Newark, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global in-memory computing market is expected to grow from USD 11.47 billion in 2020 to USD 41.53 billion by 2028, at a CAGR of 17.45 % during the forecast period 2021-2028.
Certain factors are boosting the growth of the global in-memory computing market. Some of them include the growing adoption of cloud & IoT, increasing use of the web, rising need for rapid data processing & the explosion of big data across different verticals, and growing trend towards increasing the RAM size. Apart from this, to keep a competitive edge & meet the requirements for optimal consumer experience in the current scenario, enterprises seek solutions to deal with the constant upsurge of available data & the never-ending requests for better and faster performance. This is promoting the development of in-memory computing technologies.
In-memory computing means using middleware software to store data in RAM across a cluster of computers & process it in parallel. The benefit of in-memory computing is the capability to cache infinite quantities of data regularly. This assures speedy reply time for exploration. Also, another benefit of in-memory computing is the capability to procedure events for enhanced complicated event processing. The RAM storage & parallel distributed processing are the two pillars of in-memory computing.
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The global in-memory computing market is anticipated to witness significant growth due to the increasing need for faster processing & analytics on big data. Additionally, the growing introduction of machine learning (ML) & artificial intelligence (AI)-based technologies for gaining real-time actionable consumer insights is anticipated to promote in-memory computing market growth in the forecast period. Apart from this, the increasing need for unifying transactional & analytical processing for real-time insights & closed-loop analytics is expected to augment further the growth of the in-memory computing market. The lack of skilled specialists to operate in-memory computing systems & concerns concerning data extraction is expected to restrain the market growth. Further, to create a BI tool utilizing the BI platform, a person needs analytical skills, technical skills, and critical thinking. Several end-user verticals do not have sufficient people with these specific knowledge & analytical skills. Thus, an analytics capacity gap required to create a complex BI solution is one of the biggest challenges most end-use businesses face in the in-memory computing market.
Key players operating in the in-memory computing market include Gridgrain Systems, IBM, Oracle, SAP SE, Microsoft, ScaleOut Software, TIBCO, Software AG, Gigaspaces, Red Hat, Altibase, Fujitsu, and Hazelcast. To gain a significant market share in the in-memory computing market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. TIBCO Company is a vital manufacturer operating in the in-memory computing market.
- For Example, in May 2019, the TIBCO company acquired SnappyData, a giver of a Spark-based data program. The procurement is expected to allow data researchers to explore new, larger data sets with a highly scalable high-speed, in-memory data shop.
The small and medium enterprises segment dominated the market and held the largest market share of 56.28% in 2020.
Based on organization size, the global in-memory computing market is segmented into large enterprises & small and medium enterprises. The small and medium enterprises segment dominated the market and held the largest market share of 56.28% in 2020. This growth is attributed to the growing number of SMEs.
The cloud segment dominated the market and held the largest market share of 58.10% in 2020.
Based on deployment mode, the global in-memory computing market is segmented into on-premises and cloud. The cloud segment dominated the market and held the largest market share of 58.10% in 2020. This growth is attributed to the rising adoption of cloud-based in-memory computing across several industries due to better reliability & faster data sharing.
The risk management & fraud detection segment dominated the market and held the largest market share of 27.20% in 2020.
Based on application, the global in-memory computing market is segmented into sentiment analysis, risk management & fraud detection, sales & marketing optimization, geospatial/GIS processing, and predictive analysis. The risk management & fraud detection segment dominated the market and held the largest market share of 27.20% in 2020. This growth is attributed to the requirement for organizations to keenly focus on improving their risk intelligence abilities to fight risk exposures.
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The BFSI segment dominated the market and held the largest market share of 23.38% in 2020.
Based on vertical, the global in-memory computing market is segmented into BFSI, transportation, government, retail, healthcare, and others. The BFSI segment dominated the market and held the largest market share of 23.38% in 2020. This growth is attributed to the expanding usage of mobile & internet banking.
Regional Segment Analysis of the In-Memory Computing Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the in-memory computing market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America region holds the largest market share of 26.39% in the year 2020. This growth is attributed to the expanding application of predictive analytics utilizing in-memory computing through SMEs & government entities in countries in the region. On the other hand, the Asia Pacific region is witnessing significant growth due to adopting IMC technology through different verticals like retail & production. Additionally, the increasing adoption of IoT & cloud and growing web use is anticipated to witness significant growth during the forecast period. Furthermore, increasing investment by various incumbent technology players is one of the factors propelling the market in the APAC region.
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About the report
The global in-memory computing market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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