The event stream processing market size has grown rapidly. It will grow from $1.22 billion in 2023 to $1.45 billion in 2024, marking a CAGR of 18.4%. The growth is attributed to the rise of big data analytics, the increasing need for real-time data processing, the adoption of IoT and connected devices, the demand for operational efficiency, the expansion of cloud computing, and the emergence of digital transformation initiatives.
The event stream processing market is expected to grow to $2.86 billion by 2028, with a CAGR of 18.5%. The growth is driven by the increasing use of AI and machine learning for data analytics, the adoption of 5G technology, and the rise in edge computing and real-time fraud detection. Trends include AI integration, the expansion of cloud-native platforms, and low-latency processing capabilities.
Major Driver In The Event Stream Processing Market
The growing demand for the Internet of Things (IoT) is expected to boost the event stream processing market. IoT refers to interconnected devices that communicate and exchange data over the internet. This demand is driven by technological advancements, such as cheaper sensors and enhanced connectivity, allowing for more data-driven devices. Event stream processing enables real-time analysis from continuous sensor data, optimizing responses across connected devices. For example, in November 2022, Ericsson reported that IoT-connected devices would rise to 34.7 billion by 2028, up from 13.2 billion in 2022, indicating significant growth in the IoT sector and its influence on event stream processing.
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Event Stream Processing Market Competitive Landscape
Amazon Web Services Inc., Microsoft Azure, International Business Machines Corporation, Oracle Corporation, SAP SE, Google Cloud, SAS Institute Inc., Informatica LLC, Software AG, Cloudera Inc., Impetus Technologies Inc., Confluent Inc., DataStax Inc., Aiven Oy, Striim Inc., Hazelcast Inc., Lightbend Inc., Kinetica DB Inc., StreamNative Inc., Ververica GmbH, Apache Software Foundation, EsperTech Inc.
Key Event Stream Processing Market Trend
In the event stream processing market, companies are developing real-time analysis solutions like stream analytics to enhance data processing efficiency and provide immediate insights. Stream analytics allows businesses to process and analyze data streams in real time, enabling quick data-driven decisions. In January 2024, Azure Stream Analytics, a US-based cloud computing platform from Microsoft, introduced enhancements to its no-code editor, simplifying the creation and management of stream analytics jobs without requiring coding. These updates aim to improve user experience and streamline real-time data analysis.
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Global Event Stream Processing Market Segmentation
The event stream processing market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment Type: Cloud, On-Premises
3) By Application: Fraud Detection, Predictive Maintenance, Algorithmic Trading, Network Monitoring, Sales And Marketing Management, Other Applications
By Geography:The regions covered in the event stream processing market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the event stream processing in 2023. Europe is expected to be the fastest-growing region in the forecast period.
The Event Stream Processing Global Market Report 2024 furnishes information about the global event stream processing market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
