DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The Global Event Stream Processing (ESP) Market Size to Grow From USD 690 Million in 2018 to USD 1,838 Million By 2023, at a CAGR of 21.6%
The major growth factors expected to drive the growth of the ESP market include the increasing demand for Internet of Things (IoT) and smart devices to drive the adoption of ESP solutions and the growing focus on analyzing a huge amount of data from multiple sources to gain real-time insights. The lack of integration with the legacy architecture and intensifying market competition are expected to restrain the adoption of ESP solutions in the emerging economies, which, in turn, may restrain the market growth.
Predictive maintenance segment is estimated to grow at the highest CAGR during the forecast period
The ESP market by application has been segmented into fraud detection, predictive maintenance, algorithmic trading, network monitoring, sales and marketing management, and others (location intelligence, operations management, and smart grid stabilization). The predictive maintenance segment is expected to grow at the highest CAGR, as it is extensively used in retail; Banking, Finanacial Services and Insurance (BFSI); manufacturing; energy and utilities; Information Technology (IT) and telecommunication; and transportation verticals.
Cloud segment to grow at a higher rate during the forecast period
Based on the deployment mode, the ESP market is segmented into cloud and on-premises. The cloud segment is expected to grow at a higher rate during the forecast period, due to its benefits, such as low-cost implementation, security, flexibility, mobility, loss prevention, disaster recovery, and sustainability.
- Increasing Demand for IoT and Smart Devices to Drive the Adoption of ESP Solutions
- Growing Focus on Analyzing Large Volumes of Data From Multiple Sources to Gain Real-Time Insights
- Lack of Integration With the Legacy Architecture
- Intensifying Market Competition
- Growing Adoption of Cloud Solutions
- Data Security and Privacy Concerns
- Lack of Skilled Personnel
- General Data Protection Regulation
- Health Insurance Portability and Accountability Act
- Payment Card Industry Data Security Standard
- SOC 2 Type II Compliance
- ISO/IEC 27001
- The Gramm-Leach-Bliley Act
- Hitachi Vantara
- Red Hat
- SAS Institute
- Software AG
For more information about this report visit https://www.researchandmarkets.com/research/kn5t8w/1_83_bn_event?w=4