The global event stream processing market is primed to rise at a breakneck speed with the proliferation of data. An event stream processing software helps to examine data stream as they arrive in real time so as to gather actionable insights on them. To elaborate further, an event stream processing software analyses data streams in real time, stores the data as it is processed, and digests data from different sources.
At the forefront of driving the global event stream processing market is the rising adoption of the Internet of Things (IoT). This has led to a proliferation of smart devices which need to analyse volumes of data from various sources to offer insights.
Event stream processing steals a march over traditional analytics by dint of providing faster analysis of data. While traditional analytics does the processing after the data is stored, event stream processing directly work with event data, as and when they happen. This brings about faster reaction time, thus influencing a situation. Unique perceived benefits such as these are mainly stoking demand in the global event stream processing market.
The global event stream processing market is mainly comprised of services and solutions. The solutions could be seeing greater demand at the moment. The solutions mostly comprise of software tools and platforms and other verticals. With respect to growth pace, the services will likely see faster uptake in the next couple of years.
Geographically, North America could be leading the global event stream processing market. This is because of the early uptake of latest technologies in the region and presence of several key players. The players are investing money into building more cutting-edge products. With respect to growth, Asia Pacific is predicted to surpass all other regions in the next couple of years because of the rapid technological strides being made in the region. This is mainly because of the rising uptake of Internet of Things (IoT) and connected devices. Different initiatives by the government to adopt event stream processing solutions is also having a positive impact on the market in the region.
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Some of the prominent participants in the global event stream processing market mentioned in the report are IBM, Microsoft, Google, Oracle, and SAS. Such key players are trying to strengthen their positions through both the organic and inorganic routes. They are seen scaling their platforms and adopting advanced automation.
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