In a recent published report, Kenneth Research has updated the market report for Event Stream Processing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Event Stream Processing Market products.
Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
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Market Synopsis
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, 2018–2013. 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.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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.
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Global Event Stream Processing Market
Source: Secondary Literature, Expert Interviews, and MRFR Analysis
Segmentation
The global event stream processing market is segmented based on component, deployment mode, application, industry vertical, and region/country.
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.
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Regional Analysis
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.
Competitive Analysis
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.
Key players
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).
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Intended Audience
Event Stream Processing Solution Providers
Enterprises
Cloud service providers
IT Consultants
IT Managed Service Providers
System Integrators
Standard Making Bodies
Distributors and Value-Added Resellers (VARs)
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Overview:The global market review on the Event Stream Processing Market reveals a possibility of scaling up to USD 1,663 million valuation by 2023, with a 22% CAGR during the forecast period of 2018 to 2023.
Market Research Future (MRFR), in its attempts to understand the market growth, revealed various factors like the introduction of IoT, demand for better distribution of workflow, need of it in the formation of IT structure to understand various drawbacks and build a proper structure, and others that can bolster the market growth during the forecast period.
Such a segmentation includes a proper review of data that can help in tracking trends to boost the market outcome.
By service, the event stream processing market includes a discussion of professional and managed services.
By application, the understanding of the event stream processing market includes predictive maintenance, fraud detection, algorithmic trading, network monitoring, sales & marketing, and others.By industry vertical, the review of the event stream processing market includes energy & utilities, BFSI, Transportation & Logistics, manufacturing, rIT & Telecom, retail & eCommerce, and others.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7491Regional Analysis: North America and Europe are going to witness a substantial hike in the market valuation as the BFSi sector would create a huge demand for the same.
Event Stream Processing Market Research Report Information, By Component (Software, Platform and Services), By Deployment Mode (Cloud and On-premises), By Application (Fraud Detection, Predictive Maintenance, Algorithmic Trading) - Global Forecast till 2023Market HighlightsGlobally, the event stream processing market is expected to have significant growth over the forecast period.
The growth of the market can be attributed to the demand for increased automation in business processes and rising need to analyze large volume of enterprise data to gain genuine competitive advantage instead of only building and maintaining an expensive IT infrastructure.
The event stream processing software helps in building an event driven IT systems.
Its key functionalities include processing continuous stream of data, detecting meaningful pattern in them, and building relationships among them that help enterprises in making strategies to optimzie their business operations and improve customer services.
Event stream processing software tools are used in diverse application areas that includes algorithmic trading, fraud detection, location-based services, and many more.
By service, the market is bifurcated into professional and managed services.
