Streaming Analytics Market Expected to Reach USD 52.19 Billion by 2027 | Top Players such as -Impetus, AWS and TIBCO
Digitization has exponentially increased data generation and changed data utilization methods. boosts the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, April 1, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Streaming Analytics Market Expected to Reach USD 52.19 Billion by 2027 | Top Players such as -Impetus, AWS and TIBCO.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global streaming analytics market size was valued at USD 7,740.0 million in 2019, and is projected to reach at USD 52,190.0 million by 2027, growing at a CAGR of 26.8% from 2020 to 2027.
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Adoption for real-time accurate forecasting, rise of industrial automation, and implementation of cloud-based software drive the growth of the global streaming analytics market. However, stringent data security policies and lack of legacy system integration hinder the market growth. On the other hand, adoption of technologies such as big data, IoT, and AI along with partnerships and new product launches create new opportunities in the coming years.
The market is segmented into component, deployment model, organization size, application, industry vertical, and region. By component, it is bifurcated into software and services. By deployment model, the market is divided into on-premise and cloud. By organization size, the market is classified into large enterprises and small & medium sized enterprises. Application segment includes fraud detection, predictive asset management, risk management, network management and optimization, sales and marketing, supply chain management, location intelligence, and others. By industry vertical it is categorized as BFSI, IT & telecom, manufacturing, government, retail and e-commerce, media & entertainment, healthcare, and energy & utilities. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on deployment model, the cloud segment held nearly three-fifths of the market in 2019, and will maintain its leadership status throughout the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 28.5% from 2020 to 2027. This is attributed to rise in adoption of software-as-a-service (SaaS) model among SMEs that enable them to shift toward a subscription-based service model with low-latency data transformation capability.
Based on component, the software segment accounted for the highest share in 2019, holding nearly three-fifths of the market, and is estimated to maintain its lead position during the forecast period. This is due to growing adoption of software among organizations to engage clients in a better manner and identify the target audience and their preferences.
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Based on region, North America contributed to the largest market share with nearly two-fifths of the market in 2019, and is expected to maintain its dominance in terms of revenue by 2027. This is due to availability of leading streaming analytics software vendors such as Oracle Corporation, IBM Corporation, Microsoft Corporation, and others in the region along with need to automate decision-making procedure on the basis of real-time data analysis. However, Asia-Pacific is expected to register the fastest CAGR of 31.3% from 2020 to 2027, owing to adoption of advanced technologies including AI, IoT, and big data for business applications, to generate real-time insights.
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.
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Covid-19 Scenario:
● Due to lockdown during the Covid-19 pandemic, the demand for over the top (OTT) platforms experienced a significant growth. So, OTT platforms have been adopting streaming analytics to gain insights on consumer behavior and take further steps.
● With surge in need for real-time information such as tracking the spread of coronavirus, monitoring patient movements, and maintaining social-distancing, governments and organizations have been investing in streaming analytics applications.
● Streaming analytics vendors have adopted cloud-based platforms and devising different strategies to keep their data secure across various platforms as hacking attempts and attacks grow during the pandemic.
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