A new industry report indicates that the global streaming analytics market is forecast to be worth US$1.96bn by 2020, driven by the demand for faster real-time data analysis and delivery.
According to 'The IoT Evolution', traditional business analytics utilise static and stored data to analyse simple or complex patterns and to react to any business situations. These systems have slow processing times – not suitable for today’s business environment, where companies demand accurate action in real-time.
The report adds that organisations in critical sectors such as energy and utilities, transportation, and manufacturing need to make accurate and fast decisions based on data gathered from sensors, social media sites and mobile devices, Radio Frequency Identification (RFID), and Global Positioning System (GPS) devices.
Streaming analytics makes it possible for businesses to “analyse data in-motion as soon as it arrives.”
Streaming analytics for IIoT
The Industrial Internet of Things is also accelerating demand for streaming analytics, with the growing amount of real-time streaming data growing across industry verticals. Increased spending by organisations on real-time analytics is also a factor driving the market, said a new study.
A report entitled, 'Streaming Analytics Market – Worldwide Forecast and Analysis to 2020' adds that “as real-time insights create value for businesses, streaming analytics help organisations in cutting preventable losses, generating more revenue by increasing operational efficiency, and creating new opportunities"
“Streaming analytics can be used by any industry vertical to analyse and act on any data format.”
In an earlier forecast, global market and business intelligence firm Infiniti Research, expects the Industrial Internet of Things industry to grow at a CAGR of 26.56% over the next 4 years.
Burgeoning IIoT market
The Global Industrial IoT Market Research report 2015-2019 segments the IIoT industry into four end-user segments including manufacturing, energy and utilities, automotive and transportation as well as healthcare.
The report states the rising number of connected devices, which are being used in industries to boost the amount of data generated. It adds that businesses are looking to use this data to effect changes in current business models.
A release by PR Newswire notes that the growth in the Industrial Internet of Things market may also cause a shift in employment structures, where both humans and machines work together to attain outcomes that neither humans nor machines could produce alone.
It goes onto say that “increased usage of smart devices, intelligent systems, and robots will likely completely transform the skills and jobs required in the future.
“Companies will use intelligent machines and network systems to automate tasks at lower costs and achieve high quality outcomes.”