Global Streaming Analytics Market Seen Soaring 30.04% Growth to Reach USD261.7 Billion by 2032, Projects Univdatos Market Insights
- Vikas Kumar
- September 27, 2024
- NEWS, TELECOM & IT
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According to a new report by Univdatos Market Insights, the streaming analytics market is expected to reach around USD 261.7 billion in 2032 by growing at a CAGR of 30.04%. It involves the analysis of data in motion, meaning continuous data streams, to enable businesses to gain intelligence without having to capture the data in storage. In contrast to traditional batch processing where the data is computed in sets, streaming analytics deal with the real-time data stream. This also comes in handy in industries that require real-time decision-making, for example, finance industries, telecommunication industries, retail industries, health industries, and manufacturing industries.
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Exploration of the Global Demand for Streaming Analytics
As data generation grows at a faster rate and organizations need real-time insights, the global market for streaming analytics has been rapidly growing. The increase of IoT devices, the development of 5G networks, and the expansion of cloud services are key factors that contribute to the usage of streaming analytics. With the increased shift towards data-driven business models, streaming analytics has been gaining importance in the enterprise to support operations, analytics, and customers.
Trends of the Streaming Analytics Market
1. Data Explosion: It is now estimated that 90% of the world’s data has been generated in the last two years alone from IoT devices, social media, sensors, and other sources. Real-time stream processing is a practical solution to address large data streams on real real-time basis.
2. Real-Time Decision-Making: In fields such as finance, telecommunication, and retail, real-time information is important for decision-making. It also enables businesses to make real-time responses to market shifts, customer behavior, and operational problems which gives a company the edge over its competitors.
3. Cloud Computing Growth: Cloud solution availability has leveled the playing field and enables small and large organizations to use streaming analytics without incurring large capital expenses on hardware and infrastructure. Cloud computing platforms provide the business with the capability of processing real-time data with low latency while scaling up.
4. Artificial Intelligence and Machine Learning: The combination of AI and ML in streaming analytics makes the system able to predict outcomes and make decisions automatically. This integration allows for the development of more complex and sophisticated systems that not only collect data in real time but also analyze future patterns and behaviors.
Applications of Streaming Analytics
1. Finance: In the financial domain of the application, streaming analytics finds applications in fraud detection, risk management, and algorithmic trading by processing real-time financial transactions. It helps institutions to stop fraud and make quick trades on the stock exchange market quickly.
2. Telecommunications: It has been revealed that with the help of streaming analytics, telecom companies can track network performance, find problems, and improve service delivery. As 5G rolls in, streaming analytics is also important for guaranteeing quality of experience for users.
3. Retail: Retailers are using stream computing to analyze customers’ behavior in real-time, price products optimally, and control their stock. Retailers can therefore use both in-store and online consumer data to improve customer engagement and boost sales.
4. Healthcare: In the healthcare industry, the data stream is used for analyzing the patient data to diagnose the patient and treat them as early as possible. Wearable technology and sensor data enable the generation of data streams that can be checked to find the occurrence of diseases.
5. Energy and Utilities: In the energy sector, streaming analytics can be applied to check power grids, detect anomalies, and manage energy distribution. This helps in avoiding wastage of resources and enhances the reliability of energy systems.
Recent Developments/Awareness Programs: – Several key players and governments are rapidly adopting strategic alliances, such as partnerships, or awareness programs: –
August 2023: Microsoft declared the acquisition of Activision Blizzard, Inc. to bring more resourceful and inventive games to performers everywhere and on any device. The acquisition with Activision Blizzard, Inc. focused on driving efforts to further strengthen the company’s culture and accelerate business growth.
August 2023: Confluent, Inc. entered a partnership with Google Cloud. The expanded partnership helped more consumers transform their enterprises with real-time data and modernize their data platforms with a dependable bridge from their on-premises, multi-cloud data architectures to Google Cloud.
In December 2021, for data as a service (DaaS), IBM incorporated streaming analytics process on its Cloud Park. This service expands the Cloud Pak for Data as a Service by adding an interface or other tool that runs on the IBM Cloud and offers APIs that may be used elsewhere.
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Conclusion
Global streaming analytics has been revolutionizing the way businesses are conducted by providing real-time and actionable insights, thereby improving operational performance. With the current trends in the world as more data is being generated real-time data processing solutions will continue to be looked for. The increase in the number of IoT devices, the development of the 5G network, and improvements made in cloud computing are among the elements that have contributed to the growth of the streaming analytics market. Stream analytics will thus offer immense opportunities for businesses and organizations in the current highly competitive and rapidly evolving data economy. According to the UnivDatos Market Insights analysis, the synergy between streaming analytics and machine learning enhances predictive capabilities and operational intelligence. Further, streaming analytics enables real-time threat detection and response, addressing the growing concerns around cybersecurity. The market was valued at USD billion in 2023, growing at a CAGR of 30.04% during the forecast period from 2024 – 2032 to reach USD 261.7 billion by 2032.