Revenues for the global streaming analytics market are expected to increase at a compound annual growth rate of 28.2 percent for the next five years.
At the heart of all continuous intelligence (CI) applications is the ability to perform analytics on real-time data streams. One indication that businesses plan to use CI is the expected adoption of streaming analytics across all industries.
The global streaming analytics market is expected to grow from $10.3 billion this year to $35.5 billion by 2024, according to a report from MarketsandMarkets. That increase represents a compound annual growth rate (CAGR) of 28.2 percent for the next five years.
See also: The Case for Continuous Intelligence
Driving this growth is the shifting strategies that are moving businesses toward real-time analysis of events. Businesses want to use situation awareness derived from streaming analytics for faster decision making.
CI and streaming analytics are in demand because they deliver quantifiable benefits. For example, most businesses want to better engage with their customers and clients. Customer experience plays a vital role in the competitive business environment. It helps customer retention and improves brand loyalty.
To improve customer interactions, businesses are using or plan to use CI and streaming analytics to improve the customer experience any time a customer interacts with the business. Specifically, they want to use analytics to identify customer needs better and use CI to dynamically tailor responses and suggestions based on each customer’s preferences, choices, historical interactions, and real-time events.
In such applications, CI and streaming analytics can provide monitoring, customer profiling, campaign management, and demographic analysis, to develop and enforce policies for customer engagement. Also, streaming analytics helps to enhance the customer experience and business profitability by personalizing each encounter and using predictive analytics, AI, and machine learning to make each interaction proactive.
Making Use of More Real-Time Data
Retailers, hotels, service organizations (e.g., utilities, telcos, broadband service providers, and more) are using predictive capabilities to improve customer engagement, customer experience management, customer behavior analytics, and loyalty management.
These businesses are making use of new and more sources of real-time data than has ever been used before. For example, many businesses are integrating real-time information from social media to deliver a seamless and personalized consumer experience to gain a competitive advantage. They also are making use of technologies such as big data analysis, Internet of Things (IoT), and artificial intelligence (AI) to better interpret events as they are happening.
Additionally, all business employing CI are taking advantage of the tremendous increase in consumer-generated data comprising digital documents and other digital data such as location data and activity logs. In many cases, the streaming analytics solutions used to derive continuous intelligence are run in the cloud. The data derived is being used to enhance marketing campaigns for customer acquisition and retention.