In-memory Analytics Market Outlook 2031
The global in-memory analytics market size was USD 2.13 Billion in 2023 and is anticipated to reach USD 9.72 Billion by 2031 register a considerable CAGR 18.38% during the forecast period, 2023-2031. The growth of the market is attributed to the growing need for self-service business intelligence.
In-memory analytics is a Business Intelligence (BI) application, which is used significantly to solve time-bound and complex business situations. It is performed mainly by boosting the performance, speed, and consistency of data validation. It also manages risks, increases revenue, and assists in new product or service innovation.
Furthermore, organizations are adopting in-memory analytics as it allows them to spend less time on processes, such as aggregate table design, cube building, query analysis, and other tasks.
The COVID-19 outbreak has brought negative impact on the market due to regulation by government bodies for complete lockdown and temporarily shutdown of industries worldwide. The market is expected to recover soon with an uptrend operation due to subsiding the COVID cases gradually across the globe.
In-memory Analytics Market Trends, Drivers, Restraints, and Opportunities
- Digital transformation of enterprises using real-time data analytics is one of the key factors driving the market growth.
- Technological advancement in computing power is expected to boost the market growth in the coming years.
- Growing trend for self-service BI tools is anticipated to boost the market expansion during the projected period.
- Lack of awareness for analytical tools across several industries present a major challenge. This is likely to hinder the market growth during the forecast period.
- Improved security and scalability with cloud-based in-memory analytics is to create significant growth opportunities for the market in the near future.
Scope of The In-memory Analytics Market Report
The report on the global in-memory analytics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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In-memory Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Design & Innovation, Operation Optimization, Customer Experience Management, Marketing Management, Real-Time Analysis & Decision-making, and Others), Verticals (Government & Defense, Manufacturing, BFSI, Retail & E-commerce, Healthcare, Telcos & ITES, and Others), and End-Users (Large Enterprises and Small & Medium Enterprises)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Qlik; Information Builders Inc.; Kognitio Ltd.; Oracle Corp.; SAP SE; MicroStrategy Inc.; IBM Corp.; Software AG; SAS Institute Inc.; and Amazon Web Services, Inc.
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In-memory Analytics Market Segment Insights
Customer experience management segment to grow at a rapid pace
Based on applications, the global in-memory analytics market is divided into design & innovation, operation optimization, customer experience management, marketing management, real-time analysis & decision-making, and others. The customer experience management segment is expected to grow at a rapid pace during the forecast period owing to increasing competition in the market, adoption of this management by enterprises offers competitive advantage over their rivals.
However, the operation optimization segment is anticipated to hold a key share of the market in the coming years due to the ability it offers in supply chain management to the enterprises.
Large amount of data to drive BFSI segment
In terms of verticals, the market is segregated into government & defense, manufacturing, BFSI, retail & e-commerce, healthcare, telcos & ITES, and others. The BFSI segment is projected to expand at a considerable CAGR during the forecast period attributed to the need of banking & financial institutes for compilation of large amounts of data from multiple sources.
Additionally, the in-memory analytics enables the end-user to detect fraud and manage risks in real-time data, which helps user to make instant decisions, is major driver of the segment.
Small & medium enterprises segment to hold significant market share
On the basis of end-users, the global in-memory analytics market is bifurcated into large enterprises and small & medium enterprises. The small & medium enterprises segment is anticipated to hold significant market share in the coming years owing to the transition from use of traditional analytical tools to advanced analytical tools.
Furthermore, the need for handling large amounts of data from multiple sources has been increased in recent years, which is expected to boost the segment growth further.
North America to constitute a key market share
In terms of regions, the global in-memory analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to the presence of key global players in the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increasing investments by governments in advancement of technology across the region.
Segments
The global in-memory analytics market has been segmented on the basis of
Applications
- Design & Innovation
- Operation Optimization
- Customer Experience Management
- Marketing Management
- Real-Time Analysis & Decision-making
- Others
Verticals
- Government & Defense
- Manufacturing
- BFSI
- Retail & E-commerce
- Healthcare
- Telcos & ITES
- Others
End-Users
- Large Enterprises
- Small & Medium Enterprises
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global in-memory analytics market are Qlik; Information Builders Inc.; Kognitio Ltd.; Oracle Corp.; SAP SE; MicroStrategy Inc.; IBM Corp.; Software AG; SAS Institute Inc.; and Amazon Web Services, Inc. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions.
Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
- For instance, in 2016, SAP SE and Samsung operated a combined research center and conducted R&D for solutions related to memory in the upcoming in-memory computing domain. In 2017, MicroStrategy Inc. introduced the MicroStrategy platform on Amazon Web Services to offer users access to on-demand BI solutions spontaneously.
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