Market Trends of Complex Event Processing Industry
BFSI End-user Segment to Grow Significantly
- The BFSI sector's growing reliance on real-time data analysis, risk management, fraud detection, compliance, and customer-centric approaches have significantly fueled global demand for complex event processing. CEP is an essential technology for financial institutions because of its capacity to process and analyze enormous amounts of data in real time, find patterns, and initiate actions.
- Credit card companies increasingly use complex event processing solutions with Big Data analytics to manage fraudulent activities efficiently. When a pattern of fraud incidence emerges, the company can block the credit card quickly before it can experience significant losses, as it deals with the moving flow of data. The underlying system is expected to correlate the incoming transactions, track the event data stream, and trigger a process.
- Factors for the increased use of complex event processing for fraud detection in the banking sector, where In financial year 2023, the Reserve Bank of India (RBI) reported a total of more than 13 thousand Cases of bank fraud all over India. This is an increase compared to the previous year, which reverses a trend that has occurred over the past decade and other financial organizations will significantly contribute to this industry segment's development in the coming years. This, in turn, will increase the share and size of the complex event-processing business.
- Banks and trading companies are investing in blockchain technology, which is giving rise to using CEP systems. CEP systems help integrate the digital transaction lifecycle among various business entities, customers, systems, and technologies. With CEP, event handlers must be configured to listen for changes in the blockchain or the connected endpoints and then correlate and invoke appropriate CEP rules to derive an action or alert.
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North America Expected to Hold Major Market Share
- The adoption of the Internet of Things (IoT) and big data technology in various end-user verticals in North America is increasing significantly. In order to gain insight into the effectiveness of customer operations, behaviour and fraud detection, a number of organizations generate and collect vast amounts of data from several sources. CEP is increasingly applied to the analysis of this realtime data for those applications.
- The region has witnessed the early adoption of complex event-processing technologies. Several prominent regional vendors have developed complex event-processing solutions and demonstrated their benefits in various applications. This early adoption has created a favorable market environment, driving further growth and adoption.
- Digitalisation initiatives in emerging countries such as India are driving digital payments, with banks using the technology of blockchain. Consequently, there is a growing demand for CEP solutions for effective integration. Growth in the region is driven by government efforts and large amounts of money spent on technology purchases in the banking sector.
- Moreover, the United States has been at the forefront of technology developments across a variety of sectors for technical development. This environment is encouraging the development and adoption of advanced techniques in eventprocessing.
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