Global Complex Event Processing Market 2017-2021

Overview of the global complex event processing market

Research analysis on the global complex event processing market identifies that the rising usage of complex event processing for security purposes will be one of the major factors that will have a positive impact on the growth of the market. Technavio's market research analysts predict that this market will grow at a CAGR of more than 18% by 2021. Complex event processing has wide applications in security and fraud detection. Fraud detection is evaluated by using statistics, complex event processing, business intelligence, and artificial intelligence. Using patterns and historical data and in three major steps including event tracking, situation detection, and using predictive analytics for responding, complex event processing helps in significantly increasing cyber security. Additionally, complex event processing also identifies events and makes initial decisions. This increases the demand for complex event processing in the coming years, subsequently fueling CEP market growth.

Currently, several industries use connected devices due to the generation of a large amount of data. This data is increasingly used by businesses for cost optimization and revenue generation. For instance, aviation engine manufacturers provide equipment on rent. The feedback obtained from engine users assists manufacturers to modify the engine design and lower maintenance costs. Companies including Amazon.com and General Electric already use business process management and analytics for various purposes including automation, gaining insight into the target market, and for enhancing the performance. This will increase the utilization of big data analytics, which will subsequently drive the demand for complex event processing.

Competitive landscape and key vendors