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

Streaming analytics is the practice of continuously monitoring and processing real-time data streams in order to extract valuable insights and take quick action. Its applications are diverse, ranging from finance for fraud detection and algorithmic trading to healthcare for patient monitoring and disease outbreak detection, retail for real-time personalized marketing and inventory management, and manufacturing for predictive maintenance and quality control. The future of streaming analytics seems promising, with improvements in technologies like as edge computing allowing for faster and more effective processing closer to the data source, resulting in lower latency and increased scalability. Furthermore, the incorporation of artificial intelligence and machine learning techniques will increase the capabilities of streaming analytics systems, allowing for more advanced analysis and automation of decision-making processes in real time, hence transforming how firms use data to achieve a competitive advantage and promote innovation.

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.

The problem of balancing the scalability and complexity of real-time data processing with the accuracy and timeliness of insights can stymie the streaming analytics market by creating major technical challenges for enterprises. Scaling infrastructure to handle enormous volumes of streaming data in real time necessitates significant investments in computing resources and knowledge, while assuring the accuracy and timeliness of insights necessitates sophisticated algorithms and data quality management procedures. Failure to solve these issues successfully can lead to processing bottlenecks, data errors, and delays in generating relevant insights, ultimately diminishing the usefulness of streaming analytics systems and limiting their adoption across industries.

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.

The fastest-growing segment in the streaming analytics market is expected to be fraud detection. The exponential growth in real-time data from various sources such as IoT devices and online transactions has led to an increase in fraudulent activities, making it essential for companies to detect and prevent fraud in real time. Streaming analytics platforms enable organizations to monitor and process real-time data streams continuously, which helps to identify and prevent fraudulent activities quickly. Furthermore, the incorporation of artificial intelligence and machine learning techniques in streaming analytics systems enhances the capabilities of fraud detection, thereby driving the growth of the streaming analytics market.

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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.

The Asia-Pacific streaming analytics market is expanding rapidly, driven by increased internet penetration, broad smartphone adoption, and growing e-commerce activity throughout the region. This development of digital connectedness has resulted in an unprecedented volume of data from a variety of sources, including sensors, social media platforms, and online transactions. As organizations seek to capitalize on the value of this huge and diversified data landscape, there is an increasing demand for streaming analytics solutions that process, analyze, and generate actionable insights in real-time. Businesses may use these insights to optimize operations, improve customer experiences, and capitalize on emerging opportunities, hence driving the growth of the streaming analytics market in Asia-Pacific

Competitive Landscape

The competitive landscape of the streaming analytics market includes a diverse range of companies offering innovative solutions and services tailored to specific industry needs. These players often specialize in niche areas such as real-time data processing, predictive analytics, or edge computing, providing unique value propositions to their customers. Furthermore, the market is characterized by partnerships, collaborations, and strategic alliances among technology vendors, cloud service providers, and industry incumbents to enhance their offerings and expand their market reach. Additionally, the emergence of startups and technology disruptors leveraging cutting-edge technologies like artificial intelligence and machine learning further intensifies competition in the streaming analytics space, driving innovation and pushing boundaries to address evolving customer demands and market trends.

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

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