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Streaming Analytics Market Sees Rapid Expansion Fueled by Need for Real-Time Insights and Dynamic Decision-Making

Streaming Analytics Market Report

Streaming Analytics Market Report

Real-time data processing needs across industries propel the growth of the Streaming Analytics Market, driving insights and decision-making.

Rapidly growing data volumes, demand for actionable insights, and the need for faster decision-making drive the expansion of Streaming Analytics Market across diverse sectors.”
— SNS Insider Research
AUSTIN, TEXAS, UNITED STATES, February 20, 2024 /EINPresswire.com/ -- The Streaming Analytics Market, valued at USD 20.94 billion in 2022, is projected to achieve a remarkable market size of USD 122.49 billion by 2030. This expansion is underlined by a robust compound annual growth rate (CAGR) of 24.7% expected between 2023 and 2030, as per the latest SNS Insider report.

Streaming analytics, synonymous with event stream processing, involves the continuous analysis of data records in real time. Especially valuable for data sources producing information in small, constant streams, these analytics negate the need for long-term data storage. Employing specialized software and algorithms, streaming analytics extracts real-time insights from sources like sensors, financial markets, and social media. Applications span fraud detection, IoT data analytics, and network performance monitoring, where dynamic data analysis is critical. This transformative approach ensures timely decision-making, enhances operational efficiency, and addresses evolving market conditions.

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Some of the Major Key Players Studied in this Report are:

➤ Amazon Web Services
➤ International Business Machines Corporation
➤ Impetus Technologies
➤ Microsoft Corporation
➤ Oracle Corporation
➤ SAP SE
➤ SAS Institute Inc
➤ Software AG
➤ SQLstream
➤ TIBCO Software
➤ Others

Streaming Analytics Market Analysis

Streaming analytics facilitates data visualization and real-time predictions, enabling accurate decision-making. This iterative process involves rigorous testing, complex data sets, and tracking Key Performance Indicators (KPIs). By optimizing, automating, and directing decisions in real time, businesses enhance processes and meet organizational goals, fostering market growth.

Increasing adoption of streaming analytics platforms to provide faster insights and actions will fuel market growth, as data volumes surge, the need for faster insights and actions grows. Streaming analytics platforms, extracting business value from vast data, outperform traditional tools that operate on data at rest. The adoption of streaming analytics in various industries fuels market expansion, enhancing customer relationships and operational efficiency. The driving force behind this surge is the market's strategic shift toward detailed real-time projections, enhancing decision-making accuracy. As businesses increasingly adopt streaming analytics platforms for faster insights, the market is becoming a cornerstone for industries navigating the complexities of real-time data. This report explores the market's trajectory, diving into its current valuation, future projections, and the influential factors shaping its growth.

Market Segmentation and Sub-Segmentation Included Are:

➤ On The Basis of Component: In the software and services segment, software dominates with a focus on KPI monitoring and real-time data analysis. This adaptability enables enterprises to remain competitive by proactively adapting to market conditions. Services, including professional & managed services, are predicted to record the highest CAGR, providing tailored solutions to industry-specific problems.

➤ On The Basis of Deployment Model: The cloud-based segment leads in revenue due to quick integration and cost-effectiveness. On-premise solutions, expected to record significant growth, address specific needs like real-time fraud detection, reducing losses, and improving customer protection.

➤ On The Basis of Organization Size: Large enterprises dominate the market share, utilizing streaming analytics for risk mitigation and customer retention. Small & medium enterprises, driven by increasing awareness and cost-efficient software, are expected to record the highest CAGR during the forecast period.

➤ On The Basis of Application: From fraud detection to predictive asset management, risk management, and network optimization, streaming analytics solutions empower organizations to glean real-time insights for agile decision-making. Whether enhancing sales and marketing strategies, optimizing supply chain operations, harnessing location intelligence, or exploring other applications, streaming analytics is revolutionizing how businesses leverage data to unlock competitive advantages and drive growth in today's data-driven era.

➤ On The Basis of Industry Vertical: The IT & telecommunications sector holds a significant share, using streaming analytics for a customer-centric approach. The retail & e-commerce segment is expected to record the highest CAGR, leveraging real-time analytics for fraud detection and personalized customer experiences.

Key Growth Drivers of the Streaming Analytics Market

The Streaming Analytics market is experiencing unprecedented growth, fueled by a confluence of factors driving the demand for real-time data processing and actionable insights across industries. One of the primary drivers propelling this market forward is the exponential growth of data generated by connected devices, IoT sensors, social media platforms, and other sources. As organizations strive to harness the immense volumes of streaming data generated every second, there is a pressing need for advanced analytics solutions capable of processing and analyzing this data in real-time. Streaming analytics platforms offer the ability to ingest, process, and analyze data streams instantaneously, enabling organizations to derive actionable insights and make informed decisions in the moment.

Moreover, the increasing adoption of cloud computing and edge computing technologies is amplifying the demand for streaming analytics solutions. Cloud-based streaming analytics platforms provide scalability, flexibility, and cost-effectiveness, allowing organizations to leverage the power of real-time analytics without the burden of infrastructure management. Similarly, edge computing enables data processing and analysis to be performed closer to the data source, reducing latency and enabling rapid decision-making in distributed environments. As organizations embrace cloud and edge computing paradigms, the demand for streaming analytics solutions that seamlessly integrate with these technologies is on the rise.

