Event Stream Processing Global Market Report 2024: Market Set To Reach $2.8 Billion By 2028

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The event stream processing market has grown notably in recent years and this trend is forecasted to continue. Growing from $1.22 billion in 2023 to $1.45 billion in 2024, the market is progressing at a compound annual growth rate CAGR of 18.4%. This growth can be associated with the boom in big data analytics, the ever-increasing necessity for real-time data processing, the adoption of IoT and connected devices, rising demand for operational efficiency, expansion of cloud computing, and emergence of digital transformation initiatives.

What Will the Event Stream Processing Market Size be in the Coming Years?

The event stream processing market is set to experience highly accelerated growth over the next few years. With a projected value of $2.86 billion in 2028 and a compound annual growth rate CAGR of 18.5%, this growth can be linked to increasing usage of AI and machine learning for data analytics, rising demand for predictive data insights, 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.

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What Are The Key Drivers of The Event Stream Processing Market?

The rapid growth of the Internet of Things IoT is a critical driver of the event stream processing market. The IoT refers to a network of interconnected devices that communicate and exchange data. The growth of IoT is driven by cheaper sensors and increased connectivity, enabling a network of interconnected and data-driven devices. This growth calls for event stream processing, enabling real-time analysis and decision-making from continuous streams of sensor data. A 2022 report from Ericsson, estimated that the number of IoT-connected devices would increase to 34.7 billion by 2028, up from 13.2 billion in 2022, inducing further growth in the event stream processing market.

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What Are The Current Main Trends in The Event Stream Processing Market?

Prominent companies in the event stream processing market are focusing on real-time data analysis solutions. These solutions, such as stream analytics, enhance data processing efficiency and provide actionable insights swiftly. Microsoft's Azure Stream Analytics stands as an example, with their January 2024 update to their no-code editor, simplifying the creation and management of stream analytics jobs without requiring coding.

How Is The Event Stream Processing Market Segmented?

The event stream processing market covered in this report is segmented as follows:

1 By Component: Solutions, Services
2 By Deployment Type: Cloud, On-Premises
3 By Application: Fraud Detection, Predictive Maintenance, Algorithmic Trading, Network Monitoring, Sales And Marketing Management, Other Applications

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