Event stream processing market Analysis by Advanced Technology, Trends, Forecasts to 2030 & Covid-19 Analysis | MRFR
Market Scope:
The global event stream processing market is growing rapidly. Event stream processing allows businesses to scale up their operations effectively and offer a superior customer experience. Event stream processing enables event producers to publish events, ordered by time of creation, forming an event stream and using real-time & responsive applications, such as loan approvals or payment processing in the financial services industry. Event stream processing market covers a market value of about USD 1663 million and expands to about USD 6.8 Billion during the event stream processing market forecast period of about 2022 till 2030. It even occupies a CAGR value of 19.20% during the assessment period.
The stream can be dispersed across the enterprise, and consumers can use events they're interested in by subscribing to various event streams. Event stream processing solutions and services have a wide adoption across industries, incorporating many advanced technologies, such as IoT and ML, that have a greater demand for event stream processing solutions by the sector. There are increased funding and support from the public and private organizations and venture capitalists, which positively impact market growth.
Dominant Key Players on Event Stream Processing Market Covered are:
- Microsoft Corporation (US)
- IBM Corporation (US)
- Oracle Corporation (US)
- SAS Institute (US)
- Google LLC (US)
- SAP SE (Germany)
- Software AG (Germany)
- Salesforce.com Inc. (US)
- Informatica LLC (US)
- Hitachi Vantara Corporation (US)
- TIBCO Software Inc. (US)
- SQLstream Inc. (US)
- Striim Inc. (US)
- FICO (US)
- Streamlio Inc. (US)
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Market USP Exclusively Encompassed:
Market Drivers
Rising Demand for Native Support for Event Monitoring & Alerting Application Boost Market Growth
The wide digitization and automation increase the need for data processing enormously. Besides, the rising demand for native support for event monitoring and alerting application boosts the growth of the market. Other major event stream processing market trends include developments in artificial intelligence (AI) and machine learning (ML) technologies. With the rise in data applications, data volumes are growing continuously over the past decade.
Growth in the adoption of cloud computing and growing demand for AI and high-performance computing technologies, alongside the rise in data center numbers, accelerate the market growth. Furthermore, innovation in AI robotics, smart appliances, and industrial IoT are major growth drivers for the event stream processing market. The rising integration of emerging technologies offers vast opportunities for players operating in the event stream processing market.
On the other hand, factors impeding the event stream processing market's growth include high costs associated with event stream processing and lack of technical expertise required for designing technology and integration with emerging technologies. Exponential improvements in hardware, computing, storage, data platforms, and memory have opened up the need for business data accelerators, meeting continued demand for speed and efficiency.
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Segmentation of Market Covered in the Research:
The market research is segmented into components, deployment models, applications, industry verticals, and regions. The component segment is sub-segmented into software, platform, and services. The deployment model segment is sub-segmented into cloud and on-premises.
The application segment is sub-segmented into fraud detection, predictive maintenance, sales & marketing, algorithmic trading, network monitoring, and others. The industry vertical segment is sub-segmented into BFSI, manufacturing, energy & utilities, retail & ecommerce, IT & Telecom, Transportation & Logistics, and others. The region segment is sub-segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
COVID-19 Impact on the Global Event Stream Processing Market
The onset of COVID-19 influenced the event stream processing industry significantly. Due to remote working, the rising need for rapid data processing and data analytics across verticals created considerable market demand. Also, the rising integration of artificial intelligence and machine learning presented several opportunities for the market players.
The event stream processing market is estimated to witness a bolstering revenue rise during the assessment period. The growing adoption of innovative event stream processing solutions in various verticals, such as BFSI, manufacturing, energy, ecommerce, and Telecom, would boost the market size in future years.
Regional Analysis
North America dominates the global event stream processing market. The largest market share attributes to the strong presence of major players, such as Microsoft, IBM, Oracle, and Google, alongside the rapidly growing banking and telecom sectors in the region. Besides, the faster adoption of innovative technologies and augmenting demand for advanced data analytics platforms impact the market size positively.
The US, Canada, and Mexico are major event stream processing markets in the region. The North American event stream processing market is predicted to retain its dominance over the global market throughout the forecast period.
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