Global Streaming Analytics Market is forecast to reach $32.5 billion by 2026, growing at a CAGR of 22.1% during the forecast period from 2021 to 2026. Rising technological growth such as artificial intelligence (AI), Internet of Things (IoT), Big Data Analytics, machine learning and others along with optimizing business productivity are acting as major drivers for streaming analytics market.
Adoption of streaming analytics has been rising highly due to its capabilities of offering faster and reliable data insights/trends on a real time basis, thus helping organizations to maintain their market positions. Moreover, rising automation across industries as well as growing demand towards real time data analysis is also propelling the demands towards streaming analytics market.
Streaming Analytics Market Segment Analysis – By Deployment Type
On the basis of deployment type, streaming analytics has been segmented under cloud and on=premises. Cloud analytics is anticipated to have a major growth in the streaming analytics market during the forecast period 2021-2026 at 27.9% CAGR. Deployment of cloud based analytics have been rising rapidly across major industries such as healthcare, Information technology and many others due to its capability of offering high scalability with efficient real time data analysis, thus increasing business productivity.
Since cloud big data analytics helps in eliminating the high infrastructure costs of on premise models, thus gaining much popularity in the streaming analytics market. Moreover, usage of cloud based big data analytics, Artificial intelligence and machine learning has been growing due to its capability of offering comparatively faster data visualization insights with better security, disaster recovery and many others, thus acting as an efficient data analytics tool.
Additionally, the pay as you use features enhances the pricing models of cloud based analytics solutions, thus increasing its adoptability from small and medium businesses. Such factors have eventually contributing towards significant growth of cloud analytics in the streaming analytics market.
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Streaming Analytics Market Segment Analysis – By Organization Size
The increasing demand for instant action on business events dynamic in nature has led to the rapid growth of the Streaming analytics market. Moreover, it has influenced large enterprises and small and medium business enterprises to embrace streaming analytics. SME in particular is set to grow at 28.5% CAGR through 2026. Conversely, due to lack of awareness about streaming analytics the growth of the market will be hampered in near future.
On the other hand, the growing need to deal with huge volume of incoming data is expected to create greater prospects for streaming analytics. The significant usage of artificial intelligence, machine learning and Big Data analytics will drive market growth
Streaming Analytics Market Segment Analysis – By Geography
North America has dominated the streaming analytics market in 2020 with a share of 37%. High investments towards research and development activities along with growing adoption of advanced technologies such as cloud, IoT, Artificial Intelligence, machine learning and many others have been fueling the market growth for streaming analytics in this region.
Presence of some key players such as Microsoft Corporation, Oracle Corporation and IBM Corporation are acting as major drivers for the growth of streaming analytics market. Moreover, rising adoption of major industries such as healthcare, IT and telecom and many others towards efficient data analytics tools to improve their competitive edge are also causing a positive impact on the market growth.
Streaming Analytics Market Drivers
Improves business productivity standards
The capability of optimizing business productivity standards has been acting as one of the major driving factor towards the significant growth of streaming analytics market. Usage of streaming analytics has been growing widely across various organizations as it offers real time business insights much faster compared to traditional analytics processes, thus boosting work performance standards. Streaming analytics help the organizations to view key performance data insights on a real time basis improving data visualization standards, thus causing its higher adoption. With such real time data accessing, organizations can improve sales, identify errors early as well as help them to accelerate decision making processes, thus enhancing business operations.
Moreover, deployment of streaming analytics has been gaining much popularity in among various industries such as healthcare, retail and many others due to its capability of providing business metrics and reporting much faster and with more convenience. Additionally, various industries have been adopting streaming analytics tools in order to maintain their competitive status alongside retaining their customers, thereby generating high profits. With streaming analytics, companies are able to respond to customer needs faster and more effectively as well as keep themselves updated about the upcoming trends or technologies. Such factors enhance the features such as predictive analytics, asset monitoring and many others, thus propelling the demands towards streaming analytics market.
Rising technological advancements
Rising technological growth has been acting as one of the major drivers towards the high growth of streaming analytics market. With rapid digitalization and growing demands towards advanced technologies such as artificial intelligence, machine learning and many others, various organizations has been shifting towards adoption of advanced data analytics tools to enhance their market growth. Implementation of artificial intelligence and machine learning helps in faster automating of data management processes for both structured and unstructured data, thus helping in boosting the business growth of organizations.
Moreover, such advancements helps in monitoring critical and massive data amounts causing intelligent alert monitoring, accessing, storage and management more efficiently, creating high demands in the streaming analytics market. In 2019, Siemens Digital Industries Software and SAS announced a partnership in order to create IoT edge and cloud enabled solutions by leveraging SAS and open source streaming analytics with Siemens’s MindSphere. Such partnership was made to offers users with advanced and predictive analytics access within MindSphere accelerating the adoption of AI, ML across IoT environments, thus improving operational risks and increasing business productivity. Such growing advancements towards advanced technologies for the end-users have been creating higher demands towards streaming analytics market.
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Streaming Analytics Market Challenges
Data privacy and security issues
High concerns regarding data privacy and security have been acting as a major challenge towards hampering the growth of streaming analytics market. With growing rates of cyber-attacks and security breaches, security and privacy have become the most important aspects for an organization. Since major industries such as healthcare, IT and Telecom and many others generate massive amounts of big data, streaming analytics tools are highly adopted by the industries to boost their business growth and productivity.
Since streaming analytics tools makes use of sensitive data of the organizations to conduct predictive maintenance, internal as well as external threat analysis and many others, loss of such information can cause a negative impact on the business. Moreover, rising technology advancements have also helping cyber criminals to deploy more advanced and sophisticated methods for utilizing data within cloud easily causing data hacking, frauds as well as many such dangers. Such factors can affect the organization’s reputation in the market, thus causing lesser adoption towards streaming analytics.
Streaming Analytics Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the streaming analytics market. The major key players in the streaming analytics market include IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, SAS Institute, TIBCO Software Inc., Software AG, Amazon Web Services, Cisco Systems Inc. and Impetus Technologies.
In August 2020, Qubole announced the launch of a new service offering named Qubole Pipelines service to help customers capitalize towards rising growth of real time data in their businesses. This new service was introduced to help the data teams towards building, testing, deploying, monitoring as well as managing hundreds of steaming data pipelines within a single platform. With this adoption, businesses will be able to increase productivity, along with greater innovation and reduced operational costs.
In October 2019, Fujitsu Limited had announced the launch of a new stream data processing platform for helping service providers maximize use of collected big data from connected cars. This platform facilitated a simpler and efficient automotive big data analysis by using Fujitsu’s data processing technology named Dracena. Moreover, leveraging this platform will offer data management and processing in discrete units of people and objects such as vehicles, roads, pedestrians and others, which are constantly changing.
Cloud analytics is expected to have a significant market growth during the forecast period in streaming analytics due to its capabilities of providing much efficient and faster real time data analysis and management.
Key market players such as Microsoft Corporation and IBM Corporation have been helping towards significant market growth of streaming analytics in North America.
Rising technological advancements along with capability of optimizing business productivity standards are some of the major driving factors towards significant growth of streaming analytics market.
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