Market Research Future (MRFR) expects the in-memory database market 2020 to achieve an approximate growth rate of 19% between 2017 and 2023, which is the review period.
Top Boosters and Main Barriers
The COVID-19 outbreak has emerged as a challenge for a number of industries, including the ICT sector. In-memory database is one such market that can endure the ramifications of the pandemic, with the vendors rushing to deal with the collapsing supply chain network. Having said that, trade analysts confirm that the in-memory database market can observe decent growth in the coming years. With the growing popularity of cloud computing in the IT industry, businesses are moving from on-premise to cloud, since the latter helps the users make use of the data on the server. This can be extremely beneficial in the lockdown situation, with work from home becoming a prevalent mean of conducting operations.
The growth of the IMDB market is largely dependent on factors like the heightened demand for real-time tracking of data as well as analytical data processing among various industry verticals. Prominent industries like retail and e-commerce are mainly interested in collecting data regarding the consumers to better predict the purchasing behavior. As a result, the demand for in-memory database is gaining speed across these sectors worldwide.
The surge in the internet-of-things connected devices also fosters the market growth, as a large portion of the IT infrastructure is backed by in-memory databases. Additionally, the mounting need for good quality risk management solutions among multiple organizations also benefits the in memory databases market. Memory databases is not only used as a response time enhancer of the analytical data processing but is also deployed for enabling online transaction processing or online analytical processing infrastructure. The growing application scopes of these solutions are considered to be unique opportunities in the worldwide In-Memory Database Market Analysis.
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The in-memory database industry has been considered for data type, processing type, application, deployment mode, organization size and vertical.
Given the data types, the market segments analyzed are NoSQL, relational as well as NewSQL.
With respect to the processing type, the primary segments include Online Transaction Processing (OLTP) and Online Analytical Processing (OLAP).
Application-wise market segmentation comprises analytics, reporting, transaction, and others.
The deployment modes described in the market study are on-demand, on-cloud and on-premise.
The regional dissection of the in-memory database market consists of APAC or Asia Pacific, Europe, North America, and RoW or the Rest of the World.
North America is anticipated to be at the helm of the global market during the evaluation period. The region’s high profitability prospects can be the result of the frequent technological advancements and computing in the IT field. The market study attests that the largest portion of the competitive landscape is led by North American companies, armed with technical brilliance and innovation. Some of these companies include Oracle Corporation, IBM Corporation, Altibase Corporation, SAP SE, Microsoft Corporation, Aerospike Company, to name a few. The Canadian market for in-memory database can maintain its winning streak, thanks to the flourishing industrial sector in the country, which includes IT, and retail.
The APAC market can offer the industry contenders with the most number of lucrative opportunities, in view of the fact that the region provides several outsourcing service with higher quality predictive analytics in real-time. The digital transformation evident in the emerging countries like India and China combined with the rising popularity of technologies like Internet of Things (IoT), mobility, Business Intelligence (BI), analytics and cloud can also bolster the market growth over the next few years.
Top contenders that have been studied in the MRFR report include Amazon Web Services (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), SAP SE (Germany), Datastax (U.S.), Teradata Corporation (U.S), Oracle Corporation (U.S.), McObject LLC (U.S.), Tableau software (U.S.), VoltDB (U.S.), Kognitio Ltd. (U.K.), Altibase Corporation (U.S.), ENEA (Sweden), to name a few.
GridGain Systems, a renowned memory computing solutions provider, recently launched GridGain for z/OS. This latest offering is an advanced form of the GridGain in-memory database computing platform that can be used in IBM z/OS operating system. GridGain for z/OS can help businesses in quickly developing solutions to efficiently run analytics and also digitally transform the core systems to real-time processes.
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In-Memory Database Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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