According to a new market research report “Streaming Analytics Market by Component, Application (Predictive Asset Management, Risk Management, Location Intelligence, Sales and Marketing, Supply Chain Management), Industry Vertical, Deployment Model, and Region – Global Forecast to 2024″, published by MarketsandMarkets, the streaming analytics market size is expected to grow from USD 10.3 billion in 2019 to USD 35.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.2% during the forecast period.
Emerging technologies such as big data analysis, Internet of Things (IoT), and Artificial Intelligence (AI) are creating possibilities for better behavior interpretation and the understanding of user behavior. Another factor driving the streaming analytics market is the business strategic shift toward real-time, which accurately forecasts for faster decision making.
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Telecommunication and IT is expected to account for the largest market size during the forecast period
Enterprises in the telecommunications and Information Technology (IT) industry have shifted their approach to a customer-centric one and are focusing on offering feature-rich customized products at competitive subscriptions and pricing. There is a tremendous increase in consumer-generated data comprising digital documents, social media content, and other digital data such as location, activity logs among others on a large scale. The telecommunication and IT industry leverage powerful cloud-based streaming analytics solutions and services to design enhanced marketing campaigns for customer acquisition and retention. Customer experience plays a vital role in the competitive business environment. It helps customer retention and improves brand loyalty. Furthermore, the ever-changing customer preferences and the increasing smartphone and internet penetration, is expected to further accelerate in coming years.
Software segment to constitute a larger market size during the forecast period
The streaming analytics market, based on component, covers software and services. The software creates opportunities for organizations to better engage with their customers and clients’ further enables enterprises to identify better, the target audience and their preferences, choices, and learn about customer experience. The streaming analytics software provides enhanced functionalities, such as monitoring, customer profiling, campaign management, and demographic analysis, to improvise the current policies for customer/client engagement. Also, the streaming analytics helps to enhance the customer experience and business profitability. The bundled software is being deployed in retail stores, hotels, restaurant, and other crowded places with footfall analytics, customer engagement, customer experience management, customer behavior analytics, and loyalty management, among others. Moreover, with the advent of social streaming, which integrates real-time information from social media thus, helps businesses to deliver a seamless and personalized consumer experience via omnichannel sales approaches, to gain a competitive advantage.
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Sales and marketing helps to improve customer experience through customized, targeted marketing campaigns based on footfall data
Streaming data analytics is a big data strategy that shifts the focus from systems of record to real-time data for actionable insights. Big data strategies support customer segmentation, user trends, pricing analysis, campaign results, and other critical marketing needs. Through streaming analytics, organizations can monitor and understand customer perceptions about their brand, and offer services in accordance to customer’s requirements. Leveraging Artificial Intelligence (AI) and Machine Learning (ML), organizations analyze the social media content to understand the user’s behavior pattern, and use this information to formulate strategies to drive effective impact strategy for specific events or for marketing campaigns.
North America to dominate the market during the forecast period
North America is expected to hold the highest market share and dominate the market from 2019 to 2024, owing to the presence of many solution vendors in the US. Canada has the highest internet penetration rate responsible for the growth of North America. Additionally, the presence of several vendors and favorable support environment have led to the foundation of a robust support ecosystem in the region. The streaming analytics market in North America is expected to grow steadily, as enterprises are adopting advanced analytics solutions and services, at various levels, as a part of their strategy, to sustain in the market and achieve improved business functioning.
The major vendors offering streaming analytics solutions globally are IBM (US), Informatica (US), Microsoft (US), SAP (Germany), Software AG (Germany), SAS Institute (US), Oracle (US), Tibco (US), Impetus Technologies (US), Striim (US), WSO2 (US), Inetco (Canada), SQLStream (US), Axonize (Israel), and Espertech (US).
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