Traditional business analytics platforms use static and stored data to analyze simple or complex patterns and to react to any business situation. These platforms take days to analyze and weeks to act on stored data. But in today’s business environment, companies demand accurate action in real-time rather than after a few days or weeks, as real-time insights create value to business situations. Enterprises around the world are realizing the fact that the opportunity of data analytics is higher if the data is collected from real-time business events and represents the current state of operations. Organizations need to make faster and more accurate decisions based on the real-time data and events coming from multiple data sources such as sensors, social media sites and mobile devices, Radio Frequency Identification (RFID), and Global Positioning System (GPS) devices.
Streaming analytics help organizations analyze and react to critical business situations as soon as they occur. Unlike traditional business analytics, which are based on batch processing, streaming analytics analyze data in-motion as soon as it arrives. As real-time insights create value for businesses, streaming analytics help organizations in cutting preventable losses, generating more revenue by increasing operational efficiency, and creating new opportunities. Streaming analytics can be used by any industry vertical to analyze and act on any data format.
The increasing need for quick action on dynamic business events has made it inevitable for large enterprises and Small and Medium Businesses (SMBs) to adopt streaming analytics. The evolution of Internet of Things (IoT), increasing amount of real-time streaming data across industry verticals, and increasing spending by organizations for real-time analytics are expected to be the major factors driving the streaming analytics market. It is expected that the number of connected devices will be more than 50 billion by 2020, which will generate a very large amount of streaming data. Thus, IoT provides various opportunities for streaming analytics vendors, such as real-time remote management, monitoring, and deriving insights from connected devices such as GPS devices, cameras, sensors, mobile phones, and networking devices hence driving the streaming analytics market.
MarketsandMarkets has recently published a report on “Streaming Analytics Market – Worldwide Forecast and Analysis to 2020”. According to MarketsandMarkets analysis, the streaming analytics market is estimated to reach USD 1.96 billion by 2020, at a projected CAGR of 31.3% from 2015 to 2020.
In the research report, the streaming analytics market has been segmented on the basis of verticals such as Banking, Financial Services, and Insurance (BFSI), telecommunications and IT, healthcare and life science, retail and e-commerce, manufacturing, transportation and logistics, energy and utilities, government and defense, and outsourcing services. Streaming analytics can be used for various applications across the industry verticals such as algorithmic trading, real-time marketing and customer engagement, intelligence and surveillance, real-time patient monitoring system, supply chain optimization and procurement, IT and network monitoring, oil and gas operations management, vehicle tracking and route monitoring, and real-time call center analysis.
The report covers in-depth insights into the streaming analytics market, with key findings in terms of market sizing, global and regional adoption trends, future growth potential, key drivers, restraints, opportunities, and challenges in the streaming analytics market. The study also provides insights into key vendors and highlights the competitive landscape in this market ecosystem. The report has been further segmented by region (viz. North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America).
