In-Memory Analytics Tools Market

In-Memory Analytics Tools Market Overview

The global in-memory analytics tools market is anticipated to reach a valuation of US$ 1.65 Bn in 2022 at a CAGR of 25%, surpassing US$ 8.09 Bn by 2032. In-memory analytics is an analytical platform used to run queries and interact with the data stored in main memory disk instead of hard disk.

Rapid development of digitized business intelligence solutions and services and growing demand for these solutions in businesses is propelling the demand in the market. Use of in-memory analytics tools provides faster query response, high quality data, improved performance, and reduced operational costs.

Hence, key players are integrating these tools with advanced technologies such as big data, machine learning, etc. to provide real-time analytics and reduce latency. With growing penetration of online services, proliferation of work from home, and surging adoption of smartphone devices, the data accumulated is quadrupling across the globe.

Hence, growing volume of data worldwide is increasing the adoption of in-memory analytics tools in diverse industries such as healthcare, manufacturing, energy and utility, IT & telecom, and others.

End users are extensively integrating real-time analytics for profitable and quick insights and for strategic decisions. Growing complexity of data coupled with increasing volume, need for analytics tools which can segregate the data and offer offline profitable decisions is surging.

Consequently, need to analyze the real-time data with compatible and enhanced quality is pushing the organizations and businesses to adopt in-memory analytics tools for improved decision making and better sales insights.

Which are Some of the Drivers Propelling the In-Memory Analytics Tools Market Demand?

Some of the prominent factors driving the demand for in-memory analytics tools include growing transformation in digital infrastructure across the globe. Also, advent of real-time analytics and use of online platforms in several industries is pushing the adoption of real-time analytical tools.

Additionally, surging volume of data worldwide is compelling the end users to increase the adoption of in-memory analytics tools to improve the scalability and for better sales insights. As per Future Market Insights (FMI), rising trend for self service business intelligence (BI) tools across several verticals will boost the market.

What are the Factors Restraining the Growth in In-Memory Analytics Tools Market?

While need for BI is increasing across the globe, lack of awareness in some of the underdeveloped regions is one of the factor limiting the sales in the market. High-initial cost associated with the implementation of in-memory analytics tools will also hinder the growth.

Due to lack of awareness regarding the benefits of these tools and services in countries such as Argentina, Brazil, and China, sales are likely to decline. However, with rapid digitization across these countries and favorable initiatives, the demand for in-memory analytics tools might witness an up-tick over the coming years.

Why is Demand for In-Memory Analytics Tools Increasing in Asia Pacific?

As per FMI, Asia Pacific is expected to emerge as one of the most lucrative pocket in the global in-memory analytics tools market. Growing digitization in India and China and expansion of manufacturing sector in these countries are the major factors fueling the growth in Asia Pacific market.

Rising adoption of cost-effective cloud-based in-memory analytics tools and other BI models by small and medium enterprises in India and China is boosting the market. Increasing number of BPOs and KPOs in India coupled with growing volume of data in the country is aiding the growth in the Asia Pacific in-memory analytics market.

Nikhil Kaitwade

Principal Consultant

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How is North America Contributing to Growth of In-Memory Analytics Tools Market?

Presence of leading IT industries and manufacturing companies in the U.S. is one of the major factor propelling the adoption of in-memory analytics tools in North America. According to FMI, North America is considered to be the most attractive market for in-memory analytics tools and solution providers.

Growing awareness regarding the concept of high-performance memory with low cost will create remunerative growth opportunities for the market players. In addition to this, emergence of small and medium businesses in manufacturing, IT, and BFSI sector will create conducive environment for the market in the U.S.

Technological advancements in the BI solutions to improve customer relationship and for better sales insights have compelled several end users to increase the adoption of in-memory analytics tools. Backed by these aforementioned factors, demand for in-memory analytics tools in North America is expected to surge.

Market Competition

As per FMI, key players profiled in the in-memory analytics tools market include Microsoft Corp, IBM Corp, Aerospike Inc., DataStax Inc., Oracle Corp, Couchbase Inc., EXASOL AG, Quartet Resources Ltd., Redis Labs Inc., and Altibase Inc., among others.

As per the study, the global in-memory analytics tools market is expected to be highly fragmented in nature. With emergence of several incumbents and expansion of small and medium enterprises, the competition in the market is projected to be intense.

Hence, to gain competitive edge, leading players in the market are introducing new solutions and tools compatible with digital devices. They are also integrating cutting-edge technologies such as artificial intelligence and real-time analytics with big data to expand their product offering.

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Report Scope

Key Segments Profiled in the In-Memory Analytics Tools Market

Service:

• Consulting
• Implementation Service
• Integration Service

Vertical:

• Manufacturing Sector
• Public Sector
• BFSI
• Media & Entertainment Sector
• IT & Telecom Sector
• Retail Sector
• Energy and Utility Sector

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa