Today, businesses need to make the most out of technology. To compete with other competitors, streaming analytics becomes a crucial tool. As many companies recognize its importance, there has been a growing demand for the streaming analytics market across the globe.
A prominent market research firm, GMI Research, estimated that the streaming analytics market size touched USD 13.3 billion in 2021 and would achieve USD 77.3 billion in 2029. This rapid development is due to the growing adoption of modern technologies like AI and IoT along with the increasing implementation of streaming analytics among companies.
The continuous processing of live data from various sources including IoT devices characterizes streaming analytics. This real-time analysis allows for immediate alerts and automated actions which reduces the requirement for prolonged data storage. It is vital for businesses that need to gain instant insights from the growing volumes of fast-moving data. It facilitates real-time analysis and integration of information from diverse sources including IoT gateways and ERP systems.
Many industries require response times to be counted in seconds rather than hours and days. As data generation accelerates, it becomes increasingly difficult to pinpoint the right actions to take at the optimal moments. By leveraging streaming and analytics, you can analyze and respond to both past and real-time data from IoT devices. It helps in identifying equipment problems and preventing future issues.
In environments with high capital investments, spotting potential issues before they develop into serious problems is key. Monitoring signs of equipment failure, such as abnormal temperature or low pressure, and acting on this information is made possible through streaming analytics. With streaming analytics in real time, you can foresee and recognize important business events at the moment they happen. It allows you to mitigate risks and optimize your returns.
The Applications
There are various examples that picture the applications of the streaming analytics market.
- To detect credit card scam
For fraud detection and prevention, card associations such as MasterCard and Visa examine numerous transactions and use specific criteria to trigger alters. A properly configured streaming analytics model can help automate this process. The system works by initially assessing if the request of payment authorization fits any of the business’ criteria for suspicious behavior. If deemed suspicious, it can automatically send a text message to the cardholder to verify the transaction.
- Delivery tracks effective routing
Routing trucks efficiently is the core of logistics companies’ business. Yet, the optimal route from one point to another is influenced by constantly shifting factors. That includes traffic patterns and weather forecasts. When delivering temperature-sensitive products, trucks depend on streaming data from sources like traffic updates and weather forecasts. To ensure the data is useful, streaming analytics is necessary. Otherwise, a late alert about an overheated truck could lead to cargo becoming unusable.
- Customized customer experiences
If you have ever come up with the perfect reply after a conversation has ended, you understand the importance of streaming analytics. Some insights must be received at the right moment to be effective. Otherwise, they lose their impact.
A prime example of why timely insights from streaming analytics are crucial is the customized customer experience. Streaming analytics enables marketers to automate specific product recommendations, personalize web interactions with machine learning, optimize pricing strategies, among others.
The Benefits
The streaming analytics market offers various benefits which drives its popularity.
- Real-time insights and prediction
Streaming analytics provide organizations with the ability to analyze data as it is being produced. It helps in making faster and more informed decisions while predicting future outcomes. It can be used to track and assess real-time customer behavior to identify possible fraud or security issues.
- Enhance efficiency
Streaming analytics facilitates the automation of processes and tasks within organizations. It can reduce time and expenses. For instance, it might automate report generation or alert notifications.
- Minimize risk
Organizations can use streaming analytics to quickly detect and address potential risks. Therefore, they can prevent expensive disruptions. For instance, it can track the performance of key infrastructure and detect potential issues before they result in outages.
- Improve customer experience
It enables the customization of customer interactions by providing immediate insights into their behavior. It offers product recommendations based on a customer’s previous purchases.
- Increase innovation
The streaming analytics market can also support faster innovation by delivering real-time data that aids in creating new services and products. For example, it analyzes customer sentiment in real-time and identifies new prospects for developing products
However, the streaming analytics market also faces several challenges. With business producing data at an exponential rate, it becomes more complex to analyze all this information in real-time. The expense involved in setting up and maintaining this system can also be high. Therefore, it potentially serves as a barrier for certain businesses. This system also demands businesses to maintain high-quality data. It can be challenging to obtain particularly when data comes from multiple places.
