The streaming analytics market is expected to grow from USD 12,544 million in 2020 to USD 38,635 million by 2025, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period.
Artificial Intelligence (AI), big data analysis, and the Internet of Things (IoT) are some of the emerging technologies creating possibilities for better interpretation and understanding of user behavior.
The strategic business shift toward real-time, which accurately provides forecasts for faster decision making, is also expected to drive the market growth.
However, inadequate system integrity is one of the factors hindering the market growth.
The objective of the report is to define, describe, and forecast the streaming analytics market size based on component, application, organization size, deployment mode, industry vertical, and region.
In a short time, the COVID-19 outbreak has affected markets and customers’ behavior and is making a substantial impact on economies and societies.
With offices, educational institutions, and manufacturing facilities shutting down for an indefinite period; major sports and events being postponed; and work-from-home and social distancing policies in effect, businesses are increasingly looking for technologies to help them sail through these difficult times.
The COVID-19 pandemic is impacting businesses across the globe.
Analytics companies are trying to fight this pandemic by keeping their assets online and ensuring the privacy and security of data across networks.
Analytics professionals, business intelligence professionals, and professionals providing expertise in advanced analytics, such as AI and ML, have been called for their expertise to help executives make business decisions on how to respond to the new business challenges caused by the COVID-19 outbreak.
Streaming analytics companies are also facing challenges related to the inflexibility of data infrastructure.
For instance, network infrastructure in Europe is witnessing higher connection drop rates and lower audio quality. The European Union (EU) has asked streaming service providers to limit picture quality to alleviate potential outages.
Software segment to account for a larger market size during the forecast period
The streaming analytics market, based on components, covers software and services.
Software creates opportunities for organizations to better engage with their customers and clients.
It further enables enterprises to identify the target audience and their preferences and choices, as well as learn about customer experience.
The streaming analytics software provides enhanced functionalities, such as monitoring, customer profiling, campaign management, and demographic analysis, to improve the current policies for customer/client engagement.
Moreover, streaming analytics software helps to enhance the customer experience and business profitability.
The bundled software is being deployed in retail stores, hotels, restaurants, and other crowded places with footfall analytics, customer engagement, customer experience management, customer behavior analytics, and loyalty management, among others.
The advent of social streaming, which integrates real-time information from social media, is expected to help businesses deliver a seamless and personalized consumer experience via omnichannel sales approaches, to gain a competitive advantage.
Telecommunication and IT to account for the largest market size during the forecast period
Enterprises in the telecommunications and Information Technology (IT) industry have shifted their approach to a customer-centric one and are focused on offering feature-rich customized products at competitive subscriptions and pricing.
There is a tremendous increase in consumer-generated data comprising digital documents, social media content, and other digital data, such as location and activity logs, on a large scale.
The telecommunication and IT industry leverage powerful cloud-based streaming analytics software and services to design enhanced marketing campaigns for customer acquisition and retention.
Customer experience plays a vital role in the competitive business environment. It helps preserve customer loyalty and improves brand perception.
Furthermore, the ever-changing customer preferences and the increasing smartphone and internet penetration are expected to accelerate in the coming years further.
North America is expected to account for the largest market size during the forecast period.
Organizations are gradually turning customer-centric, thus leading to the higher adoption of streaming analytics software and services, and the increasing adoption of digital business strategies are the major factors that are expected to drive the adoption of streaming analytics in North America.
The streaming analytics market in North America is expected to grow steadily, as enterprises are adopting advanced analytics software and services at various levels as a part of their strategy to sustain in the market and achieve improved business functioning.
Currently, Asia Pacific (APAC) is witnessing significant growth opportunities, owing to growing technology expenditures in major countries, such as Japan, China, and India, and the demand for cost-effective analytical software and services among Small and Medium-sized Enterprises (SMEs).
The major vendors include IBM (US), Oracle (US), Microsoft (US), SAP (Germany), Software AG (Germany), SAS Institute (US), Oracle (US), Tibco (US), Impetus Technologies (US), Striim (US), WSO2 (US), Inetco(Canada), SQLStream (US), Axonize (Israel), Espertech (US), Cloudera (US), Google (US), HPE (US), AWS (US), Intel (US), VMware (US), MapR (US), Mphasis (India), Altair (US), Adobe (US), Teradata (US), Vitria Technology (US), Conviva (US), IQLECT (India), and Iguazio (India).
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