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(Wireless-NewsWire.Com, October 25, 2019 ) The Streaming Analytics Market size is expected to grow from USD 10.3 billion in 2019 to USD 35.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 28.2% as per a report by MarketsandMarkets.
Streaming analytics is a set of advanced analytical tools that collect, integrate, analyze, and visualize real-time business events and high volume of dynamic live data from various live sources, such as sensors, clickstreams, Radio-Frequency Identification (RFID), Global Positioning System (GPS), social networking sites, and mobile devices, in any data format, to detect and react automatically to urgent business situations in real time. Streaming analytics is about understanding and reacting in a real- time on a particular event in that market space. It helps companies cut inevitable losses, gain operational insights, and grab new opportunities.
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Organizations are beginning to take a deeper look at capturing data about streaming events. Being able to act as soon as events are generated improves operational responsiveness and organizational effectiveness. Integration of businesses with streaming analytics solutions provides the flexibility to apply rich context to the events as they occur. Streaming analytics can be used to improve operational efficiencies, reduce infrastructure costs, and provide faster insights and actions. Organizations in every industry have data streaming available from applications, social media, sensors, devices, websites, and more. Analyzing this data in real time, rather than storing it and analyzing it later, can provide critical, actionable insights in many operational and functional areas. Essentially, streaming analytics is all about extracting business value from data in motion in the same way traditional analytics tools make use of data at rest.
Furthermore, a streaming analytics solution should be a general-purpose solution that can be integrated with or embedded into other applications. Tight integration is required if the results derived are used to make real-time decisions or to take actions regarding customer service, security or fraud prevention, product recommendations, or automated chat or voice response.
The supply chain management segment is expected to grow at the higher CAGR during the forecast period. The supply chain management segment covers big data analytics, a disruptive and essential technology. With growing interest from various supply chain organizations, the demand for streaming analytics is expected to increase in the coming years. Supply chain organizations can improve their response to unpredictable demands and reduce related end-to-end supply chain management issues. Cost-savings in re-structuring supply chains is also one of the important use cases of the streaming analytics technology. With the increasing need for resolving operations-related issues in real-time and the need for streamline operations across industries and vendors, the market will focus on the supply chain management segment to increase their market share.
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Currently, organizations are transforming their businesses either through partnerships or acquisitions, which in turn, helps in the expansion of various domains that demand the adoption of different emerging technologies, thus causing several structural changes. Owing to this, organizations have the fear of losing potential data or face difficulty in keeping a track of the decentralized environment. Therefore, there is an increasing demand for a single platform that can provide the full range of contextual intelligence by supporting highly flexible architecture to integrate with streaming data sources and output channels. Organizations look upon a visual interface to streamline development and act in a relevant and precise manner.
360Quadrants
Mr. Shelly Singh
8886006441
raviraj.tak@marketsandmarkets.com
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