The Global Event Stream Processing Market 2020 had raked in considerable revenues of $612.7 Million in 2018 and can touch a valuation of $1.66 Billion by 2023, estimate the experts at Market Research Future (MRFR). MRFR also projects the market to advance at a rate of 22.1% over the forecast period (2018 to 2013).
Market Drivers and Key Barriers
The Global Event Stream Processing Market is witnessing brisk growth on the back of increasing adoption of the Internet of Things (IoT), leading to a surge in the proliferation of smart devices that need to monitor massive volumes of data from different sources to provide insights.
While conventional analytics process the data after it is stored, event stream processing directly deals with the data, right when they occur.
This facilitates quicker reaction time and it owing to these unique perceived advantages that the demand for event stream processing has soared considerably in the global market.
In a nutshell, the rising need to analyze colossal volumes of data from different sources to achieve real-time insights boosts the growth of the Global Event Stream Processing Market.
The market has gained favor among e-commerce retailers, who are striving to optimize the online shopping experience using sensors that help them analyze in-store behavior.
The solution helps them analyze the streaming data in the store including social media chats, online-shop user profiles and inventory to offer a better customized experience during the purchase.
Having said that, concerns related to data security, can curb the market demand over the coming years. On the bright side, the surge in cloud adoption can lead to the emergence of attractive opportunities for the Global Event Stream Processing Market during the given timeline.
Leading contenders in the global market for event stream processing include Informatica LLC (US), Streamlio, Inc. (US), Google LLC (US), SQLstream, Inc. (US), IBM Corporation (US), Salesforce.com, inc. (US), Software AG (Germany), Oracle Corporation (US), SAP SE (Germany), SAS Institute (US), Microsoft Corporation (US), FICO (US), Striim, Inc. (US), TIBCO Software Inc. (US), Hitachi Vantara Corporation (US), and more.
The Global Event Stream Processing Market has been segmented considering component, deployment mode, application and industry vertical.
The components analyzed in the report are platform, services and software. The services available in the market are professional as well as managed.
With respect to the deployment mode, the market segments are cloud and on-premises.
Application-dependent market segmentation comprises predictive maintenance, network monitoring, fraud detection, algorithmic trading, sales & marketing, and others.
The industry verticals that are deploying event stream processing are Transportation & Logistics, energy & utilities, BFSI, manufacturing, IT & Telecom, retail & eCommerce, and others.
The BFSI vertical can take the lead in the market, since several financial institutions as well as banks largely focus on gaining insights from a voluminous pool of data that is generated from numerous transactions. This calls for the deployment of event stream processing in the BFSI sector.
The Global Event Stream Processing Market can be geographically categorized as South America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and North America.
MRFR expects North America to secure the top position in the global market, with Canada, Mexico and the US standing at the vanguard of the business growth.
The regional dominance at a global level is on account of the fast uptake of advanced technologies combined with the presence of a massive number of well-established players.
These regional players are spending considerably on the development of cutting-edge products that can not only attract more end-users but also establish their position further in the market.
During the review period, APAC is anticipated to acquire the fastest growth rate in the global market, thanks to the rising number of banking enterprises along with the expanding telecom sector.
Increasing number of initiatives by the government promoting the adoption of event stream processing solutions can also foster the market growth in the region.
Surge in technological developments and innovations, rapidly increasing use of Internet of Things (IoT) as well as connected devices also promote market growth in developing countries like India and China.