According to the report, the global streaming analytics industry generated $7.74 billion in 2019, and is estimated to generate $52.19 billion by 2027, registering a CAGR of 26.8% from 2020 to 2027.
Adoption for real-time accurate forecasting, rise of industrial automation, and implementation of cloud-based software drive the growth of the global streaming analytics market. However, stringent data security policies and lack of legacy system integration hinder the market growth. On the other hand, adoption of technologies such as big data, IoT, and AI along with partnerships and new product launches create new opportunities in the coming years.
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Based on component, the software segment accounted for the highest share in 2019, holding nearly three-fifths of the global streaming analytics market, and is estimated to maintain its lead position during the forecast period. This is due to growing adoption of software among organizations to engage clients in a better manner and identify the target audience and their preferences. However, the services segment is expected to register the largest CAGR of 28.6% from 2020 to 2027. This is attributed to increase in demand for customized streaming analytics solutions for integration, deployment, and support & maintenance of software.
Based on deployment model, the cloud segment held nearly three-fifths of the global streaming analytics market in 2019, and will maintain its leadership status throughout the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 28.5% from 2020 to 2027. This is attributed to rise in adoption of software-as-a-service (SaaS) model among small and medium enterprises that enable them to shift toward a subscription-based service model with low-latency data transformation capability. The research also analyzes the on-premise segment.
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