In-Memory Data Grid Market predicted to grow from $1.4 billion in 2018 to $2.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.8%.
Northbrook, IL -- (SBWIRE) -- 07/08/2021 -- According to a new market research report "In-Memory Data Grid Market by Component, Business Application (Transaction Processing, Fraud and Risk Management, Supply Chain Optimization), Industry Vertical, Organization Size, Deployment Type, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the In-memory data grid market size expected to grow from $1.4 billion in 2018 to $2.3 billion by 2023, at a CAGR of 10.8% during the forecast period.
Major growth factors for the market include a need for distributed architecture to enhance the limited storage capacity of the main memory and eliminating the need for relational data model and database.
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The on-premises deployment comprises the deployment of software and hardware at clients' premises. It is an expensive model as compared to the cloud model. The software solutions that are installed and run over the computer systems on-premises in organizations instead of the hosted facility (the cloud) are referred to as on-premises solutions. The on-premises solutions can be accessed directly by the end-user, owing to its physical presence in the organization's premises. Organizations wherein user credentials are critical for business operations prefer the on-premises deployment, as they control their systems. The government and BFSI industry verticals prefer the on-premises in-memory data grids, as these verticals deal with critical and sensitive data related to national security and financial transactions.
The consumer goods and retail vertical to grow at the highest CAGR during the forecast period
In the increasingly complex market, rapidly evolving technologies, changing customer expectations, and emerging digital firms are causing a widespread disruption in the consumer goods and retail vertical. Customers are demanding a seamless and hassle-free shopping experience that is personalized, hyper-connected, and engaging. The ongoing transformations in the retail and eCommerce vertical have increased an need for efficient data management among retail companies. The retail and eCommerce organizations need to manage the information on products across multiple departments, different portfolios, and varied prices. Organizations maintain a wealth of information about supply chain, customers, internal operations, sales, and finances. In-memory data grid solutions help retailers analyze the data in real time and increase the sales of their retail stores while improving operational efficiency.
North America to hold the largest market size during the forecast period
North America is estimated to hold the largest market size in the in-memory data grid market in 2018. The region comprises developed countries: the US and Canada, and is considered the most advanced region in terms of adopting new and emerging technologies. The region has a wide presence of key industry players offering in-memory data grid solutions and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.
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Major vendors offering in-memory data grid solutions across the globe include IBM (US), Oracle (US), Red Hat (US), Software AG (Germany), Pivotal (US), Hitachi (Japan), Hazelcast (US), TIBCO (US), GridGain (US), ScaleOut Software (US), GigaSpaces (US), Alachisoft (US), and TmaxSoft (US).
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