Streaming Analytics Market worth $50.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 12, 2022 /PRNewswire/ -- According to a research report "Streaming Analytics Market with COVID-19 Impact Analysis, by Component, Application (Supply Chain Management, Sales & Marketing, and Fraud Detection), Industry Vertical, Deployment Mode, Organization Size, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the streaming analytics size is projected to grow from USD 15.4 billion in 2021 to 50.1 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 26.5% during the forecast period.
The Streaming analytics industry is driven increased digitalization and emerging technologies such as big data, IoT, and AI to drive the market growth. However, Strategic shift toward real-time accurate forecasts and rising data connectivity through hybrid and multi-cloud environments further contributes to the growth of the Streaming Analytics Market.
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Based on the Component, software segment to account for a larger market size during the forecast period
The Streaming Analytics Market has been segmented by two components: software and services. The deployment of streaming analytics has witnessed an increase in adoption, as serves a variety of purposes, such as fraud detection and risk management. The growing adoption of streaming analytics across all major verticals, such as BFSI, Telecommunication and IT, Retail and eCommerce, Healthcare and Life Sciences, Manufacturing, Government, Energy and Utilities, Transportation and Logistics, Media and Entertainment, Other Verticals (travel & hospitality and education).
Based on deployment mode, cloud segment to grow at a higher CAGR during the forecast period
Cloud computing refers to the storage, management, and processing of data via networks of remote servers, which are typically accessed via the Internet. According to Statista, cloud computing would generate more than USD 300 billion in revenue in 2020 as a component of IT services. At the same time, PwC shows the COVID-19 crisis has accelerated the cloud transition even further as per data during the first quarter of 2020, cloud spending increased by 37% to USD 29 billion. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.
Based on application, Location Intelligence segment to hold the largest market size during the forecast period
The Streaming Analytics Market based on application is segmented into Fraud Detection, Sales and Marketing, Predictive Asset Management, Risk Management, Network Management and Optimization, Location Intelligence, Supply Chain Management, Other Applications (product innovation and customer management). Streaming analytics combines geospatial, graph, and business analytics into a single platform purpose-built for performance and scale. GIS creates maps that can be accessed through a mobile app or software service. These maps incorporate imagery, coordinates, and spreadsheets, among other data layers that use spatial location. Streaming analytics can be used to examine the data, which can subsequently be released via an app or other user access point. Location intelligence (LI), which could bedefined as the successor to GIS, is being driven in part by advances in streaming analytics. It is a significant advancement over GIS since it supports real-time data streams and large datasets, as well as new methods for evaluating stream data.
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Based on cloud type, Hybrid Cloud segment to grow at a higher CAGR during the forecast period
A hybrid cloud is a cloud computing environment that is a mix of both public cloud and private cloud. It helps organizations enhance their data centers by deploying data on a multi-cloud platform. Various benefits, such as agility, scalability, and cost optimization features, are boosting the adoption of hybrid cloud analytics solutions in the global cloud analytics market. Enterprises are adopting hybrid cloud as it helps them overcome complexities related to the traditional IT environments.
Based on vertical, the Energy and Utilities segment is expected to grow at a higher CAGR during the forecast period
Streaming analytics are gaining acceptance among all verticals to improve profitability and reduce overall costs. The major verticals adopting streaming analytics software are BFSI, Telecommunication and IT, Retail and eCommerce, Healthcare and Life Sciences, Manufacturing, Government, Energy and Utilities, Transportation and Logistics, Media and Entertainment, Other Verticals (travel & hospitality and education). Energy and utilities, by vertical segment, is expected to grow at a higher CAGR during the forecast period
Based on organization size, SMEs segment to grow at the highest CAGR during the forecast period
The SMEs are organizations with an employee strength of less than 1,000. SMEs are also implementing streaming analytics software that enable better orientation in the complex building providing streaming-based analytics and tracking functionalities. SMEs are also implementing streaming analytics, which enables companies to adopt the analytics of data streaming and sensor data from grids to provide real-time insights on operational performance. The adoption of new technologies tailored to streaming analytics environments has helped companies identify the broad risk areas under various functional units, such as supply chain operations for product delivery.
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North America to hold the largest market size during the forecast period
North America is estimated to account for the largest market share during the forecast period. In North America, sales and marketing and location intelligence are considered highly effective by most organizations and verticals. On the other hand, Europe is gradually incorporating these advanced solutions within its enterprises. APAC is witnessing a substantial rise in the adoption of streaming analytics owing to the increasing digitalization and rising demand for centrally managed systems.
Major Streaming Analytics Market vendors include IBM (US), Google (US), Oracle (US), Microsoft (US), SAS (US), SAP (Germany), Cloudera (US), Teradata (US), TIBCO (US), AWS (US), Software AG (Germany), Informatica (US), Impetus (US), HPE (US), Intel (US), Iguazio (Israel), Conviva (US), Axonize (Israel), Adobe (US), Altair (US), Mphasis (India), Striim (US), INTECO (Canada), WSO2 (US), SQLstream (US), EsperTech (US), Materialize (US), StarTree(US), Crosser (Sweden), Quix (UK), Lenses (UK), BangDB (India), Imply (US), Coralogix (US), Ververica (US), StreamSets (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2019 to 2021, which helped companies innovate their offerings and broaden their customer base.
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