Event Stream Processing Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Event Stream Processing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The event stream processing market size has grown rapidly in recent years. It will grow from $1.22 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth of big data analytics, increasing need for real-time data processing, adoption of IoT and connected devices, rising demand for operational efficiency, expansion of cloud computing, emergence of digital transformation initiatives

The event stream processing market size is expected to see rapid growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to increasing use of AI and machine learning for data analytics, growing demand for predictive insights, rising adoption of 5G technology, expanding use of event-driven architecture in businesses, surge in demand for edge computing, and growth of real-time fraud detection solutions. Major trends in the forecast period include integration of AI in event stream processing, expansion of cloud-native event processing platforms, rise of serverless computing, increasing focus on scalability and flexibility, real-time customer experience solutions, and development of low-latency and high-throughput processing capabilities.

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Market Drivers and Trends:

The increasing demand for the internet of things (IoT) is expected to propel the growth of the event stream processing market. The internet of things (IoT) refers to a network of interconnected devices that communicate and exchange data over the internet. The rise in the internet of things (IoT) is driven by advancements in technology, such as cheaper sensors and increased connectivity, which enable more devices to be interconnected and data-driven. Event stream processing in IoT enables real-time analysis and decision-making from continuous streams of sensor data, optimizing responses and actions across connected devices. For instance, in November 2022, according to Ericsson, a Sweden-based network and telecommunications company, the number of IoT-connected devices will increase to 34.7 billion by 2028, up from 13.2 billion in 2022, with 28.7 billion of these devices connecting via local short-range LPWANs and 6 billion through wide-area networks, including private cellular networks. Therefore, increasing demand for the internet of things (IoT) is driving the growth of the event stream processing market.

Major companies operating in the event stream processing market are focusing on real-time analysis solutions, such as stream analytics, to enhance data processing efficiency and provide actionable insights in real-time. Stream analytics refers to the real-time processing and analysis of data streams as they are ingested from various sources, enabling immediate insights and actions. It leverages algorithms and data processing techniques to handle high-velocity data, allowing businesses to make data-driven decisions swiftly. For instance, in January 2024, Azure Stream Analytics, a US-based cloud computing platform developed by Microsoft, introduced significant enhancements to its no-code editor, simplifying the creation and management of stream analytics jobs without requiring code. The update features an improved user interface with intuitive operator management and instructional bubbles to guide new users through setup. These advancements reflect the broader trend in real-time analytics for event stream processing, focusing on making complex data processing tasks more accessible and efficient, thereby improving user experience and streamlining real-time data analysis.

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Major Key Players of the Market:

Amazon Web Services Inc., Microsoft Azure, International Business Machines Corporation, Oracle Corporation, SAP SE, Google Cloud, SAS Institute Inc., Informatica LLC, Software AG, Cloudera Inc., Impetus Technologies Inc., Confluent Inc., DataStax Inc., Aiven Oy, Striim Inc., Hazelcast Inc., Lightbend Inc., Kinetica DB Inc., StreamNative Inc., Ververica GmbH, Apache Software Foundation, EsperTech Inc.

Event Stream Processing Market 2024 Key Insights:

• The event stream processing market size is expected to see rapid growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Rising IoT Demand Accelerates Growth In The Event Stream Processing Market
• Stream Analytics Enhancements Boost Data Processing Efficiency
• North America was the largest region in the event stream processing in 2023

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