global Event Stream Processing (ESP) market size is expected to grow from USD 690 million in 2018 to USD 1,838 million by 2023, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period. The major factor fueling the market growth is the increasing demand for Internet of Things (IoT) and smart devices driving the adoption of ESP solutions. The rising adoption of ESP solutions in modern applications and the growing investments and funding in the ESP start-ups could provide growth opportunities for vendors in the market.
Event stream processing is the process of real-time analyzing the stream of data to derive the meaningful result from the streams generated. Event stream can be business transactions or information reports. Event stream processing helps analyze the huge amount of data in motion, which enables the user to aggregate, categorize, and cleanse it before it is stored. It is used in the verticals, such as IT and telecom; manufacturing; energy and utilities; transportation and logistics; Banking, Financial Services and Insurance (BFSI); and retail and eCommerce. ESP’ s major application includes predictive maintenance, fraud detection, network monitoring, algorithmic trading, and sales and marketing management.
The fraud detection segment is expected to account for the largest market size during the forecast period
Fraud detection is one of the key applications of the event stream processing market. It is used to protect customer and enterprise information, assets, accounts, and transactions through real-time analysis of activities by users. The ability to detect fraud in real time is one of the top concerns for companies worldwide. The fraud detection segment further helps reduce operational risks through continuous monitoring of suspicious activities.
BFSI vertical is expected to account for the largest market size during the forecast period
The BFSI vertical has gained traction in event stream processing market, owing to the early adoption of ESP solutions for financial applications. ESP solutions have a wide range of applications in the BFSI vertical. Some of the applications are algorithmic trading, electronic transaction monitoring, and dynamic pre-trade analytics. Moreover, ESP solutions and services are widely used to enhance customer relationships.
North America is expected to account for the largest market size during the forecast period
North America is the major revenue generating region in the global event stream processing market. The region is witnessing major developments in the marketspace. Most of the ESP solution providers are present in North America are involved in product innovations and deployment of the ESP solutions. They are adopting various growth strategies to strengthen their position in the event stream processing market.
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Major vendors in the global event stream processing market include IBM (US), Microsoft (US), Google (US), Oracle (US), SAS (US), SAP (Germany), TIBCO (US), Informatica (US), Hitachi Vantara (US), AWS (US), Software AG (Germany), Salesforce (US), Redhat (US), FICO (US), Impetus Technologies (US), data Artisans (Germany), Radicalbit (Italy), Streamlio (US), Equalum (Israel), Striim (US), Confluent (US), EVAM (US), Databricks (US), SQL Stream (US), and EsperTech (US).
The market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and penetrate deeper into the untapped regions.
Microsoft is a leading technology company offers solutions, such as Events Hubs and Azure Stream Analytics, in the ESP market. The company is focusing on introducing new products and improved versions of its existing products. As a part of its organic growth strategy, in July 2018, Microsoft partnered with GE Digital, a subsidiary of American multinational conglomerate corporation, General Electric. The partnership helps industrial companies capture high insights from IoT and asset data that boosts GE innovation throughout the business model. To increase its presence, in September 2018, Microsoft partnered with Volkswagen, a global automobile company. Microsoft plays a key role in assisting Volkswagen to transform into a software and service-driven model.
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