Complex event processing, or CEP, is a method of analyzing and tracking streams of information or data about things or events that are expected to happen and then deriving a conclusion. CEP often contains a set of concepts and techniques developed in the early 1990s that are used for processing real-time events and analyzing information from events as they occur. CEP aims to identify meaningful events in real-time and respond to them at an exceedingly fast rate. The primary drivers of the global complex event processing market are rising online banking transactions and increasing phishing scams. Factors such as the rising utilization of these systems within large-scale organizations will further widen the market’s scope. Also, the rising number of digital banks on a global scale will give rise to the sales of the global complex event processing market during the forecast period.
- One major trend Credence Research Inc. is expected to see in complex event processing is the rising proliferation of smartphones, laptops, and tablets coupled with digitalization initiatives on a global scale. Also, the rising number of multi-billion-dollar technology deals will further increase the market’s footprint.
- Another trend that Credence Research Inc. predicts will continue in complex event processing is increasing the applicability of machine learning and artificial intelligence for improving customer service and operational efficiency. Additionally, the rising number of manufacturing hubs on a global scale coupled with increasing utilization of CEP within BSFI and the e-commerce sector will increase the market’s acceptance rate during the forecast period.
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Economic Impact Analysis
Industries start to suffer when the economy slows down. The Complex event processing market report, 2017-2030, consider the predicted consequences of the economic downturn on the pricing and accessibility of the services.
According to the Credence Research Inc. market report, the recession will impact the global complex event processing market. In the summer of 2022, various politicians, economists, and market professionals agreed on a great semantic debate that the global economy would plunge toward a recessive state. However, the term recession is completely difficult to tend to. According to the National Bureau of Economic Research (NBER), a recession can be termed a significant decline in economic activity that can spread across the economy and last more than a few months. It has been deemed that our economy was in recession for less than 10% over the last three decades. The complex global event processing market is expected not to be affected by the economic slowdown to a certain level.
- Ukraine-Russia War Impact
The Russo-Ukraine war has been going on between Russia (Along with Russian separatists in Ukraine) and Ukraine since February 2014. Following Ukraine’s Revolution of Dignity, Russia annexed Crimea from Ukraine and supported pro-Russian separatists in the war in Donbas. Beginning in 2021, Russia built up a large build-up of forces alongside the Ukrainian border. In February 2022, Russia officially recognized the Donetsk People’s Republic and the Luhansk People’s Republic as independent states. The invasion was considered extremely condemned, leading to the imposition of sanctions against Russia, which racked up the existing sanctions. The ongoing conflict is expected to affect the complex event processing market negatively during the forecast period.
- China COVID Outburst December 2022
China confirmed that there were only 13 COVID-19-related deaths in the initial stages throughout December. However, it should be noted that China has limited criteria for confirming deaths that occur due to COVID-19. These restrictions include consumers who die from respiratory illnesses often caused by coronavirus, not deaths caused by its knock-on effects. This counting method does not coincide with the WHO guidance, which has led to a belief that it is a figure well below the death toll of many other countries. The current official count in China ranks well below 5,000 cases per day. This outbreak of COVID-19 cases has led to a slowdown in manufacturing hubs.
In 2022, North America was expected to occupy the largest complex event processing market share in revenue and share. Factors such as wider utilization of these systems for applications such as fraud prevention & detection and real-time marketing within the region are expected to sustainably contribute to the regional market. Also, integrating e-commerce for various applications, including GPS data, social network activity, holidays, and past customer behaviors, will aid the market’s growth. The United States is expected to contribute the largest market share to the North American region owing to the rising utilization of CEP within retail, energy & utilities, and manufacturing.
Our client was looking into expanding their presence into the Middle East and Latin American markets. The client is already a predominant player within Europe.
The client required a list of the dominant service providers in the MEA and LATAM regions and their product offerings. Additionally, a comprehensive competitive landscape was required to determine the correct market entry strategy.
The client got in touch with Credence Research Inc., which assisted the client in growing its business to extend its revenues in the complex event processing market. The report “Global Complex Event Processing Market’, 2017-2030,” published by Credence Research Inc. in 2023, wherein the client was presented with a complete market study within LATAM and MEA regions that contained the current and future market value, ongoing and historical trends, key product portfolio, and Porter’s five forces analysis.
Credence Research Inc.’s thorough analysis of the complex event processing market assisted the client in their understanding of the current market status within the MEA & LATAM region. Furthermore, the prominent players for CEP systems were listed.