Event Stream Processing Market Size, Share, Growth Analysis, By Component(Software, Platform), By Deployment Type(Cloud and On-Premises) - Industry Forecast 2024-2031

Global Event Stream Processing Market size was valued at USD 140.96 Billion in 2022 and is poised to grow from USD 172.55 Billion in 2023 to USD 869.86 Billion by 2031, at a CAGR of 22.41% during the forecast period (2024-2031).

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.