The global streaming analytics market size will touch USD 16 billion at a 33% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Growing Adoption of Cloud-based Streaming Analytics Software to Boost Market Growth
Organizations are moving steadily their on-premise IT infrastructure and data processing to the public cloud that is likely to add to the growth of the cloud-based streaming analytics software driven by the growing availability of pre-built, reliable, scalable platforms as a service for every possible application development and deployment need across the organization. Businesses are utilizing such cloud applications platforms for designing and operating applications much faster and easier with minimal coding while laying emphasis on the core business logic. Besides, the concerns related to security in the cloud are decreasing as public cloud becomes more secure. This gets validated through the increasing use of public and private cloud by large BFSI companies even in case of critical business processes. This will boost market growth.
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Growing Adoption of IoT across Verticals to offer Robust Opportunities
The growing adoption of IoT across verticals will expand the demand for data streaming solutions that in turn will offer robust opportunities to the market over the forecast period.
Lack of Experienced Workforce to act as Market Restraint
The lack of experienced workforce coupled with high cost of deployment and integration of advanced analytics solutions may act as market restraints over the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness about streaming analytics solutions and its benefits may act as a market challenge over the forecast period.
The global streaming analytics market is bifurcated based on deployment, application, service, and component.
By component, the software segment will lead the market over the forecast period.
By service, the managed service will dominate the market over the forecast period.
By application, the fraud detection segment will spearhead the market over the forecast period.
By deployment, the cloud deployment segment will have the lions share in the market over the forecast period.
The ongoing pandemic had a noteworthy impact on societies and economies and also the streaming analytics market and their customer behavior. Owing to the work from home effect and social distancing policies, the growth of the market has been hampered. The market has lost its productivity, investors, supply chains, and others owing to lockdown in different regions. Besides, key players in the market have experienced various challenges for the data infrastructure inflexibility. Thus key players are trying in fighting the situation by ensuring the security and privacy of data across various networks & keeping their assets online.
North America to Head Streaming Analytics Market
North America will head the market over the forecast period. Adoption of advanced analytics tools via small and big enterprises, the presence of major players, growing adoption in Canada and the US, higher adoption of streaming analytics software and services for organizations becoming customer-centric, the increasing adoption of digital business strategies, and increasing adoption of advanced analytics services and software by enterprises at various levels to sustain in the market and attain improved business functioning are adding to the global streaming analytics market growth in the region.
Eminent players profiled in the global streaming analytics market report include Apache Software Foundation (U.S.), Microsoft Corporation (U.S.), Datatorrent (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Informatica Corporation (U.S.), Software Ag (Germany), Tibco Software (U.S.), Impetus Technologies (U.S.), SQLstream (U.S.) among others.
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