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Streaming Analytics Market Trends

Report ID: GMI10291
Published Date: Jul 2024
Report Format: PDF

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Streaming Analytics Market Trends

Edge computing has become a key trend in streaming analytics driven by demand for faster data processing. Organizations benefit from reduced latency by deploying analytics capabilities closer to the data source, they obtain real-time insights at the edge of the network, which eliminates the need to transmit data back to centralized servers. This approach is particularly advantageous in industries like manufacturing, logistics, and autonomous vehicles. Various technology companies are offering new solutions to cater this trend.

For example, in June 2024, NVIDIA announced the general software availability of NVIDIA AI Enterprise-IGX with NVIDIA Holoscan on the NVIDIA IGX platform. This addresses the growing need for real-time Artificial Intelligence (AI) computing at the industrial edge. By combining NVIDIA AI Enterprise-IGX and Holoscan on IGX NVIDIA offers enterprise-grade platform. It provides powerful AI computing and delivers flexible sensor integration, real-time performance and functional safety for the industrial edge. This significantly reduce the time and costs to build advanced AI solutions across industries.

AI and ML are increasingly being integrated into streaming analytics platforms to automate decision-making processes and enhance data analysis capabilities. AI-driven algorithms can detect patterns, identify anomalies and correlations in real-time data streams, enabling businesses to derive actionable insights more efficiently.

For instance, in May 2024, Confluent introduced several new capabilities to simplify AI integration. This feature on Confluent Cloud for Apache Flink allows teams to incorporate ML into their data pipelines. It enables use of simple SQL statements within Apache Flink to make decisions to various AI engines such as AWS, OpenAI, SageMaker, GCP Vertex, and Microsoft Azure. This allows organizations to orchestrate data cleaning and manage processing tasks a single platform.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

The market size of streaming analytics reached USD 23.06 billion in 2023 and is set to witness 27.5% CAGR from 2024 to 2032, led by the increasing demand for real-time data analysis.

The software component segment in the streaming analytics industry recorded over 50% share in 2023, owing to the increasing advancements in real-time data processing, analytics algorithms, and AI/ML technologies.

The predictive asset management application segment in the streaming analytics market is expected to witness over 30% CAGR from 2024 to 2032, driven by the rising need to optimize asset performance, reduce downtime, and enhance operational efficiency in manufacturing, energy, and utilities industries.

North America market recorded over 30% share in 2023, led by the presence of advanced IT infrastructure, a strong base of technology companies, and widespread adoption across various sectors, such as finance, healthcare, and retail.