Furthermore, the growing significance of AI and machine learning in data analytics is driving innovation in the streaming analytics market. Advanced analytics techniques, such as predictive analytics, anomaly detection, and machine learning models, are being integrated into streaming analytics platforms to uncover insights, detect patterns, and anticipate future events in real-time. By harnessing the power of AI-driven streaming analytics, organizations can gain a competitive edge by proactively addressing issues, optimizing processes, and capitalizing on emerging opportunities in dynamic environments.

Additionally, the proliferation of use cases spanning across industries, including cybersecurity, fraud detection, predictive maintenance, supply chain optimization, and customer experience management, is fueling the adoption of streaming analytics solutions. Organizations across sectors are recognizing the transformative potential of real-time data analytics in driving operational efficiency, enhancing decision-making, and delivering superior customer experiences. As a result, the streaming analytics market is witnessing robust growth, driven by the convergence of technological advancements, evolving business requirements, and the imperative for real-time insights in today's data-driven landscape.

Key Regional Development

In North America, the use of sophisticated analytics tools, significant players, and a culture of innovation contribute to the region's dominance. The Asia-Pacific region, fueled by BI analytics and substantial investments, is expected to achieve the highest CAGR due to multiple opportunities in various industrial verticals.

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Recent Developments

➤ Microsoft's Acquisition: In August 2023, Microsoft acquired Activision Blizzard, Inc., aiming to enhance gaming experiences and drive business growth.

➤ Confluent and Google Cloud Partnership: Confluent, Inc. partnered with Google Cloud in August 2023 to enable consumers to transform enterprises with real-time data, bridging on-premise and multi-cloud data architectures.

➤ Qlik's Acquisition of Talend: In May 2023, Qlik acquired Talend, combining capabilities for modern enterprises and offering enhanced support, expanded product offerings, and increased investments in innovation and R&D.

Conclusion

Streaming analytics, with its real-time data processing capabilities, stands as a pivotal force reshaping the landscape of data-driven decision-making across industries, propelling its market growth with unparalleled significance. At its core, streaming analytics enables organizations to harness the power of data as it flows in, providing instantaneous insights that drive proactive actions and responses. This immediacy is crucial in today's fast-paced business environment, where every second counts in capturing opportunities, mitigating risks, and enhancing operational efficiency.

The significance of streaming analytics lies in its ability to transform raw data into actionable intelligence in real time, empowering organizations to make informed decisions swiftly and decisively. By continuously analyzing data streams from diverse sources such as IoT devices, social media feeds, transactional systems, and sensors, streaming analytics platforms uncover patterns, anomalies, and trends that would otherwise remain hidden in the vast sea of data. This capability enables businesses to detect and respond to critical events as they unfold, whether it's identifying fraudulent transactions, predicting equipment failures, optimizing marketing campaigns, or ensuring seamless supply chain operations.

Moreover, streaming analytics not only addresses the need for immediate insights but also facilitates continuous learning and optimization through feedback loops. By leveraging machine learning algorithms and predictive models, streaming analytics platforms can adapt and evolve over time, refining their analyses and recommendations based on new data and changing circumstances. This iterative approach to data analytics fosters innovation, agility, and competitiveness, allowing organizations to stay ahead of the curve in rapidly evolving markets.

Furthermore, the growing adoption of cloud computing, edge computing, and AI technologies is fueling the expansion of the streaming analytics market. Cloud-based streaming analytics platforms offer scalability, flexibility, and accessibility, enabling organizations to deploy and scale their analytics capabilities with ease. Similarly, edge computing brings analytics closer to the data source, reducing latency and enabling real-time insights in distributed environments. With AI-driven capabilities embedded into streaming analytics solutions, organizations can unlock deeper insights, automate decision-making processes, and drive transformative outcomes across their operations.

In essence, the significance of streaming analytics lies in its transformative potential to turn data into actionable intelligence at the speed of business, driving market growth by empowering organizations to unlock new opportunities, mitigate risks, and deliver exceptional value to their stakeholders in today's hyperconnected and data-driven world.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Challenges

4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Streaming Analytics Market Segmentation, by Component
8.1. Software
8.2. Service

9. Streaming Analytics Market Segmentation, by Deployment Model
9.1. On-premise
9.2. Cloud

10. Streaming Analytics Market Segmentation, by Organization Size
10.1. Large Enterprises
10.2. Small & Medium-sized Enterprises

11. Streaming Analytics Market Segmentation, by Application
11.1. Fraud Detection
11.2. Predictive Asset Management
11.3. Risk Management
11.4. Network Management and Optimization
11.5. Sales and Marketing
11.6. Supply Chain Management
11.7. Location Intelligence
11.8. Others

12. Streaming Analytics Market Segmentation, by Industry Vertical
12.1. BFSI
12.2. IT and Telecom
12.3. Manufacturing
12.4. Government
12.5. Retail and E-Commerce
12.6. Media and Entertainment
12.7. Healthcare
12.8. Energy and Utilities
12.9. Others

13. Regional Analysis
13.1. Introduction
13.2. North America
13.3. Europe
13.4. Asia-Pacific
13.5. The Middle East & Africa
13.6. Latin America

14. Company Profile

15. Competitive Landscape
15.1. Competitive Benchmarking
15.2. Market Share Analysis
15.3. Recent Developments

16. USE Cases and Best Practices

17. Conclusion

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SNS Insider | Strategy and Stats
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