospatial, and IoT sensor data and identify business risks and opportunities. Furthermore, the capability of streaming analytics software to analyze real-time data and monitor the Key Performance Indicators (KPIs) of a company is also expected to drive their adoption multiple end use segments. The services sub-segment is also anticipated to witness significant growth over the forecast period owing to the growing demand for customized streaming analytics solutions and the rising deployment of cloud-based streaming analytics solutions by startups worldwide.
Deployment Insights of Streaming Analytics Market
Based on deployment, the market has been segmented into on-premise and cloud. The cloud segment dominated the market in 2018 and is also anticipated to emerge as the fastest-growing segment over the forecast period. Streaming analytics solutions offered through the Software-as-a-Service (SaaS) model allow companies the chance to move to a subscription-based service model. Cloud-based streaming analytics solutions also provide users with low-latency data transformation capability.
The cloud deployment model also offers increased convenience to companies by providing rapid integration, reduced maintenance, increased operational flexibility, and low operational manpower requirement. Cloud-based streaming analytics solutions offer convenient access to users through multiple devices such as laptops, smartphones, and desktop computers. These factors, combined with the reduced capital investment in physical infrastructure and workforce achieved through the switch to the cloud-based deployment of streaming analytics solutions, are key to the promising growth prospects of the segment.
Application Insights of Streaming Analytics Market
Based on application, the market has been segmented into fraud detection, marketing & sales, risk management, predictive asset management, network management & optimization, location intelligence, supply chain management, and others. The marketing & sales segment dominated the market in 2018. This can be attributed to the increasing usage of streaming analytics to deliver superior customer engagement through techniques such as customer profiling, campaign management, monitoring, and demographic analysis for improvising on existing customer engagement policies. Streaming analytics solutions are also being increasingly used by companies to better identify the target audience, their preferences, and learn about customer behavior and additional
However, the risk management segment is anticipated to emerge as the fastest-growing segment over the forecast period due to the increasing usage of streaming analytics for minimizing, monitoring, predicting, and controlling the probability or impact of unlikely events. For instance, streaming analytics solutions in factories analyze real-time data captured by smart IoT devices and sensors to help production managers remotely monitor processes and equipment performance. The analysis of real-time performance data also enables the maintenance department to predict, diagnose, and address problems to improve asset uptime.
End Use Insights
Based on end use, the market has been segmented into BFSI, IT & telecom, retail, healthcare, government, media & entertainment, education, and others. The IT & telecom segment dominated the market in 2018 owing to the customer-centric approach of these sectors and their growing focus on offering customized, feature-rich products at competitive pricing or through subscription models. IT and telecom companies are using streaming analytics to analyze large amounts of operational data to serve the consumer better. This includes customers location, application usage statistics, and other performance data to improve service delivery and personalization.
The media & entertainment segment is anticipated to emerge as the fastest-growing segment over the forecast period due to the increasing consumer preference for accessing multimedia content through OTT applications on smartphones and tablets. The increasing penetration of high-speed wireless internet globally has enabled companies to deliver high-quality content to users. Media & entertainment companies are also leveraging powerful streaming analytics solutions to design enhanced marketing campaigns for customer acquisition and retention. Furthermore, the real-time information obtained from social media is enabling companies to gain a competitive advantage by delivering a personalized consumer experience via omnichannel sales approaches.
Regional Insights of Streaming Analytics Market
The North American regional market dominated the global streaming analytics market in 2018. North America is home to several leading streaming analytics solution providers such as Microsoft Corporation, Oracle Corporation, and IBM Corporation. These companies are focusing on the development and commercial deployment of streaming analytics solutions for consumer and industrial applications. The rising per capita income, tech-savvy population, and the continued adoption of emerging technologies for personal and business applications are also some other major factors driving the growth of the regional market.
Asia Pacific is projected to emerge as the fastest-growing regional market for streaming analytics over the forecast period. The rising sales of smartphones and tablets, growing adoption of consumer IoT devices, and the increasing disposable incomes in economies such as China, India, and Japan have emerged as the key growth drivers for the regional market. Furthermore, the continuous rollout of high-speed wireless internet networks and the focus of developing economies on improving legacy infrastructure have resulted in improved internet penetration in the Asia Pacific region. The enhanced internet connectivity has enabled companies to easily deploy advanced IoT sensors and devices for process monitoring and control.
Market Share Insights of Streaming Analytics Market
Key industry players operating in the market include IBM, Informatica, Microsoft, SAP SE, Striim, Inc., Oracle, SAS Institute Inc., SQLstream, Inc., Software AG, and TIBCO Software Inc. These market players are working on developing new data integration and high event-streaming analytics capabilitiesto improve the scope of commercial applications. In addition, some companies are acquiring or partnering with emerging technology start-ups to develop innovative solutions.
For instance, in 2018, Oracle Corporation acquired DataFox, a San Francisco-based AI engine developer and provider of sales intelligence for business-to-business companies. The acquisition enabled the former to integrate the DataFoxs AI data engine into its cloud applications for analyzing insightful and dynamic company-level data to derive insights for smarter decision making. Similarly, in 2019, Microsoft Corporation partnered with Fastly, Inc. to develop a new customer-facing solution based on Azure Data Explorer (ADX) for real-time analysis on high-volume click-stream data.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Streaming Analytics Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global streaming analytics market report based on component, deployment, application, end use, and region:
Component Outlook (Revenue, USD Million, 2019 – 2030)
Deployment Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Marketing & Sales
Predictive Asset Management
Network Management & Optimization
Supply Chain Management
End Use Outlook (Revenue, USD Million, 2019 – 2030)
IT & Telecom
Media & Entertainment
Quick Read Table of Contents of this Report @ Streaming Analytics Market Size & Share, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580