The global market review on the event stream processing market reveals a possibility of scaling up to USD 1,663 million valuation by 2023, with a 22% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR), in its attempts to understand the market growth, revealed various factors like the introduction of IoT, demand for better distribution of workflow, need of it in the formation of IT structure to understand various drawbacks and build a proper structure, and others that can bolster the market growth during the forecast period.
The global report on the event stream processing market discussed the market as per the segmentation launched by MRFR analysts. These segments include deployment mode, industry vertical, application, and component. Such a segmentation includes a proper review of data that can help in tracking trends to boost the market outcome.
By component, the report on the event stream processing market comprises software, platform, and services.
By service, the event stream processing market includes a discussion of professional and managed services.
By deployment mode, the event stream processing market reveals a discussion on cloud and on-premises.
By application, the understanding of the event stream processing market includes predictive maintenance, fraud detection, algorithmic trading, network monitoring, sales & marketing, and others.
By industry vertical, the review of the event stream processing market includes energy & utilities, BFSI, Transportation & Logistics, manufacturing, rIT & Telecom, retail & eCommerce, and others.
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North America and Europe are going to witness a substantial hike in the market valuation as the BFSi sector would create a huge demand for the same. Booming industries in Asia Pacific would bolster market growth.
Microsoft Corporation (US), IBM Corporation (US), Google LLC (US), SAS Institute (US), Oracle Corporation (US), Salesforce.com, inc. (US), Striim, Inc. (US), SAP SE (Germany), TIBCO Software Inc. (US), Software AG (Germany), Informatica LLC (US), SQLstream, Inc. (US), FICO (US), Hitachi Vantara Corporation (US), and Streamlio, Inc. (US) are some of the eminent companies who have joined the force to support the growth of the event stream processing market. The practical application of their strategies often inspires changes in the market that focuses on expanding the chances of exploration.
In August 2020, Confluent, Inc., a company known for its pioneering impact on the event streaming industry, announced the launching of Confluent Platform 6.0 and also revealed information about the latest theme for Project Metamorphosis – Global. Confluent Platform 6.0 and Confluent Cloud provide cluster linking that makes event data available across businesses, no matter whether data is on premises in different continents, and distributed among various cloud providers or incorporated hybrid environments. Confluent Platform 6.0 can also deliver in previous phases of the Project Metamorphosis, which helps in making Apache Kafka® flexible and improves cost-effectiveness and infinite data retention.
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In August 2020, Klarrioas, per the announcements from both the parties, has been selected as an IoT Ecosystem Partner that would work with analytics leader SAS. As per the agreement, Klarrio will work with the SAS IoT division and gain access to SAS’ broad expertise that is known for designing and deploying advanced analytics solutions. Among its significant performances, the SAS® Analytics for IoT is substantially acknowledged. Klarrio is known for its extremely large-scale and advanced data-streaming capabilities, which SAS can utilize to improve its performance.
Changes in the work pattern policy due to the COVID-19 crisis is expected to boost the global event stream processing market.
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