The Streaming analytics market size is projected to grow from USD 15.4 billion in 2021 to 50.1 USD billion in 2026, at a Compound Annual Growth Rate (CAGR) of 26.5% during the forecast period. The Streaming analytics industry is driven increased digitalization and emerging technologies such as big data, IoT, and AI to drive the market growth. However, Strategic shift toward accurate real-time forecasts and rising data connectivity through hybrid and multi-cloud environments further contributes to the growth of the Streaming analytics market.
Based on the Component, software segment to account for a larger market size during the forecast period
The streaming analytics market has been segmented by two components: software and services. The deployment of streaming analytics has witnessed an increase in adoption, as serves a variety of purposes, such as fraud detection and risk management. The growing adoption of streaming analytics across all major verticals, such as BFSI, Telecommunication and IT, Retail and eCommerce, Healthcare and Life Sciences, Manufacturing, Government, Energy and Utilities, Transportation and Logistics, Media and Entertainment, Other Verticals (travel & hospitality and education).
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Based on deployment mode, cloud segment to grow at a higher CAGR during the forecast period
Cloud computing refers to the storage, management, and processing of data via networks of remote servers, which are typically accessed via the Internet. According to Statista, cloud computing would generate more than USD 300 billion in revenue in 2020 as a component of IT services. At the same time, PwC shows the COVID-19 crisis has accelerated the cloud transition even further as per data during the first quarter of 2020, cloud spending increased by 37% to USD 29 billion. The increasing generation of data leads to various challenges for several organizations. These challenges include storage, privacy, and affordability.
Major streaming analytics vendors include IBM(US), Google(US), Oracle(US), Microsoft(US), SAS(US), SAP(Germany), Cloudera (US), Teradata(US), TIBCO(US), AWS (US), Software AG (Germany), Informatica (US), Impetus (US), HPE (US), Intel (US), Iguazio (Israel), Conviva(US), Axonize (Israel), Adobe (US), Altair (US), Mphasis (India), Striim(US), INTECO (Canada), WSO2(US), SQLstream (US), EsperTech (US), Materialize (US), StarTree(US), Crosser (Sweden), Quix (UK), Lenses(UK), BangDB(India), Imply(US), Coralogix(US), Ververica (US), StreamSets (US). These market players have adopted various growth strategies, such as partnerships, collaborations, and new product launches, to expand have been the most adopted strategies by major players from 2018 to 2021, which helped companies innovate their offerings and broaden their customer base.
IBM is a multinational technology and consulting corporation offering infrastructure hosting and consulting services. The company operates through five major business segments: cloud and cognitive software, global business services, global technology services, systems, and global financing. IBM Cloud has emerged as a preferable platform for all business applications, as it is AI compatible. It is a unifying platform that integrates IBM’s capabilities with a single architecture and spans over public and private platforms. With this powerful cloud platform, the company can cater to the requirements of different businesses across the globe. IBM caters to various verticals, including aerospace & defense, education, healthcare, oil & gas, automotive, electronics, insurance, retail & consumer products, banking & finance, energy & utility, life science, telecommunication, media & entertainment, chemical, government, manufacturing, travel & transportation, construction, and metals & mining. The company has a strong presence in the Americas, Europe, the Middle East, Africa, and Asia Pacific and has clients in more than 175 countries. IBM is one of the major players in the streaming analytics market. In the past two years, it has shifted its focus from the hardware segment to the digital segment, with increased investments toward big data, AI, and ML.
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Google is a global technology company. Its primary business areas include web-based search, desktop and mobile operating systems, display advertising and tools, enterprise solutions, hardware products, consumer content platform, advertising platform, and cloud computing platform. The company generates revenues by delivering relevant, cost-effective online advertising, cloud-based solutions that provide customers with platforms, collaboration tools and services, and sales of other products and services, such as apps and in-app purchases, digital content, and subscriptions for digital content, and hardware. Its search engine maintains a list of websites and online content for Google network members, advertisers, and content providers. The company’s core products include Android, Maps, Chrome, YouTube, Google Play, and Gmail. Google also sells hardware products such as Chromebook, Chromecast, and Nexus. The company has a worldwide presence in more than 40 countries. The company offers solutions to various industries, which include retail, financial services, healthcare & life sciences, media & entertainment, telecommunications, gaming, manufacturing, energy, government, education, and small businesses. It has a geographical presence in the US, Asia Pacific, EMEA, and other Americas. The solutions offered by Google in the streaming analytics market include the Google Streaming Analytics Platform, which allows companies to ingest and analyze hundreds of millions of events every second from apps or devices all around the world.
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