Global Complex Event Processing Market - Segmented by Service (Installation, Maintenance, Training, Customer Support), Vertical (BFSI, Retail, Government and Defense, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global complex event processing market was valued at USD 2.37 billion in 2017, and is expected to reach USD 10.79 billion by 2023 at a CAGR of 28.74%, over the forecast period (2018 - 2023). Complex Event Processing (CEP) is becoming increasingly important in business decision-making. CEP is a basic component of a type of real-time business analytics used in continuous intelligence. Information contained in business events is extracted and analyzed to provide insight into the changing conditions in a company and its environment. The revolution in internet, data analytics, developments in machine learning, along with huge investments and complexity of web drive the complex event processor market.
Development in the Fields of Machine Learning and Data Analytics is Augmenting Market Growth
Complex event processors represent one of the biggest competitive advantages. They are moving from being a competitive differentiator to being a competitive requirement for many companies, particularly financial services firms. The use of this technology is to turn businesses into a proactive, predictive enterprise with the ability to detect patterns of opportunity or patterns of threat. Enterprise data is expected to grow massively in the upcoming years, increasing the demand for fast complex event processing tools. Moreover, Internet-of-Things-based solutions, where a high volume of data gets generated every second, drive the market and will foster the adoption rate of complex event processing software in the coming years.
Retail is the Fastest Growing Vertical
In retail business, there is a high probability of dealing with a huge number of customers with a significant number of interactions. Complex event processing streams the data and analyses it for better results. To achieve business goals, the retailer not only wants data analysis but also the process to respond to the results of the analysis. This is where CEP comes into the picture. The usage of complex event processing platform in the retail sector is based on innovations to increase sales. Companies are creating platforms that help in ensuring that customers come back. For instance, CEP platform can be used in such a way that as soon as a high-valued customer uses the program, the system triggers a process that offers the customer an extra discount.
North America holds the Largest Market Share
Being the biggest economy of the world and home to some of the biggest enterprises, North America is the major market for complex event processors and generates the highest revenue. The United States is one of the major markets for CEP services in the region, followed by Canada and other countries. North America is expected to have the largest market share and would dominate the complex event processing market. Moreover, in North America, there is huge return on investment in the complex event processing market as opportunities for augmented performance are always increasing, hence CEP application vendors continue to capitalize more effectively on the need for applications and services.
Key Developments in the Market