According to a recent report published by Allied Market Research, titled, “Streaming Analytics Market by Component, Deployment Mode, Organization Size, Application, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027,” the global streaming analytics market size was valued at $7,740.0 million in 2019, and is projected to reach at $52,190.0 million by 2027, growing at a CAGR of 26.8% from 2020 to 2027.
Rise in investments in streaming analytics solutions by number of organizations mainly to improve their business performance as well as operations through a better understanding of risks gained from the analysis of real-time data is majorly driving the growth of the streaming analytics market. Moreover, increase in penetration of Internet of Things (IoT) sensors and devices in industrial & consumer applications along with ongoing advancements in these sensor & devices further boost the adoption of streaming analytics solutions. Due to the growing popularity of streaming analytics, large numbers of startups are focusing on developing feature-rich real-time streaming analytics solutions, which is opportunistic for the market.
In 2019, the global streaming analytics market share was dominated by the software segment, and is expected to maintain this trend during the forecast period owing to growing adoption of these software among organizations to better engage with their customers and clients. It also helps enterprises to identify the target audience and their choices as well as preferences, which lead to better customer experience. However, the services segment is expected to witness the highest growth in the upcoming years owing to growing demand for customized streaming analytics solutions, which in turn will need deployment, integration and support & maintenance for better functioning of the software.
On the basis of deployment model, the cloud segment led the streaming analytics market in 2019, and is projected to emerge as the fastest-growing segment over the forecast period. The growth of this segment is attributed to growing adoption of Software-as-a-Service (SaaS) model among SMEs, which allow them to move to a subscription-based service model with low-latency data transformation capability. In addition to this, it provides numerous benefits over the on-premise deployment such as rapid integration, increased operational flexibility, increased convenience, reduced maintenance, reduced capital investment in physical infrastructure, low operational manpower requirement, and others, which further boost the streaming analytics market growth.
Post COVID-19, the size of the global streaming analytics market is estimated to witness growth from $9,882.0 million in 2020 to reach $ 52,190.0 million by 2027, at a CAGR of 26.8%. The COVID-19 pandemic has affected several industries and customer behavior and is making a significant impact on the economy. Organizations are majorly focusing on these technologies to overcome difficulties caused by the COVID-19 pandemic. As offices have been shut down for an indefinite period, major events being postponed, and social distancing & work-from-home policies are in effect by the government, businesses are increasingly investing in these technologies, which are opportunistic for the market. Also, the exponential growth of media & entertainment and retail and e-commerce online platform in this COVID-19 pandemic will lead to the high adoption of streaming analytics software within these industries to analyze real-time data and provide products according to the customer’s preferences.
Key Findings Of The Study
- By component, in 2019 the software segment dominated the streaming analytics market size. However, the services segment is expected to exhibit significant growth during the forecast period.
- On the basis of deployment model, the cloud segment accounted for the highest revenue in 2019 and is expected to witness highest growth in the upcoming years.
- Depending on organization size, the large enterprises segment generated the highest revenue in 2019. However, the small and medium sized enterprises is expected to witness highest growth rate in the near future.
- Based on application, the fraud detection segment generated the highest revenue in 2019. However, the location intelligence is expected to witness highest growth rate in the near future.
- Depending on industry vertical, the BFSI generated the highest revenue in 2019. However, the media and entertainment is expected to witness highest growth rate in the near future.
- Region wise, the streaming analytics market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key streaming analytics industry players profiled in the report include IBM Corporation, Oracle Corporation, Microsoft Corporation, SAP SE, Software AG, SAS Institute Inc., TIBCO Software Inc., Amazon Web Services, SQLstream, Inc., and Impetus Technologies, Inc. This study includes market trends, streaming analytics market analysis, and future estimations to determine the imminent investment pockets.