Streaming Analytics Market By Deployment Mode (On-Premise, Cloud), Application (Fraud Detection, Predictive Asset Management, Risk Management, Sales And Marketing), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Streaming Analytics Market By Deployment Mode (On-Premise, Cloud), Application (Fraud Detection, Predictive Asset Management, Risk Management, Sales And Marketing), & Region for 2024-2031

Streaming Analytics Market Valuation – 2024-2031

The exponential growth of real-time data from different sources, including IoT devices, social media, and online transactions, demands immediate processing and analysis in order to obtain actionable insights. Furthermore, organizations are rapidly realizing the competitive benefit of making data-driven decisions in real-time to increase operational efficiency, improve customer experiences, and capitalize on emerging possibilities is predicted to push market sales above USD 30.12 Billion in 2024 and reach USD 252.12 Billion by 2031.

Furthermore, technological improvements such as the growth of cloud computing, distributed computing frameworks, and machine learning techniques have made it easier to manage enormous amounts of streaming data and extract meaningful insights at volume. The Streaming Analytics Market is expected to rise steadily in the coming years to grow at a CAGR of about 33.56 % from 2024 to 2031.

Streaming Analytics MarketDefinition/ Overview

Imagine a world where we could analyze data like never before, in real time. That's exactly what streaming analytics makes possible. It's like having a superpower that lets us dig into data as it flows, constantly searching for patterns and insights. You know those movies where someone stops a crime before it even happens? Streaming analytics is kind of like that for businesses. It helps them detect fraud or problems in a heartbeat, giving them the chance to take action right away. It's like a superhero protecting your data! But it doesn't stop there. Streaming analytics helps businesses in all kinds of waysFinanceKeeping an eye on stock prices, looking out for suspicious activity. HealthcareMonitoring patients' health, spotting early signs of illness. RetailShowing you personalized ads and making sure there's plenty of milk on the shelves. ManufacturingPredicting when machines might break down, preventing costly surprises. And guess what? The future of streaming analytics is even brighter! Edge computing means computers will be able to process data closer to where it's generated, making it faster and better than ever before. And with the help of artificial intelligence, streaming analytics will become even more powerful, finding deeper insights and automating decisions like a pro. All in all, streaming analytics is a game-changer. It's giving businesses the power to understand and use their data like never before, opening up endless possibilities for innovation and growth. So, get ready for the future where data flows like a river of insights!

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Will Increasing  Demand for IoT Devices and Online Transactions  Drive the Streaming Analytics Market?

The growing need for IoT devices, as well as the increase in online transactions, are major factors driving the growth of the streaming analytics market. IoT devices constantly generate huge amounts of data from sensors, connected devices, and machines in a variety of industries, including manufacturing, healthcare, transportation, and smart cities. This data is frequently time-sensitive, necessitating fast analysis to yield actionable insights, such as forecasting equipment breakdowns, optimizing operations, and increasing product quality. Streaming analytics platforms enable enterprises to process and analyze data in real-time, allowing for faster decision-making and proactive actions based on the insights garnered.

The increase in online transactions across e-commerce, banking, and digital payment platforms produces massive amounts of data on user behavior, purchase trends, and fraud detection. Traditional batch processing approaches are ineffective for properly managing this data influx because they lack the speed and agility required to discover anomalies or fraudulent actions quickly. Streaming analytics solutions allow firms to examine these transactions in real-time, discovering potential fraudulent behaviors or recognizing trends in order to customize marketing activities and improve customer experiences immediately.

Furthermore, as the number of IoT devices and online transactions grows, the demand for streaming analytics is projected to increase even more. Organizations understand the competitive advantages of using real-time analytics to optimize operations, improve customer engagement, and quickly capitalize on emerging opportunities. As a result, the streaming analytics market is expected to rise significantly, owing to the increased adoption of IoT devices and an expanding digital economy. This trend emphasizes the importance of streaming analytics in allowing firms to fully leverage their data assets and stay competitive in today’s fast-paced, data-driven market.

The streaming analytics industry is being driven by technological advancements, particularly the growing usage of cloud computing, distributed computing frameworks like as Apache Spark and Kafka, and the incorporation of machine learning techniques. Cloud computing offers scalable and cost-effective infrastructure for processing and analyzing huge amounts of streaming data, whilst distributed computing frameworks enable real-time data processing and analytics on a wide scale. Furthermore, using machine learning algorithms improves the capabilities of streaming analytics platforms, allowing for predictive insights and automated decision-making, driving up demand for streaming analytics solutions across industries.

For instance in February 2024, Imperial developed a new machine learning stream in the Applied Mathematics MSc. The Department of Mathematics has developed a scientific computing and machine learning track.

Will Lack of Streaming Solution Integration with Older Systems May Hinder the Growth of the Streaming Analytics Market?

 The lack of integration of streaming solutions with older systems may hinder the growth of the streaming analytics market. As many organizations have legacy systems that are not designed to work with modern technologies, such as big data and real-time analytics, it can be challenging to implement streaming analytics solutions without disrupting existing systems. This can result in additional costs and time spent on integration efforts, which can be viewed as a barrier to adoption.

