Dublin, March 22, 2024 (GLOBE NEWSWIRE) -- The "In Memory Data Grid - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The In Memory Data Grid Market size is estimated at USD 3.80 billion in 2024, and is expected to reach USD 9.17 billion by 2029, growing at a CAGR of 19.23% during the forecast period (2024-2029).
As the need for real-time fraud and risk management capabilities continues to grow, the adoption of in-memory data grid solutions is expected to increase.
Key Highlights
- In-memory data grid solutions have been increasingly gaining adoption due to their ability to provide high-speed data processing and analysis capabilities. With the growth of cloud computing, businesses are increasingly adopting cloud-based in-memory data grid solutions that provide the flexibility and scalability needed to handle large amounts of data without the need for on-premises infrastructure.
- Furthermore, the pandemic emphasized the significance of real-time data processing and analysis, which is a key feature of in-memory data grid solutions. As a result, businesses in various industries began to invest in these solutions in order to enable faster decision-making and improve overall operational efficiency driving the demand in the market.
- As the implementation and managing in-memory data grid solutions are complex and require technical expertise, their adoption from businesses with limited technical resources is hampering the market growth. Also, the factors such as higher cost and data security are further restraining the market growth.
- The pandemic led to a sudden shift towards remote working, e-commerce, and online services, which has created a surge in demand for in-memory data grid solutions. With more people working remotely, the need for reliable and efficient data processing and analytics solutions has increased, leading to a rise in demand for in-memory data grid products.
- However, the supply chain disruptions led to delays in product launches and delivery, which affected the growth of the market. Also, the reduced IT budgets and financial constraints faced by businesses resulted in a decrease in the adoption of in-memory data grid solutions.
Growing Need for Real Time Data Processing in BFSI Driving the Market Growth
- Growing digitalization is compelling financial companies to build a lean, flexible, and efficient approach to cater to their customers. Financial institutions deal with critical information, which, if not properly processed, can have severe financial and ethical implications. Thus, financial organizations worldwide seek in-memory data grid solutions to process data in real-time and improve their business-critical applications.
- The growing adoption of cloud computing in the BFSI industry is also driving the demand for in-memory data grids, as cloud-based in-memory data grids solutions provide greater flexibility, scalability, and cost-effectiveness compared to on-premises traditional solutions making them a suitable option for BFSI organizations.
- Furthermore, the growing need for real-time data processing in the BFSI industry is increasing the demand for in-memory data grids to store and process large volumes of data in memory, high-speed data access, and suitability for cloud-based deployments.
- Leading banks significantly depend on GridGain Systems Inc., one of the prominent providers of In-memory data grids, to help them offer an integrated omnichannel banking experience. By using the GridGain solution, organizations have added speed and scale to digital channels, opened up previously siloed data for seamless sharing across channels, and implemented in-process HTAP using real-time streaming analytics, machine, and deep learning to monitor and enhance the end-to-end banking experience proactively.
- Moreover, banks witnessed a sharp rise in internal and external fraud cases from the COVID-19 outbreak. The COVID-19 outbreak rescue package increased fraud, false claims, and other scams. Many of the systems that financial institutions and government agencies in place needed to verify the identity and claims of applicants adequately. For instance, according to National Police Agency Japan, the police in Japan recorded 1,136 online banking fraud cases in 2022, which constituted a substantial increase compared to the previous year.
A selection of companies mentioned in this report includes
- Hazelcast Inc.
- GridGain Systems Inc.
- Oracle Corporation
- IBM Corporation
- Pivotal (VMware Inc.)
- GigaSpaces Technologies Inc.
- Software AG
- ScaleOut Software
- Alachisoft
- TIBCO Software Inc.
For more information about this report visit https://www.researchandmarkets.com/r/a6kav7
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