In-memory Database Market Size, Forecast by Application (Transaction, Reporting, Analytics), Insights to 2031
The adoption of IoT and BYOD trends, as well as the expansion of machine learning, are driving the global in-memory database market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 22, 2023 /EINPresswire.com/ — According to the report, the global in-memory database market generated $5.3 billion in 2021, and is estimated to reach $30.4 billion by 2031, witnessing a CAGR of 19.3% from 2022 to 2031.
Machine learning expansion with adoption of IoT (Internet Of Things) and BYOD (Bring Your Own Device) trends, increase in volume of data, and self-service BI tools are majorly driving the growth of the In-memory database market. However, data security and privacy concerns hinder the global market growth. On the other hand, improved scalability and security with cloud-based in-memory analytics present new opportunities for the market in the future.
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Based on deployment model, the on premise segment was the largest in 2021, occupying more than half of the overall in-memory database market share. This is owing to the high data security and less data breach of on premise deployment model as compared to on-demand deployment models. However, the cloud segment is likely to dominate the global market during the forecast period and is expected to grow at the fastest CAGR of 20.5% in 2031, as many companies are deploying cloud IMDB systems to manage data efficiently.
Based on enterprise size, the large enterprises segment held the largest share of more than half of the global in-memory database market share in 2021, owing to the increase in adoption of in-memory databases replacing the traditional database storage. However, the SMEs segment is expected to dominate the global market in terms of revenue and exhibit the fastest CAGR of 20.6% during the forecast period, owing to the increase in number of SMEs in developing economies in Asia-Pacific including China, Japan, and India.
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Based on processing type, the online analytical processing segment held the largest share of nearly three-fifths of the global in-memory database market in 2021, and is expected to maintain a noteworthy growth during the forecast period. This is because online analytical processing is used for various business analysis which include budgeting, planning, data mining and many more. The online transaction processing segment, however, is likely to exhibit the highest CAGR of 20.7% during the forecast period, due to the availability and concurrency offered by online transaction processing. It aids in faster and accurate analytics, making processes simpler for businesses.
Based on region, the market in North America held the largest market share in 2021, accounting for more than one-third of the global in-memory database market, and is likely to lead the trail throughout the forecast period. Continuous technological advancements and new inventions are the major factors driving the in-memory database market in the region. The market in Asia-Pacific is anticipated to manifest the fastest CAGR of 21.1% during the forecast period, 2022-2031. This is due to the rise in use of IoT, AI, and emerging technologies in Asia-Pacific. The other regions discussed in the report are Europe and LAMEA.
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Leading Market Players –
• Altibase Corporation
• Couchbase, Inc.
• DataStax, Inc.
• GridGain Systems, Inc.
• International Business Machine (IBM)
• Microsoft Corporation
• McObject LLC
• Oracle Corporation
• Redis
• Raima, Inc.
• SingleStore, Inc.
• SAP SE
• TIBCO Software, Inc.
• Teradata Corporation
• Vmware, Inc.
• Volt Active Data
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Allied Analytics LLP
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