In-Memory Database Market Overview
In-Memory Database Market Size was valued at USD 7.5 Billion in 2022. The In-Memory Database market industry is projected to grow from USD 8.90 Billion in 2023 to USD 35.08 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.70% during the forecast period (2023 - 2032). The rise of things connected to the internet and the exponential growth of data are key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In-Memory Database Market Trends
Growing rising demand for business intelligence is driving the market growth
Market CAGR for in-memory databases is driven by the growing need for efficient and adaptable reporting and analysis has increased across industries. In-memory business intelligence describes BI tools that process data in memory. It combines in-memory database technology with disk-based access, the rising usage of machine learning, IoT, and BYOD trends, and the accompanying rise in data volume to accommodate growing data volumes on inexpensive commodity servers. The proliferation of self-service BI tools also expands the in-memory database industry. Demand for In-memory databases is expected to rise due to the issues mentioned above in the future.
Additionally, the proliferation of the Internet of Things (IoT)-connected devices has fueled the expansion of the In-Memory Database Market, as these databases form the backbone of IoT application architecture. In addition, the development of the In-Memory Database Market has been stimulated by the rising need for advanced risk management solutions among several businesses. More businesses are using in-memory computing and databases, airlines are using them to achieve service level agreements, and more people are using big data to improve and automate decision-making. Growth is also fueled by AI and ML streamlining data processing for businesses, financial institutions, and other services. Therefore, the increasing prevalence of In-Memory Databases is fueling the expansion of the international market.
For instance, IBM declares that it has bought Polar Security, a leader in technology that helps businesses find, continuously monitor, and secure cloud and software-as-a-service (SaaS) application data. It helps solve the growing shadow data problem. As a result, the demand for In-memory databases is predicted to grow throughout the forecasted time due to the rising demand for BI technology. Thus, the driving factor is the In-memory database market revenue.
In-Memory Database Market Segment Insights
In-Memory Database Data Type Insights
The global In-memory database market segmentation, based on data type, includes relational, NoSQL, and NewSQL. In 2022, the NewSQL segment led the In-memory database market in revenue because there are so many different kinds of NewSQL solutions and there are so many of them, it is hard to understand the field and even harder to choose the right solution for a given job. So, this paper looks at NewSQL solutions to give an overview of the field, help practitioners and researchers choose the right data store, and point out challenges and possibilities in the field.
In-Memory Database Processing Type Insights
The global In-memory database market segmentation, based on processing type, includes online analytical processing (OLAP) and online transaction processing (OLTP). Online analytical processing (OLAP) is anticipated to grow at a CAGR of 18.70% over the projected period, making up the largest market share because OLAP systems are widely used in business process management, sales management, forecasting, and reporting. Regarding huge data, in-memory OLAP systems might be a lifesaver for businesses.
Figure 1: Global In-Memory Database Market by Processing Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
In-Memory Database Application Insights
The global In-memory database market segmentation, based on the application, includes transaction, reporting, and analytics. The analytics category is expected to grow fastest at a CAGR of 18.70% because analytics is a technology that lets the database process data by putting analytical logic into the database. It saves the time and effort that would have been needed to change data and move it back and forth between a database and a different analytics tool.
In-Memory Database Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American In-memory database market will dominate because of a rising interest in in-memory database technology for lightning-fast data manipulation and transport. In addition, a growing IT industry and many middle and big businesses using cloud computing help the regional market grow.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL IN-MEMORY DATABASE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe’s In-memory database market accounts for the second-largest market due to the high rates of expansion within the banking and financial industries and the healthcare industry. Furthermore, both small and large businesses are increasingly relying on database technology that is hosted either on-premises or in the cloud. Further, the In-memory database market held the largest market share, and the UK In-memory database market was the fastest-growing market in the European region.
The Asia-Pacific In-memory database market is expected to grow at the fastest CAGR from 2023 to 2032 due to the increasing research and development efforts for the in-memory database sector and federal initiatives that encourage using digital tools and cutting-edge technology. Moreover, China’s In-memory database market held the largest market share, and the Indian In-memory database market was the fastest-rising market in the Asia-Pacific region.
In-Memory Database Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the In-memory database market grow even more. There are some strategies for action that market participants are implementing to increase their presence around the world's global footprint, with important market developments including new product launches, contractual agreements and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the In-memory database industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer use in the global In-memory database industry to benefit clients and increase the market sector. In recent years, the In-memory database industry has offered some of the most significant technological advancements. Major players in the In-memory database market, including Microsoft Corporation (US), IBM Corporation (US), Oracle Corporation (US), SAP SE (Germany), Teradata Corporation (US), and others, are attempting to grow market demand by investing in research and development operations.
Oracle's Oracle Cloud is where you may access their integrated suites of applications and their secure, self-sufficient infrastructure. Our goal is to facilitate fresh perspectives on data, discoveries, and the opening of countless doors. Oracle was established in 1977 to facilitate the effective storing and rapid retrieval of massive volumes of data. The importance of data in resolving some of the world's most intractable issues has remained strong throughout the years. We rely heavily on data to put sustainability into practice, save natural resources, reduce waste, and maximize energy efficiency across the company. In March 2023, Oracle Cloud Infrastructure (OCI) is adding new features to make large-scale Kubernetes systems more reliable and efficient while making operations easier and cutting costs. By lowering the skills barrier, risk, and management burden on IT, the new features can make enterprise-grade Kubernetes more reliable and efficient while saving money in big Kubernetes environments.
Microsoft makes it possible for digital change to happen in an age of intelligent cloud and intelligent edge. Its goal is to give everyone and every organization worldwide the tools they need to do more. In 1990, Microsoft set up its business in India. Microsoft in India gives its global cloud services from local data centers to help Indian start-ups, businesses, and government agencies move faster into the digital age. In June 2023, Moody's Corporations and Microsoft recently announced a unique strategic partnership to help financial services and global knowledge workers get the next-generation data, analytics, research, collaboration, and risk tools they need. Built on Moody's strong data and analytical skills and the power and scale of Microsoft Azure Open AI Service, the partnership creates new services that improve corporate intelligence and risk assessment. These services are powered by Microsoft AI and based on Moody's data, research, and analytics.
Key Companies in the In-Memory Database Market include
In-Memory Database Industry Developments
March 2023: SAP revealed SAP Datasphere, the company's next-gen data management system. It gives customers easy access to business-ready data across the data landscape. SAP also announced strategic agreements with top data and AI companies, including Collibra NV, Confluent Inc., Databricks Inc., and DataRobot Inc., to improve SAP Datasphere and allow organizations to build a unified data architecture that securely combines SAP software data and non-SAP data.
June 2023: IBM has released a new tool to aid corporations in monitoring their carbon footprint pollution across cloud services and improve their sustainability as they move to hybrid and multi-cloud environments. The IBM Cloud Carbon Calculator, an AI-powered dashboard, is now available to everyone. It can help clients access emissions data for various IBM Cloud tasks, such as AI, high-performance computing (HPC), and financial services.
In-Memory Database Market Segmentation
In-Memory Database Data Type Outlook
In-Memory Database Processing Type Outlook
In-Memory Database Application Outlook
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Transaction
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Reporting
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Analytics
In-Memory Database Regional Outlook
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North America
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
In Memory Database Market Highlights:
