According to a new report published by Allied Market Research, titled, “In-memory Database Market," The in-memory database market size was valued at $5.3 billion in 2021, and is estimated to reach $30.4 billion by 2031, growing at a CAGR of 19.3% from 2022 to 2031.
An in-memory database (IMDB) stores computer data in a computer’s main memory instead of a disk drive to produce quicker response. Accessing data stored in memory eliminates the time needed to query data from a disk. In-memory databases are used by applications that depend on rapid response times and real-time data management. Industries that benefit from in-memory databases include telecommunications, banking, travel and gaming. An in-memory database is also referred to as a main memory database (MMDB), real-time database (RTDB) or in-memory database system (IMDS).
Furthermore, machine learning expansion with adoption of IoT and BYOD trends, increase in volume of data is boosting the growth of the global in-memory database market. In addition, self-service BI tools is positively impacts growth of the in-memory database market. However, data security and privacy concerns is hampering the in-memory database market growth. On the contrary, improved scalability and security with cloud-based in-memory analytics is expected to offer remunerative opportunities for expansion during the in-memory database market forecast.
On the basis of industry vertical, the IT and telecom segment dominated the in-memory database market in 2021, and is expected to maintain its dominance in the upcoming years. Adoption of in-memory database in telecom & IT organizations is growing to safeguard against threats, reducing the data loss, and security systems of large, complicated, and multifaceted organizations. Increase in use of mobile broadband and big data has propelled the need for in-memory database in the telecom sector. The market is expected to experience prominent growth, owing to increase in adoption of technologies, specifically cloud and mobility.
Depending on the region, North America dominated the In-memory database market share in 2021. In North America region, businesses are investing in their emerging technologies in order to improve their work efficiency. The rapidly evolving digital world requires efforts and advancements to keep up with subsequent increases in fraud and privacy concerns. A different simplified approach is needed, which understands the security model in order to keep data safe. Increasing identity thefts in government and public sectors may boost the adoption of protection services. Because of these factors the countries such as the United States, Canada, In-memory database have seen widespread acceptance in the North America region.
However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.
The COVID-19 outbreak has high impact on the growth of in-memory database market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the in-memory database market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. In post-pandemic circumstances, enterprises strived to minimize operational and running costs around all the business functions to recover the losses incurred in covid times. The market for in-memory database observed unconstructive expansion, during the initial half of 2020. Owing to the limitations due to the global lockdown, media houses, a variety of offices, and the manufacturing divisions have observed a provisional shutting down. The demand for in-memory database is anticipated to gain steady traction over the coming years owing to the need for scalable and customized software. Due to the COVID-19 pandemic, increasing health awareness among individuals has directed various doctors and health workers to deliver their services over applications. This factor is anticipated to contribute to market growth.
KEY FINDINGS OF THE STUDY
- By application, the transaction segment dominated the in-memory database market in 2021. However, the others segment is expected to exhibit significant growth during the forecast period.
- By deployment model, the on premise segment dominated the in-memory database market in 2021. However, the cloud is expected to exhibit significant growth during the forecast period.
- On the basis of industry vertical, the IT and telecom segment dominated the in-memory database market in 2021. However, the retail and e commerce segment is expected to witness the highest growth rate during the forecast period.
- Region-wise, the in-memory database industrywas dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
This report gives an in-depth profile of some key market players in the in-memory database market analysis include 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., and Volt Active Data. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the in-memory database industry.