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Increasing use of distributed architecture to enhance limited storage capacity of main memory to drive the in-memory data grid market
The global in-memory data grid market size is expected to grow from USD 1.4 billion in 2018 to USD 2.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. The in-memory data grid market is driven by various factors, such as the use of distributed architecture to enhance limited storage capacity of main memory, and focus on eliminating the need for relational data model and database. However, system or components failure which may result in loss of data, can hinder the growth of the market.
The fraud and risk management segment to grow at the highest CAGR during the forecast period
Organizations use fraud and risk management applications to enhance their risk intelligence capabilities to overcome risk exposures. Risk management has become a top focus for regulatory bodies around the world. It has increasingly become important for several businesses to provide accurate and timely risk reporting to regulatory agencies. Using in-memory data grid helps unify corporate risk data, perform the required analytics, and report relatively easy as compared to traditional methods of data management.
The BFSI vertical to hold the largest market size during the forecast period
Financial organizations across the globe are looking for in-memory data grid solutions which can process data in real time and improve the performance of their business-critical applications. Trading systems with high transaction rates are examples of environments best-suited for the in-memory data grid. It enables financial applications with real-time analytics due to faster data access and high throughput in use cases, such as trading, fraud detection, risk management, and portfolio management. Using in-memory data grid solution would enable financial organizations to improve their marketing strategies and customer retention policies, develop new investment strategies, and mitigate risks.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period, due to an increasing demand for in-memory data grid. Major APAC countries, such as China, Australia and New Zealand, India, and Singapore, provide significant opportunities for the adoption of the in-memory data grid solutions across industry verticals. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the in-memory data grid marketplace.
The following list provides the breakup of primary respondents’ profiles:
- By company type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By designation: C-level – 35%, D-level – 25%, and Others – 40%
- By region: North America – 40%, Europe – 30%, APAC – 20%, MEA – 5%, and Latin America – 5%
Major vendors offering in-memory data grid solutions across the globe include IBM (US), Oracle (US), Red Hat (US), Software AG (Germany), Pivotal (US), Hitachi (Japan), Hazelcast (US), TIBCO (US), GridGain (US), ScaleOut Software (US), GigaSpaces (US), Alachisoft (US), and TmaxSoft (US). The study includes an in-depth competitive analysis of these key players in the in-memory data grid market, with their company profiles, recent developments, and key market strategies.
- This research study covers the segmentation of the in-memory data grid market by component, business application, deployment type, organization size, industry vertical, and region. These segments are mapped across 5 major regions: North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
- The report provides in-depth market intelligence regarding key factors, such as drivers, opportunities, and challenges, influencing the growth of the in-memory data grid market across the globe. It also offers an analysis of micromarkets with respect to individual growth trends, prospects, and their contribution to the overall in-memory data grid market.
Key benefits of buying the report
- The report will help the market leaders/new entrants in the market with information on the closest approximations of the revenue numbers for the overall in-memory data grid market and the subsegments.
- The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.