(Wireless-NewsWire.Com, April 06, 2021 ) According to research report "Event Stream Processing Market by Application (Fraud Detection, Predictive Maintenance, Algorithmic Trading, and Network Monitoring), Component, Deployment Mode, Type (Data Integration and Analytics), Vertical, and Region - Global Forecast to 2023", The 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.
Browse 79 market data Tables and 53 Figures spread through 168 Pages and in-depth TOC on "Event Stream Processing Market - Global Forecast to 2023"
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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.
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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.
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).
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