In its research report, Market Research Future (MRFR), emphasizes that the global In-Memory Data Grid Market market 2020 is expected to grow exponentially, securing a substantial market valuation from $1.32 billion in 2017 to $2.25 billion by 2023, at a substantial CAGR of 11.25% over the review period. The need for a relational data model and database is driving the growth of the global data grid market in memory.
The major market players operating in the global In-Memory Data Grid Market as identified by MRFR are TIBCO Software Inc. (US), Pivotal Software, Inc.(US), IBM Corporation (US), Oracle Corporation (US), Hazelcast, Inc. (US), Software AG (Germany), Red Hat, Inc. (US), Pivotal Software, Inc.(US), Hitachi, Ltd. (Japan), ScaleOut Software, Inc. (US), Hazelcast, Inc. (US), GigaSpaces Technologies Inc. (US).
The In-Memory Data Grid Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the In-Memory Data Grid Market highlights the future prediction and the growth alternatives that can be created.
Drivers and Restraints
The market for the in-memory grid is segmented according to feature, form of deployment, application, vertical and area. In-memory grid is a data system that is spread over many servers, offering high data availability while maintaining it in memory.
The factor like that the need for a relational data model and database is driving the growth of the global data grid market in memory.
In addition, enhancement of the analytical application efficiency and the need to achieve high throughput with real-time processing are expected to further fuel market growth.
However, several developments in core systems to take advantage of low latency are increasing the scenario for in-memory data grids to be accepted in many industries.
During the forecast period, the increasing number of concurrent transactions involving large volumes of operational data, increased use of real-time analytics across end-verticals, and the need for an effective replacement of relational data model and database remains the key drivers for the in-memory industry.
This is generally adopted for the management of big data velocity, volatility, and quantity. Furthermore, the growing demand for distributed architecture that can upsurge the storage capacity of main memory fuel the growth of In-Memory Data Grid Market.
The demand for In-Memory Data Grid Market is divided into two categories of products, namely services and solutions. The market is bifurcated into cloud and on-premise by type of deployment.
The type of on-premise deployment is projected to hold the largest market share over the forecast period. Because of the high critical and sensitive data stored in the system, major companies favor on-premise deployment.
The In-Memory Data Grid Market is segmented by application into transaction processing, fraud and risk management, the supply chain, and sales and marketing.
The category of transaction processing is expected to have the greatest market share in 2017.
The growing initiative for digital transformation across industry verticals to facilitate faster and smoother transactions has led to increasing adoption of the transaction processing in-memory grid.
The market is segmented into BFSI, government, healthcare, IT and telecommunications, media & entertainment, retail, and others.
Regional study The global business regional overview was performed in four major regions namely Asia Pacific, North America, Europe and the rest of the world.
Due to the rise in the adoption of the connected devices and subsequent rise in data volumes, Asia-Pacific is expected to be the fastest growing area during the prediction period. In addition, increased government initiatives to upgrade IT infrastructure and deploy cost-effective cloud-based solutions are expected to drive the In-Memory Data Grid Market in Asia Pacific during the forecast period.
North America is projected to have the largest market share and over the forecast period will dominate the market for in-memory grids.
As a developing economy, the area has seen heavy investments in R&D activities to develop emerging technologies such as the Internet of Things (IoT), big data, and social media. In addition, the presence of the region’s best multinationals further drives growth in those regions.
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