Complex Event Processing (CEP) Market Technological breakthroughs By 2024
Ongoing globalization of the companies and continuous rise in statistics and information across organizations, to consolidate the business data through a defined point is provided by CEP. The increasing complexity pertaining to management of this critical data has forced organizations for CEP adoption for implementing predominant depository for their master data.
Large volume of data is collected in the organizations which may include client relations management, transaction processing systems, procurement analysis, or any other enterprise grade system, thereby making CEP an essential tool in organizations.
CEP mainly works on two orientations namely aggregation and detection. Aggregation oriented CEPs calculate average based on data event entering in the system, whereas detection oriented CEP detects the situation by observing specific sequence of events. Based on the enterprise requirements, CEP tools are selected accordingly.
With growing trends and innovations in technical reforms, modern day’s enterprises are becoming data oriented thereby creating high risks of security breaches. Being data centric, majority of organizations rely on enterprise data for business decision making, consequently generating huge amount of data on the frequent basis.
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Thus, data collection, combination and analytics tools are the essential utility for most of the enterprises to store and secure data. The enterprise data is expected to grow exponentially in the coming years, increasing the demand for CEP tools globally.
North America is presumed to be the fastest growing and the dominating region across other major geographies globally owing to large number of enterprise setups and growing demand for IT infrastructure, financial services and others. Factors hampering the market growth for CEP tools include incursion of substitutes in the market with greater efficiency and productivity such as business rule engine, big data tools and other such essentials.
The CEP market segmentation includes deployment mode, application, service, end-use verticals, and geography. CEP market based on deployment mode includes cloud-based and on-premise models.
CEP market segmentation on the basis of application includes trade analytics, fraud detection, electronic payment transaction monitoring, data enrichment, asset management, geospatial analysis, algorithmic trading, data enrichment, risk and compliance management, predictive scheduling and others. Services encompassed under CEP include consultation, maintenance and operation, training and support, and others.
End-use verticals deploying CEP solutions include banking financial service and institution (BFSI), healthcare, telecom and IT, retail, energy and utilities, manufacturing, government and defense, transportation and logistics and others. The CEP market report incorporates the following regions: North America, Europe, Asia pacific, Middle East and Africa, and Latin America.
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Some of the key players in the global CEP market include SAP SE, Oracle Corporation, Red Hat Inc., International Business Machines Corporation, Espertech, Inc., Tibco Software Inc., Software AG and Informatica Corporation among others.
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