Market Trends of Event Stream Processing Industry
This section covers the major market trends shaping the Event Stream Processing Market according to our research experts:
Increasing Adoption of the Internet of Things (IoT) and Smart Devices
- According to a recent Oracle survey, enterprise IoT adopters are prepared to take an easier route. Nearly two-thirds (64%) of the 800 IoT decision-makers surveyed said they would choose an "off-the-shelf" IoT solution over a custom-built one, showing a shift in how businesses purchase IoT products. Additionally, 75% of respondents want the connection baked into or packaged by the solution provider, and 70% want providers to provide data and analytics capabilities as part of a complete solution. The results show that there is a growing need for a simple way to add IoT capabilities that speeds up the time it takes to get value from them.
- Moreover, by this year, there will be close to 30 billion network-connected devices and connections, up from 18.4 billion in 2018, predicts Cisco's Annual Internet Report. By the end of the current year, IoT devices will make up 50% (14.7 billion) of all networked devices, up from 33% (6.1 billion) in 2018.
- According to the Microsoft IoT Signals report, the United States leads the pack with 27% of projects in the usage phase, followed by Spain (22%), and Australia (18%). In terms of accelerating IoT adoption, the US is far ahead of the rest of the world: 78% of US firms intend to increase their IoT usage over the next two years. However, only 53% of By this year, 51% of German businesses and 51% of Japanese businesses planned to increase utilization. This can be due to the more conservative technological adoption in the German and Japanese markets.
- According to Gallup's annual Health and Healthcare survey, 90% of American consumers said they are currently using a wearable fitness tracker, and the same percentage stated that they currently use a mobile health application. By combining the present use with the percentages of Americans that claim, in the past, they have used such devices, it becomes clear that, at some point, one in three Americans used a fitness tracker such as a wristband or smartwatch (34%), or tracked their health statistics on a phone or tablet application (32%).
- Digital assistance combined with AI allows users to deploy smart devices hands-free and more efficiently, dramatically influencing buyer preferences. With the rise of digital assistants such as Alexa, Google Assistant, Siri, and Bixby, smart devices can now be controlled and managed via voice commands. The developing features of these digital assistants, such as Bluetooth speaker control and hands-free channel surfing, are driving the market for smart home gadgets. Buyers also choose customized devices for their ease and improved user experience.
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North America is Expected to Hold a Large Share of the Market
- North America is expected to hold the largest market size and dominate the ESP market during the forecast period. The fact that there are a lot of ESP vendors in the area is due to their early adoption of new technologies and high adoption rates, as well as their investments in research and development to improve their event-based offerings.
- The rise in demand for event stream processing is pushing firms in the region to provide new solutions to capture market share. For example, IBM Event Streams is an IBM Cloud Pak for integration capabilities. It gives enterprises access to corporate data via event streams, allowing them to gain insights from event-based data and detect and take action in real time and at scale. The IBM differentiators mentioned were the ability to control event endpoints alongside API administration.
- In February last year, Express Analytics, a US-based data analytics firm, announced that it would enter the Indian market as part of its global expansion strategy, offering artificial intelligence (AI) and machine learning (ML)-based predictive analytics services to companies in the technology, telecom, banking, advertising, and retail industries, as well as the public sector. In addition, the company has made a strategic deal with Delhi-based Mavcomm Advisory to expand its portfolio in the fast-changing digital Indian market.
- The cloud segment in the United States is witnessing several partnership activities. For instance, HCL Technologies, a global technology-oriented company, announced the extension of its partnership with Google Cloud to bring HCL's Actian portfolio offering, Actian Avalanche, to Google Cloud. This hybrid cloud data warehouse is proposed to improve an enterprise's operational analytics workload. Avalanche also offers a business intelligence and analytics platform with Google Cloud and helps popular SaaS and enterprise applications deliver a comprehensive solution that is easy to deploy and consume.
- With increasing numbers of customers switching to digital channels and the high cost of a physical branch network, digital-only banking entities are proliferating. While few financial institutions are launching digital-only banks to collect deposits, others use digital platforms to provide lending, investing, and specialty services. In both cases, the focus is on coming up with new ideas, making the customer experience better, and giving the customer more value. This is only possible with customer data and event stream processing.
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