Event Stream Processing Market
Increasing volume of data generated from various sources such as IoT devices, social media, sensors, & other applications has been a major market growth driver.
PORTLAND, PORTLAND, OR, UNITED STATES, September 4, 2023/EINPresswire.com/ — According to the report, the global event stream processing market generated $812.5 million in 2022 and is anticipated to generate $5.7 billion by 2032, witnessing a CAGR of 21.6% from 2023 to 2032.
The global event stream processing market is expected to grow due to the increasing amount of data generated from various sources like IoT devices, social media, and sensors. This growth is driven by the need for real-time decision-making across organizations worldwide. Event stream processing allows for quick data-driven decisions and real-time analytics, which will further boost the market’s growth.
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However, concerns about the scalability and complexity of event stream processing may hinder the market’s growth. Nevertheless, the demand for ESP is predicted to increase in organizations such as healthcare, e-commerce, finance, and others, as they need to analyze and process huge amounts of data to make critical decisions. This presents significant growth opportunities for the event stream processing market in the years to come.
Covid-19 Scenario
• The outbreak of the Covid-19 pandemic has had a positive impact on the event stream processing market. This is mainly owing to the rising importance of real-time data processing across many industries to respond to the rapidly changing circumstances during the pandemic.
• Besides, the outbreak has increased investments in technologies, such as event stream processing to optimize operations and enhance customer experiences. This has brought numerous growth opportunities for the market over that period.
• Though the event stream processing market experienced inclined growth during the pandemic, the disruptions in supply chains have affected the manufacturing and distribution of technology products, such as ESP platforms and hardware, which has somewhat restrained the market’s growth during the crisis.
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The on-premises sub-segment accounted for the largest market share of 54.7% in 2022 and is expected to continue its dominance by 2032. The increasing deployment of on-premises event stream processing solutions across various sectors, such as financial services, telecommunication, Industrial Internet of Things (IIoT), and others is expected to bolster the sub-segment’s growth during the forecast period.
The solutions sub-segment held the highest share of 61.2% in the event stream processing market in 2022 and is predicted to continue to hold maximum share during the forecast period. This is mainly because of the growing popularity of event stream processing solutions due to their operational efficiency, low latency, scalability, and many others. Besides, ESP solutions can help in fraud detection and offer cybersecurity which is predicted to fuel the sub-segment’s growth by 2032.
The financial services sub-segment held the dominant share of 36.6% in 2022 and is predicted to grow at CAGR of 22.2% during the forecast period. The robust growth of the sub-segment can be attributed to the rising use of event stream processing solutions in the financial sector for real-time trading, offering personalized customer experiences, fraud detection, and others. Additionally, the event stream processing enables financial institutions to respond quickly owing to the changing market conditions, which is expected to foster the sub-segment’s growth.
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The North America region dominated the global event stream processing market in terms of market share of 40.1% in 2022 and is expected to continue to account for the majority of market share by 2032. This is mainly owing to the dynamic business landscape of the region. Besides, North America is a home for various technology-driven companies. The growing reliance of various industries, such as healthcare, retail, finance, and others for real-time data analysis is expected to drive the regional growth of the market over the forecast timeframe.
The key players profiled in this report include Microsoft Corporation, Google LLC, SAS Institute Inc., Oracle Corporation, TIBCO Software Inc., Impetus Technologies, Inc, Cloudera, Inc., Hazelcast, Inc., Confluent, Inc., and Amazon Web Services, Inc. Investment and agreement are common strategies followed by major market players.
The report provides a detailed analysis of these key players in the global event stream processing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of event stream processing market players to showcase the competitive scenario.
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