Social media, IoT devices behind skyrocketing demand for real-time analytics
The process of streaming analytics is becoming a key competitive tool, as enterprises look to take advantage of the insights they can gain from data as it arrives from applications, social media sites, Internet of Things devices and other sources.
The technology offers analytics with speed, something that’s essential for digital businesses. Not surprisingly, demand for such capabilities is growing. A recent report by Research and Markets said the global market for streaming analytics tools was valued at $5.34 billion in 2018 and is expected to reach $29.04 billion by 2024, a compound annual growth rate (CAGR) of 33 percent.
Digitization has exponentially increased data generation and changed data utilization methods, the report said, and the cloud is a vital catalyst in digital transformation. Streaming analytics adds flexibility by providing real-time synchronization across the cloud or on-premise, surpassing traditional data processing and accessing options, it said.
The growth of Industry 4.0 practices across industries is helping to create large amounts of data and is expected to provide more demand for real-time analytics over the forecast period, the report said.
Retail is one of the biggest users of streaming analytics tools and services, the report said. Companies in the sector have multiple data streams such as inventory reorder times, shortage predictions, shipment fulfillments, tracking customer activity, and business trends for personalized offerings for customers.