In-Memory Database Market to Reach $30.4 Billion by 2031 | CAGR 19.3%
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Drivers and Opportunities
Machine learning expansion with adoption of IoT (Internet Of Things) and BYOD (Bring Your Own Device) trends, increase in volume of data, and self-service BI tools are majorly driving the growth of the In-memory database market. However, data security and privacy concerns hinder the global market growth. On the other hand, improved scalability and security with cloud-based in-memory analytics present new opportunities for the market in the future.
Covid-19 Scenario
The in-memory database market witnessed unconstructive expansion during the first half of 2020. The global lockdown during the COVID-19 pandemic caused media houses, offices, and the manufacturing divisions to shut down.
However, the demand for in-memory database is expected to gain steady traction over the coming years, owing to the need for scalable and customized software.
The growing health awareness among individuals directed various doctors and healthcare workers to deliver their services over applications. This factor is anticipated to contribute to the market growth in the future.
The cloud segment to dominate and show progressive growth during the forecast period
Based on deployment model, the on premise segment was the largest in 2021, occupying more than half of the overall in-memory database market share. This is owing to the high data security and less data breach of on premise deployment model as compared to on-demand deployment models. However, the cloud segment is likely to dominate the global market during the forecast period and is expected to grow at the fastest CAGR of 20.5% in 2031, as many companies are deploying cloud IMDB systems to manage data efficiently.
The SMEs segment to achieve the fastest growth during the forecast period
Based on enterprise size, the large enterprises segment held the largest share of more than half of the global in-memory database market share in 2021, owing to the increase in adoption of in-memory databases replacing the traditional database storage. However, the SMEs segment is expected to dominate the global market in terms of revenue and exhibit the fastest CAGR of 20.6% during the forecast period, owing to the increase in number of SMEs in developing economies in Asia-Pacific including China, Japan, and India.
The online analytical processing segment to maintain its lion's share during the forecast period
Based on processing type, the online analytical processing segment held the largest share of nearly three-fifths of the global in-memory database market in 2021, and is expected to maintain a noteworthy growth during the forecast period. This is because online analytical processing is used for various business analysis which include budgeting, planning, data mining and many more. The online transaction processing segment, however, is likely to exhibit the highest CAGR of 20.7% during the forecast period, due to the availability and concurrency offered by online transaction processing. It aids in faster and accurate analytics, making processes simpler for businesses.
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North America to maintain its leadership in terms of revenue by 2031
Based on region, the market in North America held the largest market share in 2021, accounting for more than one-third of the global in-memory database market, and is likely to lead the trail throughout the forecast period. Continuous technological advancements and new inventions are the major factors driving the in-memory database market in the region. The market in Asia-Pacific is anticipated to manifest the fastest CAGR of 21.1% during the forecast period, 2022-2031. This is due to the rise in use of IoT, AI, and emerging technologies in Asia-Pacific. The other regions discussed in the report are Europe and LAMEA.
Leading Market Players
Altibase Corporation
Couchbase, Inc.
DataStax, Inc.
GridGain Systems, Inc.
International Business Machine (IBM)
Microsoft Corporation
McObject LLC
Oracle Corporation
Redis
Raima, Inc.
SingleStore, Inc.
SAP SE
TIBCO Software, Inc.
Teradata Corporation
Vmware, Inc.
Volt Active Data
The report analyzes these key players of the global in-memory database market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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