Market Trends of Streaming Analytics Industry
This section covers the major market trends shaping the Streaming Analytics Market according to our research experts:
Retail to Hold a Significant Share
Retail is one of the most growing end users of streaming analytics tools and services with an extremely competitive environment with the presence of offline and online players. Due to the increasing number of fraud cases, worldwide, the retail sector finds itself confronting the ever-increasing challenges presented by technology.
- Companies belonging to the retail sector have multiple data streams like inventory reorder times, shortage predictions, shipment fulfillments, tracking customer activity and business trends for personalized offerings/discounts for customers, geo-targeted mobile marketing, etc. Retail is using streaming analytics for prevention and prediction of supply chain visibility, one to one marketing and fraud to a large extent.
- Fraud costs retailers significant revenues, in addition to the time and resources it takes to make up these lost revenues. According to the National Retail Federation (NRF), the financial impact of organized retail crime (ORC) costs retailers USD 777,877 per USD 1 billion in sales in 2018 study.
- Also, Retail accounts for USD 2.6 trillion to annual GDP of United States with retailers losing 1.33 percent of sales on average to inventory shrink, costing the U.S. retail economy a total of USD 46.8 billion in 2017, according to NRF. This would increase the adoption of streaming analytics among retailers.
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Asia Pacific is Expected to Witness Highest Growth Rate
Asia-Pacific is the fastest growing region in the streaming analytics market, due to the increased adoption of digital technologies among consumers and businesses.
- Prominent vendors of the streaming analytics market in the region are targeting technology and R&D activities to invest more and innovate their already existing technologies, all of which are fueling the growth of the market for streaming analytics in the region.
- Increasing awareness of streaming analytics among SMEs, which contribute significantly to economic growth with their share of GDP ranging from 20% to 50% in the majority of APEC members, and the need for data analytics solutions are driving the demand in this region.
- Asia is emerging as a hub for digital technology, globally. High internet penetration, especially in Southeast Asia, and increasing consumer purchasing power across the region, make the region ideal for creating and testing new innovations.
- Many foreign players are collaborating with local players to utilize emerging opportunities in Asia-Pacific. Intel and Lenovo have collaborated to create a real-time streaming architecture tailored to the financial services industry that uses machine learning to convert raw data into deep business insights, expediting fraud detection.
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