Moreover, there can be compatibility issues between the legacy systems and modern streaming analytics solutions that result in the loss of data or inaccurate analysis. This can lead to a lack of trust in the streaming analytics system and a reluctance to adopt it fully.

To tackle this issue, streaming analytics solution providers are offering integration services that help organizations connect their legacy systems with streaming analytics platforms. They are also developing solutions that are compatible with a wide range of systems and technologies to ensure seamless integration and data flow across various platforms.

Imagine you're a business owner looking to get the most out of real-time data. You want to make quick, accurate decisions based on a constant stream of information. But there's a catchscaling up your system to handle all that data without sacrificing quality is a huge challenge. To get it right, you need a lot of computing power and people who know how to use it. You also need ways to make sure your data is trustworthy and that you can turn it into actionable insights fast. If you can't do these things, you'll end up with a system that's slow, error-prone, and not very helpful. That's why many businesses struggle to get real-time data analytics working for them. It's a tough problem that can limit how well you can use your data to grow your business.

Category-Wise Acumens

Will Growing Demand for Cloud-based Software Drive the Streaming Analytics Market?

The growing demand for cloud-based software is expected to drive the streaming analytics market in the coming years. The adoption of cloud computing has increased significantly in recent years due to its numerous benefits, including scalability, flexibility, and cost-effectiveness. Cloud-based streaming analytics solutions enable organizations to process and analyze real-time data from various sources, including IoT devices, social media, and online transactions, in a more efficient and cost-effective manner than traditional on-premise solutions.

Cloud-based solutions also offer greater accessibility and collaboration, enabling teams to work together more effectively, regardless of their location. As a result, organizations can quickly and easily scale their streaming analytics capabilities as their data volumes grow, without incurring significant hardware or infrastructure costs.

Moreover, cloud-based streaming analytics solutions offer enhanced security features, ensuring that sensitive data is protected from unauthorized access and cyber threats. As organizations continue to move their operations to the cloud, the demand for cloud-based streaming analytics solutions is expected to increase, driving the growth of the streaming analytics market.

In addition to the benefits of cloud computing, there are several other factors that are expected to drive the growth of the streaming analytics market, including the increasing adoption of IoT devices, the growth of online transactions, and the incorporation of machine learning techniques in streaming analytics platforms. All of these factors are expected to contribute to the expansion of the streaming analytics market in the coming years.

For instance, in March 2023, Snowflake, the Data Cloud startup, has introduced the Telecom Data Cloud, which combines Snowflake’s data platform with solutions supplied by Snowflake and partners, as well as industry-specific datasets. The Telecom Data Cloud assists telecommunications service providers in breaking down data silos within their organizations and across the ecosystem, allowing them to easily and securely access data in near real-time, enrich it with machine learning (ML) models, and then share and analyze it to make better decisions.

The on-premises deployment mode in the streaming analytics market is growing at a faster rate due to the increasing need for secure and controlled data processing, particularly in highly regulated industries such as finance and healthcare. On-premises software allows organizations to maintain complete control over their data, ensuring compliance with industry-specific regulations and data privacy laws. It also provides greater customization and flexibility, allowing businesses to tailor their streaming analytics solutions to their specific needs and infrastructure.

Will Increasing Usage of  Sales and Marketing Boost the Streaming Analytics Market?

Increased sales and marketing operations have the potential to dramatically boost the streaming analytics market. Sales and marketing departments collect a multitude of information from a variety of sources, including customer contacts, website visits, social media participation, and advertising campaigns. This data is frequently large, diversified, and time-sensitive, necessitating real-time analysis to extract actionable insights and make informed decisions quickly.

Streaming analytics solutions enable firms to collect and analyze data in real-time, allowing them to discover trends, track campaign performance, personalize marketing efforts, and dynamically enhance sales strategies. Businesses that use streaming analytics can obtain deeper insights into consumer behavior, preferences, and attitudes, allowing them to better adjust their sales and marketing methods to improve customer engagement, raise conversion rates, and ultimately boost revenue.

Online scams and fraud have gone through the roof lately, thanks to the explosion in devices connected to the internet (like your smart home gadgets) and the surge in online shopping. It's like the Wild West out there! That's why companies are turning to streaming analytics, which lets them keep an eye on all this real-time data like a hawk. It's like having a high-tech security system that watches over every transaction and can spot anything suspicious in a flash. But it gets even better. Streaming analytics isn't just watching for trouble; it's also using super-smart AI and machine learning to learn from past scams and get even better at catching new ones. It's like having a team of fraud-fighting superheroes on your side! So, as more and more companies wake up to the importance of real-time fraud detection, the streaming analytics market is set to keep growing like crazy. It's like the perfect weapon in the fight against those sneaky scammers!

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Country/Region-wise

Will the Increasing Adoption of Online Transaction in North America Drive the Streaming Analytics Market?

The growing acceptance of online transactions in North America is a crucial element driving the region’s streaming analytics market. As more consumers purchase goods and services through digital channels, the number and complexity of data generated by these transactions increase. This data contains significant insights about consumer behavior, tastes, and purchase habits that organizations may use to improve customer experiences, personalize marketing efforts, and streamline operations.

