In-memory Database Market Sets New Record, Projected at USD 30.4 Billion by 2031 | CAGR of 19.3%

According to a new report published by Allied Market Research, titled, "In-memory Database Market, by Application (Transaction, Reporting, Analytics, Others), by Processing Type (Online Analytical Processing, Online Transaction Processing), by Deployment Model (On premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (IT and Telecom, BFSI, Retail and e commerce, Healthcare and life sciences, Government and defense, Manufacturing, Media and entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031".

The in-memory database market size was valued at $5.3 billion in 2021, and is estimated to reach $30.4 billion by 2031, growing at a CAGR of 19.3% from 2022 to 2031.

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An in-memory database (IMDB) stores computer data in a computer's main memory instead of a disk drive to produce quicker response. Accessing data stored in memory eliminates the time needed to query data from a disk. In-memory databases are used by applications that depend on rapid response times and real-time data management. Industries that benefit from in-memory databases include telecommunications, banking, travel and gaming. An in-memory database is also referred to as a main memory database (MMDB), real-time database (RTDB) or in-memory database system (IMDS).

Furthermore, machine learning expansion with adoption of IoT and BYOD trends, increase in volume of data is boosting the growth of the global in-memory database market. In addition, self-service BI tools is positively impacts growth of the in-memory database market. However, data security and privacy concerns is hampering the in-memory database market growth. On the contrary, improved scalability and security with cloud-based in-memory analytics is expected to offer remunerative opportunities for expansion during the in-memory database market forecast.

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Competitive Analysis:
The competitive environment of In-memory Database Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, In-memory Database Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Altibase Corporation
Couchbase, Inc.
DataStax, Inc.
GridGain Systems, Inc.
International Business Machine (IBM)
Microsoft Corporation
McObject LLC.
Oracle Corporation
Redis
Raima, Inc.
SingleStore, Inc.
SAP SE
TIBCO Software, Inc.
Teradata Corporation
Vmware, Inc.
Volt Active Data and Many More

By Region, North America dominated the In-memory database market share in 2021. In North America region, businesses are investing in their emerging technologies in order to improve their work efficiency. The rapidly evolving digital world requires efforts and advancements to keep up with subsequent increases in fraud and privacy concerns. A different simplified approach is needed, which understands the security model in order to keep data safe. Increasing identity thefts in government and public sectors may boost the adoption of protection services. Because of these factors the countries such as the United States, Canada, In-memory database have seen widespread acceptance in the North America region.

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The COVID-19 outbreak has high impact on the growth of in-memory database market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the in-memory database market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. In post-pandemic circumstances, enterprises strived to minimize operational and running costs around all the business functions to recover the losses incurred in covid times.

The market for in-memory database observed unconstructive expansion, during the initial half of 2020. Owing to the limitations due to the global lockdown, media houses, a variety of offices, and the manufacturing divisions have observed a provisional shutting down. The demand for in-memory database is anticipated to gain steady traction over the coming years owing to the need for scalable and customized software. Due to the COVID-19 pandemic, increasing health awareness among individuals has directed various doctors and health workers to deliver their services over applications. This factor is anticipated to contribute to market growth.

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