ID: MRFR/ICT/6022-HCR | February 2021 | Region: Global | 100 pages
Globally, the event stream processing market is expected to grow from USD 612.7 Million in 2018 to USD 1,663.0 Million by 2023, at a CAGR of 22.1% during the forecast period, 2018–2023. The event stream processing software tools enable enterprises to gain valuable insights from the streaming data. With the introduction of IoT, connected devices, and various sensors, huge amount of data are generated every second. This has created a great demand for event stream processing software tools, which can process and analyze this streaming data and trigger some action based on the event detected. However, high initial cost and lack of expertise, particularly among small and medium-sized enterprises (SMEs) in developing economies, are expected to restrain the growth of the global event stream processing market.
Event stream processing is an enterprise software tool that helps in building event-driven IT systems. It processes a stream of data, detects meaningful pattern in them, and build relationships among them. The event stream processing software mainly consists of an event capturing module, event database, and an event processing language. Its diverse application areas include algorithmic trading, fraud detection, location-based services, and many more.
Event stream processing solutions and services have a wide adoption across the globe particularly, in the BFSI and IT and telecom sector. According to the latest market trends, BFSI segment is expected to be the largest contributor while IT & telecom is expected to grow with the highest CAGR during the forecast period as the industry vertical is incorporating many new advanced technologies, such as IoT and machine learning, which triggers a greater demand for event stream processing solutions by the sector.
Global Event Stream Processing Market
Source: Secondary Literature, Expert Interviews, and MRFR Analysis
Global Event Stream Processing Market is segmented based on Component, Deployment Model, Application, Industry Vertical, and Region.
By component, the market is segmented into software, platform, and services. By service, the market is bifurcated into professional and managed services.
By deployment mode, the market is segmented into cloud and on-premises.
By application, the market is segmented into fraud detection, predictive maintenance, sales & marketing, algorithmic trading, network monitoring, and others.
By industry vertical, the market is segmented into BFSI, manufactuing, energy & utilities, retail & eCommerce, IT & Telecom, Transportation & Logistics, and others.
By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America is further segmented into the US, Canada, and Mexico; Europe into the UK, Germany, France, and the rest of Europe; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific.
The global market for event stream processing market is estimated to grow rapidly during the forecast period from 2018 to 2023. The geographical analysis of global Event Stream Processing market is studied for North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is presumed to have the largest market share in the global event stream processing market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the presence of major vendors and fast adoption of innovative technologies in the region. Asia-Pacific is anticipated to be the fastest-growing region in the global event stream processing market over the forecast period. The increasing number of banking enterprises and growing telecom sector in the region are the key driving factors for the growth of event stream processing market in the region.
The event stream processing market has presence of many IT giants, majorly from the North America. These vendors are adopting various organic and inorganic growth strategies as well as investing significantly in their research & development (R&D) activities to gain a leading position in the event stream processing market. The strategies, such as new product launch/product enhancement and partnership are the majorly adopted strategies by the major vendors in the market to meet new use case requirements and serve new customer bases.
The prominent players in event stream processing market are IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), Google LLC (US), SAS Institute (US), SAP SE (Germany), Salesforce.com, inc. (US), Software AG (Germany), Informatica LLC (US), TIBCO Software Inc. (US), Hitachi Vantara Corporation (US), SQLstream, Inc. (US), FICO (US), Striim, Inc. (US), and Streamlio, Inc. (US).
Event Stream Processing Solution Providers
Cloud service providers
IT Managed Service Providers
Standard Making Bodies
Distributors and Value-Added Resellers (VARs)
Frequently Asked Questions (FAQ) :
During the review period, the growth rate of the global market can be 22.1%, says MRFR.
In 2018, the market size was USD 612.7 million, while its size by 2023 is likely to be USD 1,663.0 million.
The top players in the market that have been highlighted in the report include FICO (US), Streamlio, Inc. (US), Salesforce.com, inc. (US), Hitachi Vantara Corporation (US), Google LLC (US), Oracle Corporation (US), Microsoft Corporation (US), IBM Corporation (US), Software AG (Germany), Informatica LLC (US), TIBCO Software Inc. (US), SQLstream, Inc. (US), Striim, Inc. (US), SAS Institute (US), IBM Corporation (US), SAP SE (Germany), to name a few.
New product launch, product innovation and partnership are the significant marketing hacks adopted by the players to achieve a better position.
APAC is most likely to attain the fastest CAGR in the near future.