Streaming analytics shifts the focus from systems of record to real-time data for actionable insights.
One indicator of the rapid embracement of continuous intelligence (CI) is the estimated growth of the streaming analytics market. A big market for its use is to improve the customer experience in every customer interaction and touchpoint.
CI makes use of streaming data from logs, social media, clickstreams, and other sources to make decisions in milliseconds to minutes. At the heart of any effort is the ability to do real-time analytics on that streaming data.
See also: Conversational Service Automation Next Step For Customer Experience
The streaming analytics market is expected to grow from $10.3 billion this year to $35.5 billion by 2024, at a compound annual growth rate (CAGR) of 28.2% during that time. Why? Emerging technologies such as big data analysis, the Internet of Things (IoT), and artificial intelligence (AI) are creating possibilities for better behavior interpretation and the understanding of user behavior. Another factor driving the streaming analytics market is the strategic business shift toward real-time, which accurately forecasts for faster decision making.
Streaming analytics shifts the focus from systems of record to real-time data for actionable insights. CI strategies support customer segmentation, user trends, pricing analysis, campaign results, and other critical marketing needs. It also is used for the analysis of user experience, credit fraud detection, and other applications.
Using streaming analytics, businesses can monitor and understand customer perceptions about their brand and offer services in accordance with a customer’s requirements. It plays a significant role in many modern customer engagement hub strategies. Using AI and machine learning (ML) models, a business can analyze social media content to understand a user’s behavior pattern and use this information to formulate strategies to drive strategies for specific events or marketing campaigns.
CI Enables Transformation
The growing interest in CI and streaming analytics is due to a shift to a customer-centric view focusing on offering feature-rich customized products and services. Making this transition possible is the tremendous increase in consumer-generated data, including social media content, and other digital data such as location, activity logs, and more. To use this data for on the spot decisions requires streaming analytics solutions and services that can work in real-time.
Streaming analytics is being used to identify better a business’s target audience and their preferences and choices. It aids in these tasks by monitoring, customer profiling, campaign management, and demographic analysis to improve customer engagement.
Every industry that works with customers is moving to streaming analytics. It is being deployed in retail stores, hotels, restaurants, and other crowded places with footfall analytics, customer engagement, customer experience management, customer behavior analytics, and loyalty management, among others. Moreover, with the advent of social streaming, which integrates real-time information from social media helps businesses to deliver a seamless and personalized consumer experience via omnichannel sales approaches, to gain a competitive advantage.