Streaming Analytics Market Share, Growth, Opportunities 2031

Report Description

The global streaming analytics market size was valued at USD 6.29 billion in 2020 and is anticipated to surpass a CAGR of 28.4% during the forecast period, 2021–2028. The growth of the market is attributed to the rising inclination of businesses towards effective and strong network management system. The adoption of streaming analytics enhances decision-making process, network optimization, service delivery process, and customer retention and interaction.

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Streaming analytics is generally referred to as event stream processing that allows to study enormous amounts of real-time data, which are required of continuous inquiries and management. Streaming analytics are assisting corporate innovation, customer retention, and data security. It offers functions such as preventative maintenance, smart transportation and retail, smart energy, industrial automation, and healthcare. As a result, adopting streaming analytics is producing considerable economic value of a business operation. To ensure a product's compliance with data privacy and security standards, streaming analytics solution providers are implementing sophisticated functionality such as data pseudonymization.

The COVID-19 outbreak has affected the global economy and caused a drastic change in the terms of customer behavior and business functioning. With the emergency shut of offices, manufacturing facilities, and educational institutions; businesses started implementing work from home policy and had increasingly looked for technologies to help them navigate these turbulent situations. Therefore, analytics firms are attempting to combat this epidemic by keeping their assets online and assuring data privacy and security across networks.

Market Trends, Drivers, Restraints, and Opportunities

• Rapid progress in the Internet of Things (IoT) sensors and devices used in industrial and consumer applications is a key factor driving the market growth.
• Growing awareness of streaming analytics among small and medium-sized businesses is propelling the market further.
• Issues related to outdated architecture, lack of qualified labor, and high cost of deploying and integrating advanced analytics systems are key hurdles challenging the market growth.
• Wide implementation of advanced technology of streaming analytics solutions especially in the cloud-based computing system and their benefits are expected to boost market growth.
• Real-time suggestions, pattern identification, and anomaly detection are certain advantages associated with the use of streaming analytics solutions, which are projected to create significant growth opportunities for the market.

Scope of the Report

The report on the global streaming analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Marketing & sales segment is expected to grow at a rapid pace

Based on applications, the streaming analytics market is divided into network management & optimization, location intelligence, supply chain management, marketing & sales, predictive asset management, risk management, fraud detection, and others. The marketing & sales segment is expected to grow at a rapid pace during the forecast period. The segment growth is attributed to the rising use of streaming analytics to provide improved customer engagement approaches. The analytics solution is widely applied in the marketing sector to extract benefits such as consumer profiling, campaign management, monitoring, and demographic analysis to improve on existing customer engagement policies. However, the risk management segment is anticipated to hold a key share of the market in the coming years owing to the growing use of streaming analytics for reducing, monitoring, forecasting, and regulating the likelihood or effect of improbable events.

Cloud-based segment is projected to emerge as a fast-growing category

In terms of deployments, the market is bifurcated into cloud and on-premise. The cloud-based segment is projected to emerge as a fast-growing category during the forecast period owing to low-latency data transformation capability. Moreover, the cloud-based streaming analytics solutions provide customers with easy access through a variety of devices such as laptops, smartphones, and desktop PCs. Additionally, the cloud deployment model provides certain advantages such as quick integration, reduced maintenance, enhanced operational flexibility, and minimal operational staff needs.

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Software segment is projected to expand at a considerable CAGR

On the basis of components, the streaming analytics market is divided into service and software. The service segment is further classified as professional services and managed services. The software segment is projected to expand at a considerable CAGR during the forecast period due to the increased use of streaming analytics software by big multinational corporations as well as small and medium enterprises in developed countries. On the other hand, the service segment is anticipated to account for a major market share during the forecast period owing to rising demand for customized streaming analytics solutions and the increasing adoption of cloud-based streaming analytics solutions by startups globally.

IT & telecom segment to dominate the market

Based on end-users, the market is segregated into healthcare, government, media & entertainment, education, BFSI, IT & telecom, retail, and others. The IT & telecom segment is projecteed to dominate the market during the forecast period as businesses across several industries are focusing on customer-centric orientation and rising emphasis on supplying customized, feature-rich goods at competitive cost or through subscription models. However, the media & entertainment segment is expected to grow at a rapid pace owing to the growing customer desire for viewing multimedia content via OTT apps on smartphones and tablets.

North America is anticipated to constitute a key market share

In terms of regions, the streaming analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period. The regional market expansion is due to several factors including increased per capita income, presence of a tech-savvy population, and continuous use of innovative technologies for personal and corporate purposes. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to the continual construction of high-speed wireless internet networks from various networking operators. Moreover, increasing investment from major economies of the region on strengthening legacy infrastructure and wide internet penetration to a large number of the population present another key aspects of the regional market growth.

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