i ndustryMarket Analysis
Globally, the Event Stream Processing Market is expected to grow from USD 1663 Million in 2020 to USD 6.8 Billion by 2030, at a CAGR of 19.20% during the forecast period, 2022–2030.
Growing Need to Analyze Large Volumes of Data
Huge amounts of data are generated every second as a result of the introduction of IoT, connected devices, and numerous sensors. This has resulted in a high need for event stream processing software tools that can process and analyze streaming data and take action based on the event detected. A major factor projected to drive the growth of the global event stream processing market is the increased need to analyze massive volumes of data from various sources in order to acquire real-time insights. E-commerce retailers, for example, are optimizing the online and in-store shopping experience for customers by analyzing streaming data within the store such as inventory, social media chats, and online-shop user profiles to customize and offer personal experience while the purchase decision is underway.
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Expanding Banking and Telecom Sector
The growing number of banking enterprises and the expanding telecom sector are the primary drivers of the event stream processing market.
Market Segmentation
The global event stream processing market has been segmented on the basis of component, deployment model, application, and industry vertical.
Based on components, the global event stream processing market has been segmented into software, platform, and services. By service, the market has been bifurcated into professional and managed services.
Based on deployment mode, the global event stream processing has been segmented into cloud and on-premises.
Based on application, the global event stream processing market has been segmented into fraud detection, predictive maintenance, sales & marketing, algorithmic trading, network monitoring, and others.
Based on industry vertical, the global event stream processing market has been segmented into BFSI, manufacturing, energy & utilities, retail & eCommerce, IT & Telecom, Transportation & Logistics, and others.
Regional Analysis
North America to Dominate the Global Market
In the worldwide event stream processing market, North America is expected to have the greatest market share. The region’s leading countries are the United States, Canada, and Mexico. The presence of major vendors and the rapid adoption of innovative technologies in the region are ascribed to the region’s growth.
APAC to Grow at the Fastest Growth Rate
Over the projected period, Asia Pacific is expected to be the fastest-growing region in the worldwide event stream processing. The region’s developing telecom industry and the increasing number of banking enterprises are the primary driving reasons for the region’s event stream processing market expansion.
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Key Players
The prominent players in the global event stream industry processing are IBM Corporation (US), SAS Institute (US), Microsoft Corporation (US), Oracle Corporation (US), Google LLC (US), SAP SE (Germany), Salesforce.com, inc. (US), Informatica LLC (US), TIBCO Software Inc. (US), Hitachi Vantara Corporation (US), Software AG (Germany), SQLstream, Inc. (US), FICO (US), Striim, Inc. (US), and Streamlio, Inc. (US).
Competitive Landscape
Many IT behemoths, primarily from North America, are present in the event stream processing market. To achieve a dominant position in the event stream processing market, these vendors are pursuing a variety of organic and inorganic expansion methods, as well as large investments in research and development (R&D). To meet new use case requirements and serve new customer bases, the key players in the industry have mostly used strategies such as new product launch/product enhancement and collaboration.
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