The in-memory analytics market was valued at US$1.609 billion in 2019 and is expected to grow at a CAGR of 21.34% during the forecast period to reach a total market size of US$6.231 billion by 2026.
In-memory analytics is an analytical platform that helps users to run queries and interact with the data stored in the main memory instead of the hard disk. This has many benefits such as faster query response, high performance, and reduced operational costs. It helps to improve the overall speed of the BI system and provides quick solutions to the clients as compared to the traditional disk-based systems. This technology allows querying of data while it is in the Random Access Memory (RAM) of a system, thus facilitating vastly shortened response times. As enterprises continue to increase their focus on Business Intelligence (BI) and faster decision-making, the demand for in-memory analytics is witnessing impressive growth, which is fueling the growth of this market.
In addition, the growth of this market is majorly being fueled by the rapid growth of big data analytics across all major geographies worldwide. The continuous digitization of business processes is adding to huge volumes of data generated every day. This is increasing the need among companies to adopt advanced solutions which can support their big data analytics functions, which in turn is increasing the demand for in-memory analytics.
Moreover, the digital transformation of end-user industries such as BFSI, Communication, and Technology, Transportation & Logistics, retail, etc. has led to the adoption of real-time analytics which will drive the market growth during the forecast period. Furthermore, the increasing number of cyber-attacks has created the need for data privacy and data security, which has encouraged industries to adopt in-memory analytics services to safeguard their data. This will further strengthen the market growth in the next few years.
Market Share Segmentation.
By deployment model, the cloud segment is expected to hold a dominant market share owing to the preference for cloud over the on-premise segment. By enterprise size, the large enterprises hold a significant market share as the large enterprises have sufficient funds to adopt and implement these systems, also these enterprises have voluminous data for which the in-memory analytics system is required. By end-user industry, the BFSI industry is projected to hold a significant market share owing to the large database concerning confidential information of the industry. The communication and technology industry is expected to grow at a high CAGR owing to the adoption of this technology in the industry. Geographically, North America holds a significant market share owing to the early adoption of technology in the region. Also, the presence of prominent market players such as SAS Institute, SAP SE, and IBM, among others in the region will further boost the market growth. The Asia Pacific will be the fastest-growing market region owing to the voluminous data being generated and the shifting of workload to cloud environment in the region.
in-memory analytics Market share, by geography
The major key driver of the in-memory analytics market is the generation of voluminous data, worldwide. According to a survey conducted by IDC in the United States in 2018, data volumes in organizations are surging at a speed of 63% per month, with 12% of organizations reporting over 100% growth every month. All the organizations irrespective of their size are struggling to obtain insights from the data, which has created a need for in-memory analytics in the market. Also, organizations, globally are using cloud services to store and manage data which will further strengthen the market growth during the forecast period.
To adopt and implement in-memory analytics enterprises need to spend a large number of funds for the effective implementation and maintenance of these systems. The high costs associated with these systems may hamper the market growth in the long run. Also, many enterprises, especially in developing countries are unaware of the benefits of in-memory analytics and they have not adopted these solutions yet. This may further restrain the market growth.
The Covid-19 pandemic positively impacted the in-memory analytics market, as due to the lockdown and curfew restrictions imposed by the governments, worldwide, the majority of the enterprises asked their employees to work from home, which increased their dependence on cloud services for the functioning of the business. Also, the companies using the internet for business witnessed a rapid spike, which in turn, increased the number of cyber-attacks taking place across the globe. To combat and prevent such attacks, the enterprises actively adopted in-memory analytics which strengthened the market growth.
The market leaders for the in-memory analytics market consist of Google, Inc., IBM Corporation, Microsoft Corporation, ESRI, Telstra Corporation Limited, Amazon Web Services, Inc., SAP SE, Oracle Corporation, Hitachi, Ltd., and SAS Institute Inc. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors. For instance, in April 2019, SAP SE enhanced their SAP HANA database in the cloud and on-premise services that provide instant access to critical data and extreme performance to democratize in-memory computing.
|Market size value in 2019||US$1.609 billion|
|Market size value in 2026||US$6.231 billion|
|Growth Rate||CAGR of 21.34% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Component, Deployment Model, Enterprise Size, End-Use Industry And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Google, Inc., IBM Corporation, Microsoft Corporation, ESRI, Telstra Corporation Limited, Amazon Web Services, Inc., SAP SE, Oracle Corporation, Hitachi, Ltd., SAS Institute Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the in-memory analytics market size by 2026?
A1. The in-memory analytics market is expected to reach a market size of US$6.231 billion by 2026.
Q2. What are the growth prospects for the in-memory analytics market?
A2. The global in-memory analytics market is expected to grow at a CAGR of 21.34% over the forecast period.
Q3. What factors are anticipated to drive the in-memory analytics market growth?
A3. The growth of the in-memory analytics market is majorly being fueled by the rapid growth of big data analytics across all major geographies worldwide.
Q4. What is the size of the in-memory analytics market?
A4. In-Memory Analytics Market was valued at US$1.609 billion in 2019.
Q5. Which region holds the maximum market share in the in-memory analytics market?
A5. Geographically, North America holds a significant share of the in-memory analytics market owing to the early adoption of technology in the region.
Telstra Corporation Limited
Amazon Web Services, Inc.
SAS Institute Inc.
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