In-Memory Database Market Current Status and Future Prospects
The Global In-Memory Database Market is expected to reach USD 32.2 Billion by 2030, growing at a CAGR of 18.7% during the forecast period.
Shraddha Nevase
In-Memory Database Market Overview
The global In-Memory Database Market Growth is growing continually, witnessing the rising adoption of IMDB systems. In-memory database solutions have transformed business operations with fast, integrated intelligence. Unlike traditional row-oriented storage, columnar storage that IMBD systems offer helps optimizing analytics with great compression advantages, storing much more data in much less memory.
Resultantly, IMDBs has proven to be a practical solution for low response time in sectors, such as mobile advertising networks and telecommunications network equipment. According to Market Research Future (MRFR), the global in-memory database market is projected to grow at a whopping double-digit CAGR of 18.7% throughout the review period (2022-2030).
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The market is undergoing a significant change as enterprises go through digital transformation, including embracing and leveraging various new data types and forms. With its proven efficacies, IMDB systems are adopted in various verticals such as aerospace & defense, BFSI, manufacturing, media & entertainment, healthcare, government, retail, and IT & telecommunication.
Additionally, the augmented adoption of cloud computing across small, medium, and large organizations escalates market growth. On the other hand, the prerequisite of IMDBs that all data must fit in memory are major factors forecasted to impede the market growth, prompting the need to increase the adequate memory or limit the size of the database. Nevertheless, increasing application areas and wide uptake of cloud computing would support the market growth throughout the assessment period.
Global In-Memory Database Market - Segments
The report is segmented into five dynamics;
By Data Type : Comprises NoSQL, NewSQL, and Relational.
By Processing Type: OLAP (Online Analytical Processing), OLTP (Online Transaction Processing), and others.
By Deployment Mode: On-demand, On-Premise, and On-Cloud.
By Organization Sizes: Small-to-Medium (SMEs) and Large Enterprises.
By Vertical : BFSI, Aerospace & Defence, Manufacturing, Healthcare, Media & Entertainment, Government, Retail, IT & Telecommunication, and others.
In-Memory Database (IMDB) Market - Geographical Analysis
North America dominates the global in-memory database market. The largest market share attributes to the growing demand for advanced IMDB systems and technical expertise rendered by existing market players in the region. Besides, the convenience of faster transfer of files & the large storage capacity that IMDB systems offer drives the growth of the regional market.
The growing IT industry and high deployment of cloud computing by the middle and large enterprises support the regional market growth. Moreover, rising contributions from growing markets in the US & Canada lead the regional market demand. The North American IMDB market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global in-memory database market. The market growth is driven by the high growth of banking & financial and healthcare sectors in the region. Additionally, the increasing adoption of on-premises and on cloud database infrastructure across the SMEs and larger enterprises boost the growth of the in-memory database industry in the region.
The Asia Pacific in-memory database market is growing rapidly. Factors such as the growing manufacturing and BFSI sectors in the region influence the growth of the IMDB market. Growing investments in the development of efficient IMDB systems foster the growth of the regional market. Furthermore, initiatives taken towards promoting digitalization and emerging technologies, such as mobility, IoT, Business Intelligence (BI), cloud, and analytics, propel the regional market growth.
Also, the presence of prominent market players with the ability to provide outsourcing service in real-time intelligence and advanced predictive analytics on different applications influence the regional market growth.
Global IMDB Market - Competitive Landscape
Highly competitive, the global in-memory database market appears to be fragmented due to the presence of several well-established market players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansions, and product/technology launch.
Major Players:
Players leading the global IMDB market include IBM Corporation (US), Oracle Corporation (US), Microsoft Corporation (US), SAP SE (Germany), Teradata Corporation (US), Tableau Software (US), Amazon Web Services (US), Kognitio Ltd. (UK), Datastax (US), VoltDB (US), ENEA (Sweden), Altibase Corporation (US), and McObject LLC (US), among others.
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Industry/ Innovation/ Related News:
July 22, 2020 ---- GridGain Systems (the US), a leading provider of enterprise-grade in-memory computing solutions, announced a strategic partnership with Tech Mahindra (India), a leading provider of digital transformation consulting and business reengineering services & solutions.
The integration of GridGain’s technologies into Tech Mahindra’s solutions would help customers manage surging application loads caused by increasing customer traffic, the launch of new services, and seasonal traffic spikes. GridGain solutions would also power the digital integration hub (DIH) architectures serving as a high-performance data access layer that integrates multiple applications and databases
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