Complex event processing is an emerging network technology that involves a method of combining data from multiple sources in order to infer patterns that suggest complicated circumstances. Complex event processing provides organizations the ability to deal with threats, opportunities, exceptional condition and situations, define, predict, and manage events. The process of analyzing data takes large amount of time. With the growing need of high speed and responsive technology CEP technology has evolved to its best form.
The major driving factor of this market involves the need for customer oriented analytical tools and ease of deployment. In addition, industries such as telecommunication, finance, healthcare, and banking deal with real time consumer transaction and data, hence there is growing demand for event monitoring to maintain the organizational process. These industries follow standards such as HIPPA, BASEL III, and FISMA. Usage of complex event processing technology can help organizations predict and monitor risk in advance thereby removing inconsistency and ensuring smoothness of business process. The major restrain of this market is that development of underlying complex event processing technology is time consuming. However, some complex event processing technologies are deployed on cloud which is free of cost. Due to the cost effectiveness of complex event processing technology government, defense, and aerospace are expected to use this technology in near future.
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To learn how to use CEP technology to provide insight into the health and performance of banking applications, click here.