However, typical batch processing methods are frequently unable to deal with the sheer amount and real-time nature of this data. Streaming analytics solutions provide a compelling solution by allowing enterprises to collect, analyze, and act on data in real-time, allowing them to detect fraudulent activity, spot patterns, and make data-driven choices instantaneously.

The North American streaming analytics industry is seeing increased adoption of real-time data analysis across a wide range of businesses. As businesses in finance, healthcare, retail, and manufacturing see the value of using real-time insights to drive decision-making and achieve a competitive advantage, demand for streaming analytics solutions is fast increasing.

Furthermore, technological improvements such as the growth of cloud computing, distributed computing frameworks, and machine learning algorithms have made it easier to handle enormous amounts of streaming data and extract meaningful insights on a scale. Moreover, the increasing prevalence of IoT devices and the spike in online transactions contribute to the expansion of the streaming analytics market in North America.

Will Increasing Trends of Government Initiatives Promote Smart City Projects in Asia–Pacific and Drive the Streaming Analytics Market?

The Asia Pacific region has been witnessing a growing trend towards smart city initiatives in recent years. Governments in countries such as China, India, and Singapore are investing heavily in smart city projects to improve the quality of life for their citizens and address urban challenges such as traffic congestion, energy management, and public safety.

As a result, there is a high demand for advanced technologies that can help cities manage and analyze the vast amounts of data generated by smart city infrastructure. This is where streaming analytics software comes into play. Streaming analytics software allows cities to process and analyze real-time data from sensors, cameras, and other connected devices in order to make better decisions and improve operational efficiency. For example, data from traffic cameras and sensors can be analyzed in real-time to optimize traffic flow and reduce congestion.

With the growing adoption of smart city initiatives in the Asia Pacific region, the demand for streaming analytics software is expected to increase significantly in the coming years. This presents a great opportunity for software providers to develop and offer innovative solutions that can help governments and cities achieve their smart city goals.

In Asia-Pacific, a ton of people are jumping on the internet and buying smartphones, and online shopping is getting huge. All this means there's a flood of data coming from sensors, social media, and online stores. Companies want to make the most of this data, so they're turning to streaming analytics. These tools can crunch the data and spit out useful insights in a heartbeat. Businesses can use these insights to run things smoother, make their customers happier, and jump on new opportunities. So, the streaming analytics market in Asia-Pacific is booming because more and more companies want to unlock the power of their data.

Competitive Landscape

Imagine the streaming analytics market as a bustling city filled with companies offering all sorts of cool services to businesses. It's like a giant playground for data lovers! Some companies are really good at crunching data super fast, like in real time. Others are wizards at predicting what's going to happen next using fancy analytics. And then there are those that specialize in making data work smoothly on the go, like on our phones or cars. What makes this market so exciting is that companies are constantly teaming up and making deals to offer even better stuff. Think of it like Avengers assembling, but for data! Big tech giants, cloud providers, and old-school companies are all joining forces to make the best streaming analytics solutions possible. Oh, and let's not forget the startups and tech disruptors. They're like the rebels of the market, bringing in new ideas and using cutting-edge tech like AI and machine learning. They're shaking things up and making sure the competition stays fierce, which is great for us because it means we get the best possible services.

Some of the prominent players operating in the streaming analytics market include

  • IBM Corporation
  • Informatica
  • Microsoft
  • SAP SE
  • Striim, Inc.
  • Oracle Corporation
  • SAS Institute, Inc.
  • SQLstream, Inc.
  • Software AG
  • TIBCO Software Inc.

Latest Developments

  • In January 2024, Streams Charts, a live-streaming analytics platform, established MIRAI, an influencer advertising and marketing agency. The agency provides advisory services, a creator partner program, comprehensive campaign management, market data, and analysis.
  • In November 2023, ADA, a data and digital transformation company, partnered with Databricks, a data and Al company, to accelerate business value by unifying Artificial Intelligence (Al) and data. The partnership enabled ADA to integrate its data and Al expertise with Databricks, thereby unifying data science, data engineering, machine learning, and streaming analytics in a comprehensive platform.
  • In August 2023, Microsoft announced the acquisition of Activision Blizzard, Inc. to provide innovative games to players across all devices. The transaction with Activision Blizzard, Inc. aimed to strengthen the company culture and drive business growth.
  • In August 2023, Confluent, Inc. established a relationship with Google Cloud. The increased relationship enabled users to change their companies with real-time data and upgrade their data platforms by providing a reliable bridge from on-premise, multi-cloud systems to Google Cloud.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of  ~33.56 % from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Deployment Mode
  • Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players
  • IBM Corporation
  • Informatica
  • Microsoft
  • SAP SE
  • Striim, Inc.
  • Oracle Corporation
  • SAS Institute Inc.
  • SQLstream, Inc.
  • Software AG
  • TIBCO Software Inc.
Customization

Report customization along with purchase available upon request

Streaming Analytics Market, By Category

Deployment Mode

  • On-Premise
  • Cloud

Application

  • Fraud Detection
  • Predictive Asset Management
  • Risk Management
  • Sales And Marketing

Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

Research Methodology of Market Research

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