In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Streaming analytics is a technology that allows the analysis of real time data for appropriate and quick decision making. It processes the data such as video, unstructured text, audio, sensors and geospatial that is streamlined from various platforms including applications, social media, devices, sensors, websites and others. It helps in alerting companies when the consumer experience gets lower down, fraud detection and early data loss signals among others. These are highly scalable and can simply handle high amount of data up to 1GB per second.
Companies are charging for per unit used which is a profitable solution for the industries. Analysis from streaming analytics occurs instantly, the companies need to undertake the analytics data within the time of opportunity or otherwise the data losses its value. Data loss can cost the companies for legal action, damage of brand image, business risk, lower down the competitive advantage and failure to take appropriate decision.
The market is observing vibrant growth on account of growing need for analyzing real time data for better decision making. Rising adoption of cloud- based technology in various end user industries such as retail, healthcare, telecommunication and IT among others is boosting the demand for streaming analytics solutions which in turn is supporting the growth of the market. Easy handling, cost effectiveness and ability to maintain customer group and supporting innovations in businesses is anticipated to boost the market growth of streaming analytics.
The streaming analytics market is anticipated to record a CAGR of 35.6% over the forecast period i.e. 2019-2027. The market is segmented into deployment such as cloud and on-premise, out of which, cloud segment is anticipated to dominate the market on the back of ability to analyse the big data in a limited period of time. Cloud solution enables the enterprises to focus more on their core business strategies and helps in integrating data from various sources, which is expected to support the growth of the market. Further, the market is segmented into vertical such as government and defence, BFSI, IT and telecommunication, healthcare, retail, education, energy & utilities and others, out of which, retail segment is expected to dominate the market owing to need for expanding the customer base for the business. Growing adoption of cloud-based technology is expected to influence the global streaming analytics market over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Growing adoption of cloud based technology among various end user industries such as retail, IT and telecommunication, education, BFSI and Government and defense among others for integrating data from various platforms or connected devices is boosting the demand for streaming analytics solutions, which is expected to support the growth of the market.
Lower cost and easy handling of streaming analytics solutions is allowing the small and medium enterprises to adopt the solutions for real time analysis of data that is anticipated to influence the global streaming analytics market positively during the forecast period.
Growing need for real time data analysis among various industries to grab the opportunity for quick and better decision making is estimated to support the growth of the market over the forecast period.
Growing number of cyber-attacks such as ransomware is rising the concern for government to formulate the stringent rules and regulations regarding the data security of the customers that is estimated to boost the growth of the streaming analytics market over the forecast period.
Due to rising adoption of cloud-based technology among various verticals, most of the data are hosted on the cloud-based server. Rising number of cyber-attacks creates privacy issues over cloud-based servers, which is expected to hamper the growth of the market.