ID: MRFR/ICT/5897-HCR | February 2021 | Region: Global | 100 pages
The In-Memory Grid Market was valued at USD 1.32 Billion in the year 2017. According to MEFR Analysis, the market is projected to reach USD 3.46 Billion. The projected CAGR of the market is 16.8% during the forecast period 2021-2028. The in-memory grid is basically built for increasing the scalability by allocating the data through several sources. It is used for handling the variability, velocity of large data. The innovation of new technologies such as IoT, Cloud systems, Big Data, Mobile, etc. has also increased the demand for In-memory grid technology.
With the growing speed of digitalization, financial institutions are looking forward to a reliable and flexible approach for customers. They generally use risk and fraud management to improve their proficiency to combat the risk exposures. By using the in-memory data grid, it will help them to easily perform the analytics. The trading systems that require high transactions will be the best environment for the in-memory data grid. It is because it helps to conduct real-time analysis due to instant data transfer.
Additionally, the large enterprises and SMEs will be largely benefitted from the In-Memory Grid technology. It will help them to enhance their market strategies and also reduce any potential risks. It is expected that North America will hold the largest market share during the forecast period. However, the Asia-Pacific region will register the highest CAGR during the forecast period. Therefore, the In-Memory Grid Industry will flourish at a substantial rate in the upcoming period.
Since the outbreak of COVID-19, financial institutions like banks, etc. have observed several cases of fraudulent activities. As the non-essential services were closed down due to the pandemic, the digital platform emerged as a profitable alternative to the enterprises. With time, the use of the digital platform will further rise which will be beneficial for the In-Memory Grid Business. Thus, there is a huge scope for the exponential growth of the market.
The vital driving factor for the In-Memory Grid Market is the growing need for enhanced technology and risk and fraud management. It provides business organizations to provide the correct and real-time analysis to reduce any potential risk. Also, it is easier to operate than the traditional ways of management of data.
One of the major restraints is the low awareness among the business organization can slow down the market growth. Also, the component or system failure can lead to data loss can be a huge disadvantage for the businesses and eventually slow down the growth of In-Memory Grid Industry as well.
The In-Memory Grid technologyis largely used by several organizations to reduce any risks and increase the capability to cut down the risk exposures. Apart from that, the integration of risk management will slowly become among the main priority of the enterprises. Also, it will further improve the capability of financial organizations to strengthen their market strategies.
The concerns regarding data security and safety among the organizations will be challenging for the In-Memory Grid Market. Also, the availability of other solutions can hinder market growth to a certain extent. Another technology is called IMDB which stands for In-Memory Databases that can do calculations and data storage around several data which will be challenging for the market to bloom.
As per the In-Memory Grid Market Analysis, the market observed a significant growth in 2017 with a market value of USD 1.32 Billion. According to MRFR analysis, the market value will reach up to USD 3.46 Billion during the forecast period 2021-2028. The Compound Annual Growth Rate (CAGR) of the In-Memory Grid Market is estimated to reach up to 16.8%. Hence, the market will register substantial growth in the upcoming years.
Value Chain Analysis
The increasing In-Memory Grid Market Trends due to its several benefits to offer the best solutions for the organization will increase its value. The increasing transformation to the digital platform among several end-users in the industries will ensure smooth workflow and productivity. Therefore, the market will register an enormous growth with several positive factors that will influence the business organizations as well.
The In-Memory Grid Market Segments is segmented into deployment type, component, vertical, and application. On the basis of deployment type, the In-Memory Grid Industry is segmented into on-cloud and on-premise.
Based on components, the In-Memory Grid Market is further segmented into services and solutions.
On the basis of vertical, the In-Memory Grid Market is further divided into Government, Telecommunication and IT, Banking, Financial Services and Insurance (BFSI) Healthcare, Retail, and Entertainment and Media
Based upon application, the In-Memory Grid Industry is bifurcated into Supply Chain, Transaction Processing, Marketing and Sales, and Risk and Fraud Management.
On the basis of region, the In-Memory Grid Market Sizeis segmented into North America, Asia-Pacific, Europe, and the Rest of the World. It is projected that North America will hold the largest market share in In-Memory Grid Business. Countries such as Canada and the US are heavily investing in infrastructure and development.
Europe is also estimated to hold the second-largest In-Memory Grid Market Share in the upcoming period. The emergence of several MNCs and investments will further enhance the market growth at a certain rate. The rapid investments in technologies such as DevOps, the Internet of Things, social media, and many more will boost the growth of the In-Memory Grid Industry. Additionally, the availability of several multinational countries will also propel the market in the European region.
For the growing adoption of new technologies and development in network connectivity and the internet, the Asia-Pacific region will record the highest growth in the upcoming period. Several developing countries like India, China, South Korea, etc. are developing at a rapid speed with new technologies. It will open several opportunities for the enterprises and stakeholders to gain huge profits in the upcoming years.
The In-Memory Grid Business is highly fragmented due to the presence of several key players. To enhance their brand image, they apply several market strategies such as market analysis, collaborations, new product launches, acquisitions, new ventures, collaborations, etc. Some of the important In-Memory Grid Market Players are-
The overview of the In-Memory Grid Market Research Report is listed in the following-
Report Score and Segmentation
The report score so to highlight the strength and capabilities of the In-Memory Grid Market. It provides significant information about the challenges, restraints, and opportunities as well. The information provided in the report is collected from various secondary and primary sources.
Frequently Asked Questions (FAQ) :
The market size estimated in the year 2017 was USD 1.32 billion, whereas the market size in 2023 is likely to be USD 2.25 billion.
The on-premise deployment type is poised to be the leading segment in the market, since large organizations opt for on-premise deployment, given the critical and sensitive data that is stored in the grid.
The market size is likely to expand at a rate of 11.25% during the appraisal timeline.
GigaSpaces Technologies Inc. (US), Software AG (Germany), Pivotal Software, Inc.(US), Oracle Corporation (US), Hazelcast, Inc. (US), Red Hat, Inc. (US), ScaleOut Software, Inc. (US), IBM Corporation (US), Hitachi, Ltd. (Japan), TIBCO Software Inc. (US), Pivotal Software, Inc.(US), Hazelcast, Inc. (US), are the top competitors in the in memory grid market.
fraud and risk management, transaction processing, sales and marketing, supply chain, are the primary applications covered in the report.