Global In-memory computing Market

In-Memory Computing Market Size, Share, Growth Analysis, By Component(In-memory Data Management, In-memory Application Platform), By Organization Size(Small & Medium Business, Large Enterprise), By Vertical(BSFI, Transportation, Government, Retail), By Application(Risk Management & Fraud Detection, Sentiment Analysis, Geospatial/GIS Processing, Sales & Marketing Optimization), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45C2067 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 124 | Figures: 77

In-Memory Computing Market Dynamics

In-Memory Computing Market Drivers

  • As the number of transactions increases in enterprises, the amount of data also increases. In verticals such as telecommunication, BFSI, online gaming, and entertainment, data generated per second is huge. Due to the increasing data volumes, organizations are facing huge problems in processing large amounts of information within a specific time frame. Therefore, the use of traditional disk-based data management systems and the manipulation of massive data becomes quite difficult. IMC- based solutions such as IMDG and in-memory computing platform built around big data can handle three Vs because of their speed and scalability. These solutions process big data with the type of latencies that produce actionable insights and machine-driven decision-making. Through In-Memory Computing, organizations store data in the main memory of servers; hence the time, which is wasted in input/output operations, can be utilized for data processing. Thus, In-Memory Computing helps speed up the process of analyzing all the structured and unstructured data. Organizations are creating, collecting, storing, and hoping to capitalize on structured and unstructured data, driving the overall IMC market growth. BFSI organizations can track the effect of market fluctuations on their portfolios (‘strategies’) of long and short equity positions in various markets, and immediately identify strategies requiring rebalancing through In-Memory Computing.

In-Memory Computing Market Restraints

  • Lack of skilled workforce and complexity involved in data extraction as in-memory computing is a new standard in technology development. The availability of trained technical staff and consulting professionals is the major challenge of IMC implementation. Many organizations or technology adopters suffer typical challenges with radical technologies in early adoption phases. These challenges include the lack of general standards and absence of proven architectural patterns. With the emergence of successful vendors, increase in the network of implementation partners, and recent open-source momentum, skill availability challenges are expected to drop rapidly; however, for the interim period, In-Memory Computing continues to be a niche technology and skill availability continues to be a challenge. Due to reasons such as the shortage of skilled workforce and complexity of big data solutions, organizations report trouble in extracting value from structured, unstructured, or semi-structured data. The complete life cycle of data analytics in cloud goes through various processes, including data discovery, data modeling, data mining, and visualization. These processes make big data analytics-related projects quite complex. Such complexities faced by business organizations across verticals act as obstacles for IMC solution vendors in the Global In-memory computing Market. According to World Economic Forum’s Future of Jobs 20184, the demand is accelerating for a variety of wholly new specialist roles related to understanding and leveraging the latest emerging technologies. These specialist roles are big data specialists, AI and ML specialists, process automation experts, information security analysts, user experience and human-machine interaction designers, robotics engineers, and blockchain specialists.
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FAQs

In-Memory Computing Market size was valued at USD 12.79 billion in 2019 and is poised to grow from USD 14.45 billion in 2023 to USD 40.5 billion by 2031, growing at a CAGR of 12.5% in the forecast period (2024-2031).

In-memory computing market is fairly fragmented, with a number of large and medium-sized companies accounting for major revenue share. Key players are adopting various strategies, entering into mergers and acquisitions, strategic agreements and contracts, as well as developing and deploying more advanced technologies in in-memory computing systems, and introducing new and more efficient solutions in the market. 'GigaSpaces', 'GridGain Systems, Inc.', 'Hazelcast, Inc.', 'SAP SE', 'IBM Corporation', 'Oracle Corporation', 'Microsoft Corporation', 'Amazon Web Services, Inc.', 'Pivotal Software, Inc.', 'Software AG', 'Red Hat, Inc.', 'TIBCO Software Inc.', 'Altibase Corp.', 'ScaleOut Software, Inc.', 'Aerospike, Inc.', 'MemSQL, Inc.', 'Couchbase, Inc.', 'VoltDB, Inc.', 'Starcounter AB', 'Alachisoft'

As the number of transactions increases in enterprises, the amount of data also increases. In verticals such as telecommunication, BFSI, online gaming, and entertainment, data generated per second is huge. Due to the increasing data volumes, organizations are facing huge problems in processing large amounts of information within a specific time frame. Therefore, the use of traditional disk-based data management systems and the manipulation of massive data becomes quite difficult. IMC- based solutions such as IMDG and in-memory computing platform built around big data can handle three Vs because of their speed and scalability. These solutions process big data with the type of latencies that produce actionable insights and machine-driven decision-making. Through In-Memory Computing, organizations store data in the main memory of servers; hence the time, which is wasted in input/output operations, can be utilized for data processing. Thus, In-Memory Computing helps speed up the process of analyzing all the structured and unstructured data. Organizations are creating, collecting, storing, and hoping to capitalize on structured and unstructured data, driving the overall IMC market growth. BFSI organizations can track the effect of market fluctuations on their portfolios (‘strategies’) of long and short equity positions in various markets, and immediately identify strategies requiring rebalancing through In-Memory Computing.

With the emergence of AI and ML based technologies to gain real-time actionable customer insights the advent of emerging technologies such as AI and ML, companies are witnessing huge opportunities as these technologies offer real-time insights with in-built automation. IMC solutions with the AI technology can automatically capture complete agent-customer interactions to offer hidden insights and opportunities. AI in IMC supports businesses to optimize outcomes through valuable customer insights. In-Memory Computing makes the identification of actionable insights possible through high-volume discovery, as it offers both high-level views and drill-down details. Real-time IMC provides the next best actionable guidance message to agents, post customer interactions are captured and analyzed, leading to improved customer interaction and operational efficiency. The benefits and features of IMC include measuring accurate performance metrics, discovering call patterns and trends, staffing and training problems, training and back-end issues, and discovering new revenue streams. The use cases of real-time IMC are increasingly witnessed across verticals, such as BFSI, healthcare and life sciences, and retail and eCommerce. 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.

North America accounted for a relatively higher revenue share than other regional markets in the In-memory computing market. Attributed to the recent development in the region, North America is an important market for IMC allowing for near real-time calculation of analytical conclusions from raw data, it helps to increase flexibility in two dimensions: the integration of new data sources and the adjustment of the analysis. Developers can simply update analytical techniques without putting in a lot of effort because all that is necessary is a query modification. In addition, robust presence of major players such as Microsoft Corporation, Oracle Corporation, International Business Machines Corporation, TIBCO Software Inc., and Intel Corporation, among others in countries in the region, is expected to boost revenue growth of the market in the region.

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Global In-memory computing Market

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