Portland, OR , Aug. 28, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Event Stream Processing Market by Component (Solutions, Services), by Deployment Mode (Cloud, On-Premises), by Application (Financial Services, Intelligence and Surveillance, Healthcare, Manufacturing and Logistics, Retail): Global Opportunity Analysis and Industry Forecast, 2023-2032". 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.
Prime Determinants of Growth
The rising volume of data generated from various sources, such as IoT devices, sensors, social media, and other applications and the growing need for real-time decision-making across organizations globally are the major factors expected to drive the growth of the global event stream processing market during the analysis timeframe. Besides, event stream processing enables organizations to make data-driven decisions quickly by facilitating real-time analytics which is expected to boost the growth of the market in the coming period. However, the concerns associated with the scalability and complexity of event stream processing may hinder the growth of the event stream processing market. On the other hand, an increasing need for ESP across organizations, such as healthcare, e-commerce, finance, and many others to make critical decisions by analyzing and processing huge amounts of data is predicted to present significant growth opportunities for the event stream processing market in the coming years.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $812.5 million |
| Market Size in 2032 | $5.7 billion |
| CAGR | 21.6% |
| No. of Pages in Report | 290 |
| Segments Covered | Component, Deployment Mode, Application, and Region. |
| Drivers | Increasing need for real-time decision-making across businesses globally The increasing volume of data generated from various sectors like IoT devices, social media, and other applications |
| Opportunities | The increasing need for ESP across various industries including e-commerce, finance, healthcare, and others Growing usage of ESP across organizations to deliver personalized and real-time experiences |
| Restraints | Concerns regarding the complexity and scalability of ESP |
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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Component: Solutions Sub-Segment to Flourish Immensely by 2032
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.
Deployment Mode: On-Premises Sub-Segment to Hold Major Market Share by 2032
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.
Application: Financial Services Sub-Segment to be the Most Dominant During the Forecast Period
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.
Region: North America Market Held the Majority of Market Share in 2022
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.
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Leading Players in the Event Stream Processing Market:
- TIBCO Software Inc.
- Cloudera, Inc.
- Amazon Web Services, Inc.
- Hazelcast, Inc.
- Microsoft Corporation
- Impetus Technologies
- SAS Institute Inc.
- Confluent, Inc.
- Google LLC
- Oracle Corporation
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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