London, United Kingdom, May 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “In-Memory Database Market Research Report, By Data Type, By Processing Type, By Application – Global Forecast till 2030".
Rising IoT and Operational Applications Drive In-Memory Database Market
The global in-memory database market is likely to witness significant revenue growth. Rapid growth in mobile advertising networks would drive market demand. Market Research Future (MRFR) states that the global in-memory database market is projected to reach USD 32.2 billion by 2030, registering a whopping double-digit CAGR of 18.7% throughout the review period (2022-2030).
Key Players
Players leading the global in-memory database market include
- IBM Corporation (US)
- Oracle Corporation (US)
- Microsoft Corporation (US)
- SAP SE (Germany)
- Teradata Corporation (US)
- Tableau Software (US)
- Amazon Web Services (US)
- Kognitio Ltd. (UK)
- Datastax (US)
- VoltDB (US)
- ENEA (Sweden)
- Altibase Corporation (US)
- McObject LLC (US)
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In-Memory Database Market Report Scope:
| Report Metric | Details |
| In-Memory Database Market Revenue forecast in 2030 | USD 32.2 Billion |
| In-Memory Database Market Growth Rate | CAGR of 18.7% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Drivers | The major reasons for the massive demand for the market and its solutions on a global scale. |
In-memory database systems are witnessing rising adoption across the globe. In-memory database (IMDB) solutions have transformed business operations with fast, integrated intelligence. Unlike traditional row-oriented storage, columnar storage that IMBD systems offer helps optimize analytics with great compression advantages, storing much more data in much less memory.
IMDB is a practical solution for low response time in sectors such as mobile advertising networks and telecommunications network equipment. The market is undergoing a significant change as enterprises go through digital transformation, including embracing and leveraging various new data types and forms.
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With its proven efficacies, IMDB systems are adopted in various verticals such as aerospace & defense, BFSI, manufacturing, media & entertainment, healthcare, government, retail, and IT & telecommunication. Additionally, the augmented adoption of cloud computing across small, medium, and large organizations escalates market growth.
On the other hand, the prerequisite of IMDBs that all data must fit in memory is a major factor forecasted to impede the market growth, prompting the need to increase the adequate memory or limit the database size. Nevertheless, increasing application areas and wide uptake of cloud computing would support the market growth throughout the assessment period.
Segments
The in-memory database market report is segmented into data types, processing types, deployment modes, organization sizes, verticals, and regions. The data type segment comprises NoSQL, NewSQL, and Relational. The processing type segment comprises OLAP (online analytical processing), OLTP (online transaction processing), and others. The deployment mode segment comprises on-demand, on-premise, and on-cloud.
The organization size segment comprises small-to-medium (SMEs) and large enterprises. The vertical segment comprises BFSI, aerospace & defense, manufacturing, healthcare, media & entertainment, government, retail, IT & telecommunication, and others. The region segment comprises Asia-Pacific, North America, Europe, and the Rest-of-the-World.
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Geographical Analysis
North America dominates the global in-memory database market. The largest market share is attributed to the growing demand for advanced IMDB systems and technical expertise rendered by existing market players in the region. Besides, the convenience of faster transfer of files & the large storage capacity that IMDB systems offer, drive the growth of the regional market.
The growing IT industry and high deployment of cloud computing by middle and large enterprises support regional market growth. Moreover, rising contributions from growing markets in the US & Canada lead the regional market demand. The North American IMDB market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global in-memory database market. The market growth is driven by the high growth of the banking & financial, and healthcare sectors in the region. Additionally, the increasing adoption of on-premises and on-cloud database infrastructure across SMEs and larger enterprises boosts the growth of the in-memory database industry in the region.
The Asia Pacific in-memory database market is growing rapidly, with multiple enormous security patch releases. Factors such as the growing manufacturing and BFSI sectors in the region influence the growth of the IMDB market. Growing investments in developing efficient IMDB systems foster the growth of the regional market.
Furthermore, government initiatives to promote digitalization and emerging technologies, such as mobility, IoT, Business Intelligence (BI), cloud, and analytics, propel regional market growth. Also, the presence of prominent market players with the ability to provide outsourcing services in real-time intelligence and advanced predictive analytics on different applications influences regional market growth.
Competitive Landscape
Highly competitive, the global in-memory database market appears fragmented with the presence of several well-established market players. Leading providers of enterprise-grade in-memory computing solutions form strategic partnerships with leading providers of consulting and business reengineering services & solutions.
Such technology integration helps customers manage to surge application loads caused by increasing customer traffic and launch new services to manage seasonal traffic spikes. These solutions also power digital integration hub (DIH) architectures serving as a high-performance data access layer to integrate multiple applications and databases. Industry players incorporate strategic approaches such as mergers & acquisitions, collaborations, expansions, and product/technology launches to gain a larger competitive share.
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For instance, on Mar. 21, 2023, DragonflyDB Inc., a startup offering an in-memory database, announced that it has secured US$21 million in funding for its speedy in-memory database solutions. DragonflyDB, with its in-memory database designed to speed up enterprise applications. The funding will be used to enhance the company's database technologies.
The startup raised the capital in two rounds, the first round was a seed investment led by Redpoint Ventures, and the second round was a Series A investment led by Quiet Capital. Redis, an open-source system, is one of the most widely used in-memory databases on the market.
DragonflyDB has developed Dragonfly, a competing database that claims to be up to 25 times faster than Redis. The company says that its database is also more hardware-efficient. Dragonfly was designed for engineering teams, and it uses asynchronous, multi-threaded processing to fully utilize the hardware's computing, memory, and networking resources.
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