More firms looking to boost revenues, cut losses, with real-time analytics
More organizations are realizing the benefits of real-time data analytics and have begun adopting streaming analytics in their data management operations, according to a recent report by Market Research Future.
The streaming analytics market is expected to grow to about $16 billion by 2023, at a 33 percent of compound annual growth rate (CAGR) between 2017 and 2023.
Streaming analytics can help organizations generate more revenue by increasing operational efficiency and cutting preventable losses, the report said. Applications include marketing and customer engagement, algorithmic trading, patient monitoring, intelligence and surveillance, supply chain optimization and procurement, oil and gas operations management, IT and network monitoring, call center analysis, and vehicle tracking and route monitoring.
The prominent players in the market include Apache Software Foundation, Microsoft, Datatorrent, SAP, Oracle, Informatica, Software Ag, Tibco Software, Impetus Technologies and SQLstream.
North America accounts for the highest market share in the streaming analytics market, the report said, owing to the presence of major players in the region and the adoption of advanced analytics tools by small and large organizations. The Asia‐Pacific region is expected to grow at the highest CAGR during the forecast period.
The increasing need for advanced solutions for real-time decisions on dynamic business events is accelerating the deployment of streaming analytics, the report says. In addition, growing adoption of the Internet of thing (IoT) across verticals is likely to expand demand for data streaming, which in turn is expected to contribute to the growth of streaming analytics worldwide.