In Memory Computing Market Research Report- Forecast till 2027 —
Following the advent of emerging technologies like ML and AI, companies are witnessing massive opportunities as they offer real-time insights with in-built automation. In-memory solutions with the artificial technology can automatically capture complete agent-customer interactions to offer hidden insights and opportunities.
In-memory computing is middleware allowing one to store data in a cluster of computers and run other processes in parallel. Shift to dynamic RAM and increasing number of processes can drive the market demand. Market Research Future’s (MRFR) report on the in-memory computing market covers projections for growth and revenue for the forecast period (2018-2026). The COVID-19 outbreak and its ability to impact revenues of the industry have been explored in the report.
The global in-memory computing market expected to reach USD 25.1 billion and is poised to exhibit 12.16% CAGR from 2018 to 2026. It is driven by huge data generated by verticals of gaming and entertainment, BFSI, and telecommunication coupled with replacement of disk-based data management systems. Implementation of in-memory data grid (IMDG) platforms for handling volume, variety, and velocity of data will boost market growth.
Rise of AI and ML can offer new insights in real-time. Capture of customer-agent interactions for valuable insights and optimizing outcomes through data discovery platforms can drive the in-memory computing market growth. Successful use cases in healthcare, retail, and BFSI can propel market growth.
But lack of skilled personnel and paucity of standards in architectures can hamper market growth.
COVID-19 Impact Analysis
The in-memory computing market is influenced due to the increasing pandemic situation of COVID-19 across the world. The pandemic has possessed a serious effect on the global economy. The market is likely to develop rapidly owing to the increasing need for rapid data processing and the explosion of big data across various verticals. This scenario has showcased a strong need for in-memory computing technology in the global market. The increasing need for in-memory computing technology in different verticals include manufacturing, media and entertainment, energy and utilities, government and defense, transportation and logistics, healthcare and life sciences, retail and e-commerce, IT and telecom, and BFSI are adding to the market growth. Such factors have created an increase in demand for in-memory computing during the COVID-19 pandemic that helped boost the revenues of in-memory computing companies operating in the global market. Besides, the top players the market is also focused on developing new business models and strategies for meeting consumer demand in the market.
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The global in-memory computing market is segmented based on vertical, organization size, deployment mode, application, and component.
By component, the IMDB segment will lead the market over the forecast period for the increasing need for boosting performance and scalability, and developing real-time applications.
By application, the risk management and fraud detection segment will dominate the market over the forecast period for the need of organizations to keenly focus on the improvement of their risk intelligence capabilities to fight risk exposures.
By deployment mode, the cloud deployment segment will spearhead the market over the forecast period as this offers advantages like low maintenance costs, low installation costs, and pay per use.
By organization size, the SMEs will have the lions share in the market over the forecast period for the growing number of SMEs and increasing need for big data.
By vertical, the BFSI segment will command the market over the forecast period for the increasing use of mobile and internet banking.
The Middle East & Africa (MEA), North America, Europe, Asia-Pacific, and Latin America are major regions covered in the in-memory computing market.
North America is expected to lead the in-memory computing market due to demand for analytics platforms for small and medium enterprises. Presence of reputed vendors such as Oracle coupled with demand for enhanced customer services.
SAS Institute, Enea, Fujitsu, Microsoft, Teradata, Red Hat, Hazelcast, IBM, Altibase, Salesforce, SAP, Kognitio, Exasol, GridGain, TIBCO, GigaSpaces, Workday, Software AG, McObject, MemSQL, Oracle, Qlik, MongoDB, VoltDB, and Intel are key players of the in-memory computing market.
GridGain Systems has launched Expert on Call, a service for application developers and architects to resolve any queries pertaining to in-memory computing.
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In-Memory Computing Market Research Report: Information By Component (Solutions (In-Memory Database (IMDB), (Online Analytical Processing (OLAP), Online Transaction Processing)(OLTP)), In-Memory Data Grid (IMDG) and Data Stream Processing), Services (Professional Services (Consulting, System Integration and Implementation, Support and Maintenance), Managed Services)), Application (Risk Management and Fraud Detection, Sentiment Analysis, Geospatial/GIS Processing, Sales and Marketing Optimization, Predictive Analysis, Supply Chain Management, Others (Image Processing, Route Optimization, Claim Processing and Modelling and Trade Promotion Simulations)), Deployment Mode (Cloud and On-Premises), Organization Size (SMEs and Large Enterprises), Vertical (BFSI, IT & Telecom, Retail & eCommerce, Healthcare & Life Sciences, Transportation & Logistics, Government & Defense, Energy & Utilities, Media & Entertainment, Others (Education, Manufacturing and Travel & Hospitality)) - Forecast till 2027
Name: Saurabh Sinha
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Organization: Market Research Future
Address: Market Research Future (Part of Wantstats Research and Media Private Limited)
Release ID: 89064448