USD 115.15 billion
Report ID: SQMIG45E2180 | Region: Global | Published Date: December, 2023 | Pages: 157 | Tables: 61 | Figures: 77
Event Stream Processing Market size was valued at USD 115.15 billion in 2021 and is poised to grow from USD 140.96 billion in 2022 to USD 580.50 billion by 2030, at a CAGR of 22.41% during the forecast period (2023-2030).
Real-time analytics demand is on the rise, and big data benefits are becoming more widely recognised, which is why this industry is growing. The increasing adoption of cloud-based event stream processing solutions is anticipated to support the market's expansion throughout the course of the projected period.
People generate 2.5 quintillion bytes of data per day, and this amount is anticipated to increase more quickly each year, according to Mach Eye. Users of business intelligence are already having trouble turning this deluge of complex data into useful insights.
As a result, there would be a substantial need for more sophisticated, user-friendly data translation systems. Retailers may create highly individualised offers for each of their customers at a very fine level thanks to targeted offers and predictive analytics.
Retailers, for instance, can increase sales across all of their channels by personalising the in-store experience with discounts that encourage repeat purchases and encourage more purchases. To upsell or cross-sell a customer, predictive analytics can be used. The lifetime value (CLV) of a customer can also be predicted by firms using predictive analytics. In order to identify the most profitable clients over time, CLV analyses historical behaviour to estimate a customer's discounted value over time.
Additionally, the use of event stream processing is rapidly expanding in radio-frequency identification (RFID) event processing applications due to the demand for real-time processing of massive volumes of RFID data. An RFID reader can read the signal that is produced by the connection of RFID tags to objects or people.
US Event Stream Processing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 115.15 billion
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Global Event Stream Processing Market is segmented on the basis of component, deployment type, application and region. By component, the market is segmented into software, platform, services. By deployment type, market is segmented into cloud and on-premises. By application, the market is fraud detection, predictive maintenance, algorithmic trading. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Event Stream Processing Market Analysis by Deployment Type
on-premises deployment still exists and serves specific use cases, the dominant deployment segment in the global event stream processing market is cloud-based deployment. The scalability, cost-effectiveness, and flexibility offered by cloud platforms have accelerated its adoption, allowing organizations to efficiently process and analyze streaming data in real time.
The cloud-based deployment segment is also the fastest-growing segment in the event stream processing market. The advantages of scalability, flexibility, cost-effectiveness, and rapid deployment have driven the widespread adoption of cloud-based event stream processing solutions. The ability to handle large volumes of streaming data and derive real-time insights has become increasingly crucial in today's data-driven landscape.
Event Stream Processing Market Analysis by Component
The services segment is expected to grow at a faster rate than the solutions segment during the forecast period. This is because businesses are increasingly outsourcing the implementation and maintenance of event stream processing solutions. Services include consulting, training, and support. Consulting services help businesses to assess their needs and select the right event stream processing solution. Training services help businesses to learn how to use the solution effectively. Support services help businesses to troubleshoot problems and resolve issues.
The solutions segment is expected to be the dominant segment in the global event stream processing market during the forecast period. This is because businesses are increasingly adopting event stream processing solutions to process large volumes of data in real time. Solutions are software applications that are used to process event streams. These solutions typically include a variety of features, such as event ingestion, event routing, event correlation, event analytics, and event visualization.
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Cloud-based event stream processing deployments are the dominant segment in North America. The region has a strong cloud infrastructure and services ecosystem, with major cloud service providers offering scalable and reliable event stream processing solutions. The region has a mature technology landscape, early technology adopters, and a high concentration of technology companies.
The fastest-growing segment in Europe is the adoption of event stream processing in the manufacturing sector. With the rise of Industry 4.0 initiatives, manufacturing companies are leveraging event stream processing to optimize production processes, enable predictive maintenance, and improve operational efficiency.
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Event Stream Processing Market Drivers
Increasing Data Volumes
Real-time Analytics and Decision-making
Event Stream Processing Market Restraints
Adoption of Cloud-based Event Stream Processing
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The global event stream processing market is highly competitive, with several established players and emerging startups vying for market share. These providers offer integrated platforms that combine event stream processing with data storage, analytics, and machine learning, enabling organizations to derive valuable insights from streaming data.
Event Stream Processing Market Top Player’s Company Profiles
Event Stream Processing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the event stream processing market has been witnessing steady growth, driven by increasing data volumes, the need for real-time analytics, the proliferation of IoT devices, and the demand for actionable insights. The market size is expected to reach billions of dollars in the near future, with a compound annual growth rate (CAGR) projected to be in the double digits. The event stream processing market is driven by several factors, including the increasing volumes of data, the need for real-time analytics and decision-making, the adoption of IoT technologies, the demand for actionable insights, the focus on fraud detection and cybersecurity, the desire for personalized customer experiences, technological advancements, regulatory compliance requirements, and the growth of real-time applications. The event stream processing market is expected to witness continued growth due to the increasing importance of real-time data processing and analytics in organizations. The market will be driven by advancements in cloud computing, edge computing, machine learning integration, and the evolution of streaming technologies. As more industries recognize the value of real-time insights, the adoption of event stream processing is expected to expand across sectors and regions.
|Market size value in 2021
|USD 115.15 billion
|Market size value in 2030
|USD 580.50 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Event Stream Processing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Event Stream Processing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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