Streaming Analytics Market Size, Share, Growth Analysis, By Component (Software, Services), By Deployment (Hosted, On-premises), By Application (Fraud Detection, Marketing & Sales), By Region -Industry Forecast 2024-2031

Drivers

• Increase in Real-time Data Generation

Rapidly increasing use of advanced IoT devices and connected devices has led to a major upsurge in real-time data generation around the world. Streaming analytics helps organizations to process real-time data to help identify customer behavior, system health, and market trends thereby also promoting streaming analytics market growth as well.

• High Emphasis on Customer Experience Personalization

Streaming analytics providers can help companies achieve better customer personalization through the analysis of real-time data. Increasing efforts of multiple organizations to improve customer experience has led to high adoption of customer experience personalization, which in turn, is estimated to create new business scope for streaming analytics providers.

Restraints

• Complexity in Integration

Many organizations are still using legacy systems for their operations, however, these systems are not designed to handle real-time data generation. Which is why integrating streaming analytics with such legacy systems becomes a highly complex and resource-intensive task thereby slowing down the demand for streaming analytics going forward.

• Dearth of Skilled Professionals

Streaming analytics is highly complex and requires professionals skilled in data engineering, real-time data processing, and machine learning technologies. However, there is a major shortage of such skilled professionals around the world, which is estimated to impede the adoption of streaming analytics solutions and services in the long run.