The latest market report published by Credence Research, Inc. “Global Complex Event Processing Market: Growth, Prospects, and Competitive Analysis, 2016 – 2030“. The global complex event processing market generated revenue of around USD 2.90 billion in 2022 and is anticipated to grow a CAGR of over 24.90% during the forecast period from 2017 to 2030 to reach around USD 13.75 billion in 2030.
Complex event processing is a method and tactic used for tracking and analyzing streams of data about real-time data that are about to occur. These techniques are then derived from analyzing the upcoming conclusion from the predisposed events. The primary driver for the global complex event processing market is the increasing amount of online banking transactions coupled with large organizations’ increasing utilization of on-premise systems. Additionally, rising digitalization initiatives and an increasing number of large multi-billion-dollar technology deals will further increase the footprint of the market sustainability.
The global complex event processing market is bifurcated into Application, Deployment, Service Type, and Geography. Based on application, the market is categorized into algorithmic trading, electronic transaction monitoring, dynamic pre-trae analytics, governance, risk and compliance, asset management and predictive scheduling, geo-fencing and geospatial analysis, and others. Based on deployment, the global market is segmented into cloud and on-premise. Based on service type, the market can be categorized into consulting, installation and maintenance, training and support, and managed services. Based on geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
In 2021, North America was expected to witness the largest market share contributing the largest revenue. Factors such as the presence of many retail and consumer goods companies in the region that utilize machine learning and artificial intelligence for improving customer service and operational efficiency will contribute to the dominant market share. Also, increasing regional manufacturing hubs will increase the market’s footprint during the forecast period. The United States will contribute the largest market share to the North American region owing to rising utilization within BSFI and the e-commerce sector.
One of the major challenges faced by the complex event processing market is the lack of skilled personnel. CEP requires highly skilled personnel who can design, develop, and implement CEP applications. However, there is a shortage of such personnel globally. This is one of the major factors restraining the growth of the complex event processing market.
Another challenge faced by the complex event processing market is data privacy and security concerns. With the increasing adoption of CEP applications in various sectors such as healthcare, BFSI, and others, there is a growing concern about data privacy and security. These applications deal with large amounts of sensitive data which makes them vulnerable to cyber-attacks. This is another factor restraining the growth of this market.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global complex event processing by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2017-2021, base year- 2022, and forecast period 2017-2030.
- The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
- In-depth analysis of the global complex event processing segmentation based on application, deployment, service type, and regional integration.
- The global complex event processing report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.
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