The global Streaming Analytics Market size is expected to grow from USD 12.5 billion in 2020 to USD 38.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 25.2% during the forecast period. The major driving factors in the streaming analytics industry are emerging technologies, such as big data, Internet of Things (IoT), and Artificial Intelligence (AI), and a strategic shift toward accurate real-time forecasts.
Telecommunication and IT is expected 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 focusing 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, activity logs, among others, on a large scale. The telecommunication and IT industry leverages 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 customer retention and improves brand loyalty. Furthermore, the ever-changing customer preferences and the increasing smartphone and internet penetration are expected to accelerate in the coming years further.
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Software segment to constitute a larger market size during the forecast period
The streaming analytics market, based on components, covers software and services. The software creates opportunities for organizations to better engage with their customers and clients’ further enables enterprises to identify better, the target audience and their preferences, choices, and learn about customer experience. The streaming analytics software provides enhanced functionalities, such as monitoring, customer profiling, campaign management, and demographic analysis, to improvise the current policies for customer/client engagement. Also, streaming analytics 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. Moreover, with the advent of social streaming, which integrates real-time information from social media, thus, helps businesses to deliver a seamless and personalized consumer experience via omnichannel sales approaches, to gain a competitive advantage.
The major streaming analytics 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global streaming analytics market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2020, which has helped them innovate on their offerings and broaden their customer base.
IBM (US) is one of the top vendors in the streaming analytics market, owing to the strong portfolio of solutions and services that the company offers in the market. The IBM Cloud has emerged as a platform of choice for all business applications, as it is AI compatible and safe to use. It is a unifying platform, which integrates the capabilities of IBM in a single architecture and spans over public and private clouds. Using this powerful cloud platform, the company can cater to the requirements of different businesses across the globe, along with a continuous stream of innovative capabilities, such as computation and storage, data, and Watson services; IoT and blockchain services; and IBM Q Experience. In September 2018, IBM launched an analytics platform called IBM streaming analytics for IBM Cloud for Germany with the intent to support current deployment options for IBM Cloud in the UK and US regions. Moreover, in April 2020, IBM Research Team has made multiple novel, free resources from across IBM to help healthcare researchers, doctors and scientists around the world accelerate COVID-19 drug discovery: from gathering insights to applying the latest virus genomic information and identifying potential targets for treatments, to creating new drug molecule candidates.
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Oracle (US) is a global leader in delivering a broad spectrum of products, solutions, and services, which are designed to meet the requirements of corporate Information Technology (IT) environments, such as platform, applications, and infrastructure. The company’s product portfolio comprises an autonomous database, databases, developer tools, engineering systems, IT infrastructure, Java, and Middleware. Its stream analytics solution empowers the business audience to create and implement rich streaming data solutions for gaining real-time insights about streaming infrastructures, big data, and IoT. The company operates through three business segments, namely cloud and license, hardware, and services. Among these, Oracle Cloud and license is the highest revenue contributing segment for 2016, 2017, and 2018. Moreover, in April 2020, Oracle built COVID-19 Therapeutic Learning System and donated it to the US government. The system allows physicians and patients to record the effectiveness of promising COVID-19 drug therapies. These drugs, such as Hydroxychloroquine, Remdesivir, and Kaletra, are safely used to treat other diseases but are not yet definitively proven to be effective against COVID-19.
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