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% over the forecast period to reach a 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 in 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 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 have 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.
By deployment model, the cloud segment is expected to hold a dominant market share owing to the preference of 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, IBM, among others in the region will further boost the market growth. 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.
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 due to which they have not adopted these solutions yet. This may further restraint 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, and 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. The update included enhanced cloud support, persistent memory support with Intel, intelligent recommendations, new machine learning (ML) capabilities, hyper-converged infrastructure (HCI) certification, and data security enhancements.
Driving Factors
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 have 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 and Trends
By deployment model, the cloud segment is expected to hold a dominant market share owing to the preference of 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, IBM, among others in the region will further boost the market growth. 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.
Growth Factors
Increase in the volume of data
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.
Restraints
High costs and lack of awareness
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 due to which they have not adopted these solutions yet. This may further restraint the market growth.
Impact Of COVID–19 On The In-Memory Analytics Market
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.
Competitive Insights
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, and 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. The update included enhanced cloud support, persistent memory support with Intel, intelligent recommendations, new machine learning (ML) capabilities, hyper-converged infrastructure (HCI) certification, and data security enhancements.
Segmentation:
By Component
- Software
- Services
By Deployment Model
- On-premise
- Cloud
By Enterprise Size
- Small
- Medium
- Large
By End-Use Industry
- BFSI
- Retail
- Government
- Communication and Technology
- Transportation & Logistics
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Taiwan
- Thailand
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. In-Memory Analytics Market Analysis, By Component
6. In-Memory Analytics Market Analysis, By Deployment Model
7. In-Memory Analytics Market Analysis, By Enterprise Size
8. In-Memory Analytics Market Analysis, By End-Use Industry
9. In-Memory Analytics Market Analysis, By Geography
10. Competitive Intelligence
11. Company Profiles
Companies Mentioned
- Google, Inc.
- IBM Corporation
- Microsoft Corporation
- ESRI
- Telstra Corporation Limited
- Amazon Web Services, Inc.
- SAP SE
- Oracle Corporation
- Hitachi, Ltd.
- SAS Institute Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 114 |
| Published | August 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 1.61 billion |
| Forecasted Market Value ( USD | $ 6.23 billion |
| Compound Annual Growth Rate | 21.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
