In-Memory Database Market Size

In Memory Database Market Analysis

The in-memory database market is expected to register a CAGR of 19% over the forecast period. The in-memory database market is considered the next step after traditional databases. Although the technology has its own drawbacks, many believe that the cons will soon outweigh the pros. Indications of its expansion can be seen in the increasing adoption of it across various industry verticals.

• In-memory computing is gaining popularity worldwide as a novel means of boosting performance and processing. The market for in-memory computing is being driven by the growing use of in-memory databases and computing in corporate firms, the growing use of in-memory computing by airlines to meet SLAs, and the spread of big data to automate and improve decision-making.
• It also grows as machine learning and artificial intelligence transform the technology industry by making data processing easier and faster for corporations, banks, and other services. According to IBM, in the last year, North American AI adoption rates will have reached 25% for implemented AI and 43% for researching AI.
• The in-memory database market is being driven by many things, such as the ability to solve problems with data analytics in real time and speed up digital transformation for businesses.The data generated by these devices can provide unique data pertaining to individuals that can be leveraged to gain insights, which prove to be game changers for industries. Smartphones and various trends, like the Internet of Things, contribute to increasing data production.
• Along with other trends like AI and machine learning, these IoT devices are being used in more and more industries. Using this data in real time in in-memory databases is a crucial part of this.
• The COVID-19 outbreak significantly influenced the expansion of the in-memory database market, as the growing number of mobile phone users, expanding use of smart devices, and booming e-commerce sector gave the market attractive potential for growth. COVID-19 created issues across the social, economic, and energy sectors, as well as in medical care. This crisis has several direct and indirect consequences for all aspects of society. Meanwhile, the digital and artificial intelligence industries can provide professional help in managing and controlling the viral spread. Due to the COVID-19 pandemic, increased health awareness among people led to many physicians and health workers delivering their services via apps. This factor is expected to boost the market's growth.