Meticulous Research®, a prominent player in global market research, released a study named, ‘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 - Forecasts to 2030’.
As per the recent report by Meticulous Research®, the streaming analytics market is anticipated to achieve a valuation of $73.27 billion by 2030, with a compound annual growth rate (CAGR) of 19.7% between 2023 and 2030. This growth is primarily attributed to the increasing uptake of streaming analytics platforms, facilitating quicker insights and responses, coupled with the expansion of industrial automation. Nonetheless, the market's progress is hindered by the challenge of integrating streaming analytics solutions with existing legacy systems.
The emergence of advanced data integration and high event stream analytics capabilities is forecasted to create favorable prospects for companies involved in this sector. Nonetheless, challenges like data security and privacy concerns, along with the demanding infrastructure prerequisites and intricate architectures of streaming analytics solutions, pose significant hurdles to market expansion. Moreover, a notable trend in the streaming analytics market is the increasing adoption of cloud-based platforms.
Based on offering, the worldwide streaming analytics market is divided into platforms and services. By 2023, it is anticipated that the platforms segment will hold a larger portion of the global streaming analytics market. This dominance is driven by the increasing utilization of streaming analytics platforms to handle and analyze rapidly moving live data, along with enterprises' increasing demand to minimize infrastructure expenses, facilitate quicker insights and responses, and enhance operational effectiveness.
Additionally, it is expected that the platforms segment will experience a higher compound annual growth rate (CAGR) throughout the forecast period. This surge in growth can be attributed to the rising acceptance of streaming analytics platforms, which possess the ability to analyze data and track Key Performance Indicators (KPIs) for busine
Based on deployment mode, the global streaming analytics market is categorized into on-premise deployments and cloud-based deployments. By 2023, it is anticipated that the on-premise deployments segment will hold a greater portion of the global streaming analytics market. This dominance is primarily driven by the strong inclination towards on-premise deployments among large enterprises, owing to the availability of skilled IT professionals and infrastructure, as well as concerns regarding security associated with cloud-based deployments.
However, it is anticipated that the cloud-based deployments segment will experience a higher compound annual growth rate (CAGR) over the forecast period. This is attributed to the increasing popularity of cloud computing and storage systems, particularly among small and medium-sized enterprises. Many organizations are progressively shifting towards cloud infrastructure, a trend expected to gain momentum in the foreseeable future. The advantages of cloud infrastructure, including ease of adoption, reduced necessity for in-house infrastructure, high scalability, and simplified installation of streaming analytics solutions, are driving the growth of the cloud-based deployments segment.
Based on application, in the global streaming analytics market, applications span from fraud detection to customer analytics, sales & marketing, predictive asset management, risk management, network management & optimization, location intelligence, supply chain management, and others. By 2023, the customer analytics segment is expected to lead the market. This dominance is fueled by organizations' growing focus on customer retention through improved satisfaction, competitive edge, loyalty building, brand reputation enhancement, and overall business growth facilitation.
On the other side, it is anticipated that the fraud detection segment will experience the most significant compound annual growth rate (CAGR) throughout the forecast period. Companies operating in various sectors such as retail, BFSI, and healthcare are increasingly integrating IoT technologies and interconnected devices, which exposes them to potential cyber threats and fraudulent activities. Consequently, there is a heightened demand for fraud detection and prevention solutions among organizations to establish essential security measures and safeguards, thereby driving market growth.
Based on organization size, in 2023, it is predicted that the larger portion of the global streaming analytics market will be held by the segment catering to large enterprises. This dominance is attributed to the robust IT infrastructure of large enterprises, along with the presence of proficient IT professionals capable of managing streaming analytics platforms. Additionally, large enterprises typically have substantial financial resources, enabling them to readily acquire tailored streaming analytics solutions.
Furthermore, it is anticipated that the segment focusing on large enterprises will also demonstrate a higher compound annual growth rate (CAGR) throughout the forecast period. This growth is fueled by the increasing uptake of cutting-edge technologies like artificial intelligence (AI) and blockchain, coupled with the formulation and execution of strategic IT initiatives within these enterprises.
Based on sector, in 2023, it is anticipated that the IT & Telecom segment will dominate the global streaming analytics market. This substantial market share is attributed to the increasing adoption of streaming analytics solutions within IT & telecom firms. These solutions enable the analysis of vast volumes of operational data, empowering companies to enhance customer service. Through the examination of data like customer location and application usage statistics, IT & telecom companies can improve service delivery and personalize offerings.
Nevertheless, it is expected that the retail segment will experience the highest compound annual growth rate (CAGR) during the forecast period. Retail companies possess access to a multitude of data streams, the analysis of which is vital for various retail functions. This includes forecasting inventory replenishment schedules, addressing shortages, managing shipments, tracking customer behaviors, and identifying business trends to provide tailored products, services, or discounts. Consequently, the increasing adoption of streaming analytics solutions among retailers, aimed at enhancing supply chain visibility, fostering customer loyalty through personalized marketing campaigns and location-based services, and mitigating fraud risks, is projected to propel the growth of this segment.
Based on geography, by 2023, it is anticipated that Asia-Pacific will dominate the global streaming analytics market. This prominence is attributed to several factors including the escalating digitization, surging sales of smartphones and tablets, widespread adoption of consumer IoT devices, and rising disposable incomes in countries like China, India, and Japan. These factors serve as primary drivers for the regional market's growth. The demand for streaming analytics solutions in the Asia-Pacific region is expected to persistently rise as organizations recognize the significance of extracting real-time insights from streaming data to fuel business expansion, enhance customer experiences, streamline operations, and maintain competitiveness in the digital era.
Moreover, the ongoing deployment of high-speed wireless internet networks and the prioritization of upgrading legacy infrastructure in developing economies have led to enhanced internet penetration across the Asia-Pacific region. This improved connectivity facilitates the seamless implementation of advanced IoT sensors and devices for monitoring and controlling processes. As a result, there are ample opportunities for growth within the streaming analytics market.
Key Players:
Some notable players in the streaming analytics market include 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.).
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Key questions answered in the report-
- What are the market segments experiencing significant growth in terms of offering, deployment mode, application, organization size, and sector?
- What was the past market size of streaming analytics?
- What are the anticipated market projections and estimates for the timeframe spanning from 2023 to 2030?
- What are the primary factors motivating, hindering, and presenting opportunities within the streaming analytics market?
- Who are the key players, and what are their respective market shares in the streaming analytics sector?
- What does the competitive scenario look like within the streaming analytics market?
- What are the latest advancements or updates within the streaming analytics market?
- How do major players in the streaming analytics market approach their strategic initiatives?
- What are the notable geographical patterns, and which countries are experiencing significant growth within the streaming analytics market?
- Which local emerging companies are making their mark in the global streaming analytics market, and how do they contend with established players?
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