According to a report by Grand View Research, Inc., global in-memory analytics market is estimated to value USD 6.62 billion by 2025 growing at a CAGR of 23.8 % during the forecast period (from 2018 to 2025). Growing requirement for self-service business intelligence and advanced technologies to obtain real-time information can amplify demand for in-memory analytics. The implementation of in-memory analytics can offer multiple benefits such as faster processing, enhanced safety & security, real-time insights, and many others. Rising emphasis on huge storage of complex data, innovation, and cost optimization in organizations is anticipated to propel the growth of this market in the forthcoming years.
On the other hand, a flawless functionality of in-memory analytic tools requires experts at all levels. The lack of professional experts to monitor operational activities of such advanced tools may hinder market growth. Rising concerns regarding data security and data privacy can further obstruct market demand. However, growing need to protect end-users from potential security breaches owing to increasing number of cyber-attacks can further impel the market growth. In addition, high demand for real-time analysis of complex information in organizations to make better operational and marketing decisions can also augment market growth during the forecast period.
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The in-memory analytics market is segregated on the basis of application, end-use, vertical, and region. Based on application, the market is classified into design & innovation, operational optimization, marketing management, customer experience management, real-time analysis and decision-making, and others. In 2016, the customer experience management segment dominated the market. It is anticipated to expand further during the forecast period due to intense competition among developing organizations. On the contrary, the operational optimization segment is predicted to grow steadily over the coming years owing to demand for advanced real-time visibility of operations such as process, product, and workforce management.
Based on end-use, the market can be bifurcated into large enterprises and Small & Medium Enterprises (SMEs). The SMEs segment is estimated to display a substantial growth during the forecast period. Growing inclination towards advanced analytical tools over the conventional ones can augment this growth. Based on vertical, the market can be segmented into retail & e-commerce, government & defense, healthcare, manufacturing, telcos & ITES, BFSI, and others.
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Regional segmentation includes Europe, Asia Pacific, North America, Latin America, and Middle East & Africa (MEA). In 2016, North America region dominated the global market and is expected to continue its dominance during the forecast period. Presence of major market players such as Software AG, SAP SE, and Kognitio Limited can fuel the region’s development. In addition, availability of strong wireless connectivity in the region is also likely to fuel the adoption of in-memory analytics in multiple sectors.
Some of the leading companies offering in-memory analytics are Amazon Web Services, Oracle, SAP SE, International Business Machines (IBM), and Software AG. Most companies are likely to increase R&D investments to develop advanced solutions and gain competitive advantage over other rivalry companies. For instance, a team of scientists at IBM recently developed a new in-memory computing solution called mixed-precision in-memory computing to support businesses in training Artificial Intelligence (AI) systems. This new hybrid concept can easily run analytics and Machine Learning (ML) applications and combines computational memory unit with von Neumann machine. Thus, this system can benefit from both the energy-efficiency of in-memory computing and high precision of digital computing.
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