Complex Event Processing Market to See Incredible Growth by 2024

Complex event processing (CEP) technology is being increasingly adopted in various industry sectors driven by growing need for management and analytical capabilities for high amount of data emerging from operations. The traditional software for data analysis take significant processing time and their response to for possible business threat is high. This is driving the growth in demand for technologies such as CEP, which can provide rapid or real-time detection and response. Further, unprecedented market risks, security threats and need for simpler and consumer-oriented analytical software is expected to drive the growth of CEP market. The various types of CEP technologies include query-based, rule-based, and status-based CEP engines.

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The applications sectors of CEP software include transportation and logistics (predictive scheduling, asset management and toll system management), healthcare (proactive monitoring and alerting, risk management and compliance), IT and telecommunication (revenue assurance, mobile billboards, infrastructure management and predictive call detail record (CDR) assessment). Other major applications include retail (inventory optimization, and real-time marketing and customer engagement), energy and utilities (oil and gas operation management and smart grid energy management), manufacturing (shop floor automation, operational failure detection, supply chain optimization), government (defense and aerospace, intelligence and security, emergency response services, geo-fencing and geospatial analysis), among others. A major challenge for this market exists in the form of existing old infrastructure for event handling. Cloud-based CEP solutions represent a significant growth opportunity in this market.

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North America was the leading market for CEP, followed by Europe. These regions have experienced high increase in data generated through business processes and this has created need for real time analysis. Asia Pacific and Latin America are also growing, driven by increased demand from BFSI (banking, financial services and insurance), and IT & telcom sector. The key players in this market include Cisco Systems, Inc., EMC Corp., ClearPriority SA, Fujitsu Ltd., Huawei Technologies Co. Ltd., IBM Corp., Microsoft Corp., Oracle Corp., Red Hat, Inc., among others.

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