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Streaming Analytics Market Scope, Share, Trends Analysis And Forecasts(2024 - 2033)
Streaming Analytics Market Scope
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According to The Business Research Company's, The streaming analytics market size has grown exponentially in recent years. It will grow from $21.82 billion in 2023 to $28.19 billion in 2024 at a compound annual growth rate (CAGR) of 29.2%. The growth in the historic period can be attributed to real-time data processing, increased data volumes, demand for actionable insights, growth of iot devices, advanced analytics adoption.
The streaming analytics market size is expected to see exponential growth in the next few years. It will grow to $83.21 billion in 2028 at a compound annual growth rate (CAGR) of 31.1%. The growth in the forecast period can be attributed to edge computing integration, ai and machine learning in streaming analytics, cloud-native streaming platforms, expansion of 5g networks, cybersecurity concerns and solutions. Major trends in the forecast period include event-driven architecture, integration of streaming analytics with business intelligence, multi-cloud deployment models, focus on anomaly detection, streaming analytics for customer experience optimization.
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Market Drivers and Trends:
The growing usage of cloud technology is expected to propel the growth of the streaming analytics market going forward. Cloud technology, or cloud computing, is a method of delivering computing services over the internet. It allows users to access storage, files, software, and servers through their internet-connected devices. Cloud technology boosts the streaming analytics market by providing a scalable and efficient infrastructure for processing and analyzing large volumes of data in real-time. For instance, In December 2021, according to data published by Eurostat, Cloud technology was trendy in large organizations, as 72% used it in 2021, a 7 % increase over 2020. Cloud computing will be adopted by 53% of medium-sized businesses in 2021, up from 46% in 2020. Furthermore, In March 2022, According to Flexera's 2022 State of the Cloud Report, organizations reported spending more than $12 million yearly in 37% of cases in 2021 and more than $1.2 million on clouds in 80% of cases. Therefore, the growing usage of cloud technology is driving the growth of the streaming analytics market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, TIBCO Software Inc., Software AG, Striim Inc., Impetus Technologies Inc., SAS Institute Inc., Informatica Inc., Guavus Inc., Google LLC, Cloudera Inc., Conviva Inc., Intel Corporation, SQLstream Inc., Teradata Corporation, Iguazio Ltd., Axonize Ltd., Adobe Inc., Altair Engineering Inc., Mphasis Limited, INTECO Group, WSO2 Inc., EsperTech Inc., Materialize Inc., StarTree Inc., Crosser Technologies AB, Quix Inc., Lenses. io Ltd.
Streaming Analytics Market 2024 Key Insights:
• The streaming analytics market size is expected to see exponential growth in the next few years. It will grow to $83.21 billion in 2028 at a compound annual growth rate (CAGR) of 31.1%.
• Increased Usage Of Cloud Technology Fuels Growth In The Streaming Analytics Market
• Advancements In Technology Drives Growth The Streaming Analytics Market
• North America was the largest region in the streaming analytics market in 2023
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