The document discusses event processing as a service (EPaaS) delivered through cloud computing. It describes EPaaS as processing complex event patterns over dynamic data streams. Standardizations are needed for describing event patterns of interest, specifying quality of service levels, and identifying event sources to monitor. EPaaS could leverage other cloud services like computing, software, monitoring, and messaging to dynamically allocate resources based on event workload. The document predicts that multiple cloud-based EP services will be necessary to filter massive event data and provide structured outputs to users and systems.