In Memory Computing Market Share, Growth, Opportunities 2031

Report Description

The global in-memory computing market valued at USD 15.47 Billion in 2022 and is projected to reach USD 61.15 Billion by 2031, expanding at a CAGR of 16.5% during the forecast period, 2023-2031. The growth of the market is attributed to increasing demand for computing systems that can process the analytical and transactional requirement swiftly. Moreover, rising adoption of big data is expected to boost the market growth.

In-memory computing (IMC) is utilized for storing the data in random access memory (RAM) instead of hosting them on databases. The storage in RAM brings down the latency rate and enables analysis in real-time. It facilitates quick transfer of enormous data and effective analytical facilities, that help reduce the cost and improve in the decision making process.

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IMC allows the shift from traditional hard disk storage to dynamic random access memory (DRAM). This, in turn, allows IMC to confer speed, flexibility, and scalability to the computing system. Increasing number of hardware innovations such as advent of multi-core architecture, presence of millions of data servers, and rising adoption of NAND flash memory in the computing industry are increasing the demand for in-memory applications and management solutions.

Furthermore, rapid technological innovations in the software industry such as development of column-oriented databases, compression techniques, and aggregated tables are acting as a catalyst for the market growth. The deployment of IMC in various industry verticals such as BFSI, healthcare, and retail present a key aspect for accelerating the growth of the market. It is widely adopted in the banking sector as it helps to detect transaction patterns and increase the data processing time.

The adoption of electronic record systems (ERS) in the healthcare sector pave a way to increase the demand for IMC, as it can aid in the management of voluminous data. On the other hand, the requirement to manage a large amount of increasing customer data raise the demand for the use of IMC in the retail sector.

Market Trends, Drivers, Restraints, and Opportunities

• Growing demand for accurate and rapid processing systems in the computing industry are anticipated to propel the market growth.

• Rising penetration of Internet of Things and increasing utilization of the system in the mobile banking are expected to spur the growth of the market.

• Increasing adoption of large RAM size owing to manage complex data and improve the processing time across industries are projected to boost the market growth in the coming years.

• Lack of awareness towards IMC compliant systems is anticipated to impede the market growth. Moreover, high migration cost of traditional to high-end systems can restrain the growth of the market.

• Unavailability of enough professionals to build complex business intelligence (BI) applications and high cost of RAM to manage the huge data can hinder the market growth.

• Various government initiatives to digitize data related to citizens in form of unique identification card (UID) is anticipated to positively influence the growth of the market.

• Rapid adoption of 64-bit processors across industries is expected to proliferate the industry in the foreseeable future.

Scope of the Report

The report on the global in-memory computing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

In-memory Computing Market Segment Insights

In-memory data management systems segment to account for a large market share

Based on components, the market is bifurcated into in-memory data management systems and in-memory application platforms. The in-memory data management systems segment accounted for a large market share in 2020, in terms of revenue. Increasing adoption of these systems across industries including BFSI, government, retail, and healthcare sectors is driving the growth of the market segment.

These sectors increasingly need to upgrade their systems that can help to process huge data rapidly and manage the massive data effectively. This, in turn, has proliferated the growth of this market segment. Conversely, the in-memory application platforms segment is expected to grow at a healthy rate in the coming years owing to rising demand for the system across several industries.

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BFSI segment to exhibit a high CAGR

In terms of applications, the in-memory computing market is segregated into BFSI, retail, government, healthcare, IT & telecommunication, and transportation. In 2020, the BFSI segment accounted for a significant market share owing to the increasing demand for systems that can analyze voluminous data and transactions.

Growing adoption of big data is one of the major drivers of the BFSI segment. On the other hand, the IT & telecommunication segment is anticipated to exhibit a high CAGR owing to rapid growth of the IT industry in the emerging economies such as India and China.

Market in Asia Pacific to expand at a robust CAGR

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2020 owing to the early adoption of latest technology in the computing industry. Moreover, the presence of major industry players in the region is spurring the regional market growth.

Conversely, the market in Asia Pacific is expected to expand at a robust CAGR owing to rising investment of the major IT companies for the development of the in-memory computing technology. Furthermore, the proliferation of IMC in various business sectors is driving the growth of the market region.

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