Meticulous Research®—a leading global market research company, published a research report titled, ‘Streaming Analytics Market by Offering (Platforms, Services), Deployment Mode (Cloud, On-premise), Application (Fraud Detection, Customer Analytics, Others), Organization Size, Sector (IT & Telecom, Retail, BFSI, Others) & Geography - Forecasts to 2030’.
According to this latest publication from Meticulous Research®, the streaming analytics market is projected to reach $73.27 billion by 2030, at a CAGR of 19.7% from 2023 to 2030. The growth of the streaming analytics market is driven by the growing adoption of streaming analytics platforms for faster insights and actions and the growth in industrial automation. However, streaming analytics solutions’ lack of integration with legacy systems restrains the growth of this market.
The development of new data integration and high event stream analytics capabilities is expected to generate growth opportunities for the players operating in this market. However, factors such as data security & privacy issues and the infrastructure requirements and complex architectures of streaming analytics solutions are major challenges to market growth. Additionally, the growing adoption of cloud-based streaming analytics platforms is a prominent trend in the streaming analytics market.
Based on offering, the global streaming analytics market is segmented into platforms and services. In 2023, the platforms segment is expected to account for the larger share of the global streaming analytics market. The segment’s large share is attributed to the rising adoption of streaming analytics platforms for processing and analyzing fast-moving live data and enterprises’ growing need to reduce infrastructure costs, enable faster insights and actions, and improve operational efficiencies.
Moreover, the platforms segment is also projected to record the higher CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of streaming analytics platforms due to their capability to analyze data and monitor businesses’ Key Performance Indicators (KPIs) in real-time.
Based on deployment mode, the global streaming analytics market is segmented into on-premise deployments and cloud-based deployments. In 2023, the on-premise deployments segment is expected to account for the larger share of the global streaming analytics market. The segment’s large share is attributed to the higher preference for on-premise deployments among large enterprises due to the availability of trained IT professionals & infrastructure and security issues associated with cloud-based deployments.
However, the cloud-based deployments segment is projected to record the higher CAGR during the forecast period. Cloud computing and storage systems are gaining popularity among small and medium-sized enterprises. Several organizations are gradually transitioning to cloud infrastructure, a trend that is expected to grow in the coming years. The benefits of cloud infrastructure, such as ease of adoption, minimal requirements for in-house infrastructure, high scalability, and easy installation of streaming analytics solutions, contribute to the growth of the cloud-based deployments segment.
Based on application, the global streaming analytics market is segmented into fraud detection, customer analytics, sales & marketing, predictive asset management, risk management, network management & optimization, location intelligence, supply chain management, and other applications. In 2023, the customer analytics segment is expected to account for the largest share of the global streaming analytics market. The segment’s large market share is attributed to organizations’ rising need to retain customers through improved customer satisfaction, gain a competitive advantage in the market, boost customer loyalty, improve brand reputation, and accelerate overall business growth.
However, the fraud detection segment is projected to record the highest CAGR during the forecast period. Organizations across several industries, including retail, BFSI, and healthcare, are adopting IoT technologies and connected devices, making them vulnerable to cyberattacks and fraud. Therefore, organizations’ need for fraud detection & prevention solutions for implementing the necessary security layers and protection is expected to support the growth.
Based on organization size, the global streaming analytics market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the global streaming analytics market. The segment’s large share is attributed to large enterprises’ strong IT infrastructure and availability of skilled IT personnel to manage streaming analytics platforms. Furthermore, large enterprises have a stable financial backup and hence, can easily procure customized streaming analytics solutions.
Moreover, the large enterprises segment is also projected to record the higher CAGR during the forecast period. The growth of this segment is driven by the rising adoption of advanced technologies such as AI and blockchain and the development of strategic IT initiatives.
Based on sector, the global streaming analytics market is segmented into media & entertainment, BFSI, IT & Telecom, retail, healthcare & life sciences, government, manufacturing, transportation & logistics, energy & utilities and other sectors. In 2023, the IT & Telecom segment is expected to account for the largest share of the global streaming analytics market. The segment’s large market share is attributed to the rising adoption of streaming analytics solutions among IT & telecom companies to analyze large amounts of operational data and better serve customers. These solutions allow IT & telecom companies to analyze information, such as customer location, application usage statistics, and other performance data, to improve service delivery and personalization.
However, the retail segment is projected to record the highest CAGR during the forecast period. Companies from the retail sector have access to multiple data streams. Analyzing this data is important for retail activities, including predicting inventory reorder times and shortages, fulfilling shipments, tracking customer activity and business trends to offer personalized products/services/discounts to customers, and geo-targeted mobile marketing. Thus, the growing adoption of streaming analytics solutions among retailers for improving supply chain visibility, ensuring customer loyalty through personalized campaigns and location-based microservices, and detecting and preventing fraud is expected to drive the growth of this segment.
Based on geography, the streaming analytics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global streaming analytics market. Increasing digitization, rising sales of smartphones and tablets, growing adoption of consumer IoT devices, and increasing disposable incomes in economies such as China, India, and Japan have emerged as the key growth drivers for the regional market. The demand for streaming analytics in APAC is expected to continue growing as organizations recognize the need to harness real-time insights from streaming data to drive business growth, enhance customer experiences, optimize operations, and stay competitive in the digital age.
Furthermore, the continuous rollout of high-speed wireless internet networks and the focus of developing economies on improving legacy infrastructure have resulted in improved internet penetration in the Asia-Pacific region. Enhanced internet connectivity has enabled companies to easily deploy advanced IoT sensors and devices for process monitoring and control, which is expected to provide opportunities for the streaming analytics market growth.
Some of the key players operating in the streaming analytics market are IBM Corporation (U.S.), Informatica Inc. (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Striim, Inc. (U.S.), Oracle Corporation (U.S.), SAS Institute Inc. (U.S.), SQLstream (U.S.) a subsidiary of Thales Group (France), Software AG (Germany), TIBCO Software Inc. (U.S.), Cloudera, Inc. (U.S.), Teradata Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Impetus Technologies, Inc. (U.S.), and Hewlett Packard Enterprise Company (U.S.).
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