The global in-memory analytics market is expected to touch USD 6.62 billion by 2025, according to a study conducted by Grand View Research, Inc. The advancements in technology and the need for cost efficiency have increased the adoption of in-memory analytics. In-memory analytics includes various applications such as customer experience management, design & innovation, operational optimization, marketing management, real-time analysis & decision-making, and others. These solutions not only enable enterprises to increase their operational efficiency, but they also assist them in reducing expenses.
For the in-memory analytics market to work successfully, seamless connectivity is one of the most important prerequisites. The presence of a strong wireless connectivity infrastructure in regions such as North America has facilitated the widespread adoption of in-memory analytics. Hence, this regional market is expected to see substantial growth in 2017. Additionally, the presence of prominent in-memory analytics market companies such as SAS Institute, Kognitio, Qlik, SAP SE, and IBM, among others, is estimated to boost the growth prospects of the in-memory analytics market.
While the rising number of in-memory analytics devices are propelling the market growth, there has also been significant concerns over data privacy and data security. As there has been a significant increase in cyber-attacks around the world, the need to safeguard the end user from a potential attack would play an essential role in determining the growth of the in-memory analytics market.
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Further key findings from the study suggest:
- Healthcare is the fastest growing vertical at a CAGR of 25.0%. The need for providing real-time insights would prove to be essential for the growth of the segment.
- Small & Medium Enterprises (SMEs) are expected to grow at a higher CAGR of 29.0% over the forecast period.
- Benefits such as cost optimization, operations management, and strategic-decision making are expected to drive the growth of the in-memory analytics market.
- Customer experience management enabling customers with customized products and services, is expected to grow at the CAGR of 24.8% over the forecast period.
- The North American region is currently leading in the market and the trend is expected to continue over the forecast period.
- The primary reasons behind the growth of North American region are the early adoption of the technology and the presence of leading market players.
- Prominent players operating in the in-memory analytics market include Oracle, SAP SE, MicroStrategy Inc., International Business Machines (IBM), Software AG, among others.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.