MarketsandMarkets expects the global ESP Market to grow from USD 690 million in 2018 to USD 1,838 million by 2023, at a Compound Annual Growth Rate (CAGR) of 21.6% during forecast period. The increasing demand for smart devices and Internet of Things (IoT) and the rising focus on analyzing a huge amount of data to derive real-time meaning insights are expected to drive the growth of the ESP market. The major ESP vendors include IBM (US), Microsoft (US), Google (US), Oracle (US), SAS (US), SAP (Germany), TIBCO (US), Informatica (US), Hitachi Vantara (US), AWS (US), Software AG (Germany), Salesforce (US), Redhat (US), FICO (US), Impetus Technologies (US), data Artisans (Germany), Radicalbit (Italy), Streamlio (US), Equalum (Israel), Striim (US), Confluent (US), EVAM (US), Databricks (US), SQL Stream (US), and EsperTech (US).
The fraud detection segment is expected to account for the largest market size during the forecast period
Fraud detection is one of the key applications of the event stream processing market. It is used to protect customer and enterprise information, assets, accounts, and transactions through real-time analysis of activities by users. The ability to detect fraud in real time is one of the top concerns for companies worldwide. The fraud detection segment further helps reduce operational risks through continuous monitoring of suspicious activities.
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BFSI vertical is expected to account for the largest market size during the forecast period
The BFSI vertical has gained traction in event stream processing market, owing to the early adoption of ESP solutions for financial applications. ESP solutions have a wide range of applications in the BFSI vertical. Some of the applications are algorithmic trading, electronic transaction monitoring, and dynamic pre-trade analytics. Moreover, ESP solutions and services are widely used to enhance customer relationships.
Event stream processing is the process of real-time analyzing the stream of data to derive the meaningful result from the streams generated. Event stream can be business transactions or information reports. Event stream processing helps analyze the huge amount of data in motion, which enables the user to aggregate, categorize, and cleanse it before it is stored. It is used in the verticals, such as IT and telecom; manufacturing; energy and utilities; transportation and logistics; Banking, Financial Services and Insurance (BFSI); and retail and eCommerce. ESP’ s major application includes predictive maintenance, fraud detection, network monitoring, algorithmic trading, and sales and marketing management.
The market players have adopted the strategies of new product launches, product enhancements, acquisitions, collaborations, and partnerships to offer feature-rich products, solutions, and services to their customers and penetrate deeper into the untapped regions.
SAP is a leading provider of ESP solutions. The company is significantly investing in R&D activities to introduce new innovative solutions and gain a competitive edge in the market. The company is focusing on strengthening its position in the ESP market by adopting inorganic growth strategies. For instance, in September 2017, SAP acquired Altiscale, a big data as a service solution provider. With this acquisition, both the companies aim to strengthen their products offerings. The acquisition enabled SAP to enhance its cloud software portfolio. Moreover, in October 2018, SAP has entered into an agreement with Zoomdata, a data visualization and analytics company. This agreement helped SAP resell the SAP core technology optimized for SAP and would offer technologies, such as real-time streaming Business Intelligence (BI), and big data analytics as a managed service via cloud.
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Microsoft is a leading technology company offers solutions, such as Events Hubs and Azure Stream Analytics, in the ESP market. The company is focusing on introducing new products and improved versions of its existing products. As a part of its organic growth strategy, in July 2018, Microsoft partnered with GE Digital, a subsidiary of American multinational conglomerate corporation, General Electric. The partnership helps industrial companies capture high insights from IoT and asset data that boosts GE innovation throughout the business model. To increase its presence, in September 2018, Microsoft partnered with Volkswagen, a global automobile company. Microsoft plays a key role in assisting Volkswagen to transform into a software and service-driven model.
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