Global In Memory Computing Market - Segmented by Size (Small & Medium Business, Large Enterprise), Component (In-memory Data Management, In-memory Application Platform), Industry (BFSI, Retail, Healthcare, IT &Telecommunication, Transportation, Government), and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global in-memory computing market was valued at USD 8.07 billion in 2017. The market is expected to register a CAGR of 17.37% during the forecast period. The growing demand for effective and easy data access, coupled with increase in transactional and analytical needs across several industries, is influencing the market growth. The industry is influenced by technological developments and is slowly shifting from traditional disk-based to Dynamic Random Access Memory (DRAM)-based in-memory computing (IMC).
Rising Need for Rapid Data Processing
Rising need for rapid data processing is expected to catalyze the industry growth over the forecast period. Increasing usage of mobile banking and internet services requires enormous amount of data processing, which is anticipated to provide avenues for industry growth. As IMC processes a large amount of data in the main memory of the server, it aids in reducing the process execution time. Business of all sizes and across all industries can benefit from the cost savings obtainable through this. Furthermore, it also allows organizations to run existing scenarios at faster computational speeds and cost effectively than traditional, on-disk technology. The technology boosts business insight, escalates efficiency, and reduces IT costs, thus providing a competitive advantage.
BFSI Sector is anticipated to have the Highest Growth Rate
The BFSI sector is anticipated to experience high growth potential, owing to the rising demand across the mobile and internet banking segments. BFSI sector is in a constant need to improve its operational performance in business areas, such as fraud reduction and risk management. Additionally, the rise in analytical and transactional requirements for voluminous data and the ability to deliver the output of complex analysis and transactions in real-time, are the factors that are expected to result in the increased adoption of in-memory computing.
Asia-Pacific is estimated to Grow at the Highest Growth Rate
Asia-Pacific is estimated to be the fastest-growing region, owing to the presence of countries, such as China, Japan, and India. The increased demand for big data and growing number of SME’s offers huge opportunities for growth in this region. Increasing investment by several incumbent technology players are some of the factors driving the market in the APAC region.
The in-memory computing market is consolidated, with major players, such as IBM, SAP SE, Microsoft, Oracle, Altibase, and others. These players adopted various strategies, such as new product developments, in addition to collaborations and partnerships, and business expansions to accommodate the needs of the market. The major market players have adopted acquisitions and integrations as major strategy to expand their market shares, security portfolio, and customer base.
Key Developments in the market