Global Streaming Analytics Market - Growth, Trend and Forecasts (2018 - 2023)
The streaming analytics market has been valued at USD 4.04 billion in 2017 and is expected to grow at a CAGR of 32.3% during the forecast period (2018 - 2023) to reach USD 21.6 billion by 2023. The scope includes different Deployment modes of streaming analytics market, such as Cloud and on premise. The regions considered under the scope of the report include North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Streaming analytics is gaining traction in various end-user industries, and has caught the eye of various enterprises for better decision making. Some of the prominent trends that the market is witnessing include rising adoption of BI tools among SME, cloud adoption and IOT applications penetration and growing need for real time data analytics are some main reasons owing to streaming analytics market growth. However, growing government stringent regulations related to data security and data breaching across the globe could be major hindrance for the growth of streaming analytics market.
Rising Adoption of Advanced Analytics Tools by Small and Medium Enterprises
The major driver for growing streaming analytics is due to increasing adoption among SME. As large enterprises mostly occupy on-premises tools. Due to easy accessibility and low cost, most of SME, especially of manufacturing and retail are adopting cloud based streaming tools to enhance their business and customer base. Hence, streaming analytics are fuelling business innovation and it is becoming essential that organizations can react in real time to the information they are collecting and processing as part of their business functions. Also, the exponentially growing availability of accessible, cheap data centers delivered by cloud vendors, has brought down the costs of upfront investment for small and medium businesses, thereby reducing the market entry barrier. In Asia-Pacific, the growing awareness of streaming analytics among SME, which contribute significantly to economic growth with their share of GDP ranging from 20 per cent to 50 per cent in the majority of APEC economies, and need for data analytics solutions are driving the demand in the region.
Adoption of On-Cloud Streaming Analytics Seeing Fastest Growth
Cloud service solutions are growing exponentially with the data they contain, which in return is growing the demand for On-cloud streaming analytics into the market. Due to cloud, the data could be taken from various streams like social media, which helps in improving decision making process during analysis. They also come with robust analytics capabilities that provide analytics on live data or per usage data as well as data lake analytics. On-cloud streaming analytics bring predictive analytics to fraud detection, real-time personalization, Cloud Machine Learning models and APIs into your streaming data pipelines. With public cloud platforms maturing and providing secure on-premises connectivity, using them as extensions of core IT infrastructure, especially among SME’s, has become a reality. Therefore there is a high increase in adoption of streaming analytics hosted on the cloud and this is estimated to grow significantly during forecast period.
North America is dominating the Streaming Analytics Market
North America market owns dominant share of the global streaming analytics, owing to its rising adoption of big data analytics companies in US. Additionally, the adoption of cloud technologies, in this region is also very high. Automation trends, especially retail and healthcare automation, are growing at a rapid pace in the region. North America is also the largest contributor to the global IT BFSI market, the major market for streaming analytics, by region. Many of the world’s largest technology companies are located here, thus making North America one of the primary regions to adopt streaming analytics. With many industries implementing IoT to enable better operations, the usage of real time streaming analytics is also increasing. Also, strict government regulations are resulting in companies working to provide secure services. Hence thriving the demand for streaming analytics in the region.
Notable Developments in Streaming Analytics Market
March 2018: Impetus Technologies' StreamAnalytix was chosen as Advanced Manufacturing Analytics Platform in Multi-Million Dollar Deal with Large Industrial Automation Provider.
March 2018: data Artisans, founded by the original creators of Apache Flink, announced the general availability of dA Platform – the industry’s first turnkey stream processing platform that enables enterprises to get insights from data in milliseconds and power next-generation service-centric applications and business models. The new release productionizes stream processing and enables companies to provide live data applications as a centralized enterprise service
Major Players: IBM CORPORATION, STRIIM,INC., TIBCO SOFTWARE INCORPORATION, ORACLE CORPORATION, SAP SE, SOFTWARE AG INCORPORATION, MICROSOFT CORPORATION, IMPETUS TECHNOLOGIES INCORPORATION, and APACHE SOFTWARE FOUNDATION, amongst others.
Reasons to Purchase Streaming Analytics Market Report
To understand the impact of streaming analytics applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Asia-Pacific is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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