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In-Memory Analytics Market Trends, Market Share, Size, Growth Status And Forecast To 2033
In-Memory Analytics Market Trends
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According to The Business Research Company's, The in-memory analytics market size has grown exponentially in recent years. It will grow from $4.52 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%. The growth in the historic period can be attributed to complex data structures, enterprise focus on performance, need for real-time insights, demand for interactive data exploration, rise of advanced analytics.
The in-memory analytics market size is expected to see exponential growth in the next few years. It will grow to $14.43 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to increasing growth in real-time analytics applications, in-memory analytics for data lakes, enhanced security and data protection, cross-platform compatibility, edge computing and decentralized analytics.. Major trends in the forecast period include integration with cloud services, integration with iot analytics, automated analytics and machine learning, continuous innovation in data storage and processing, real-time data processing.
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Market Drivers and Trends:
The growing volume of data is expected to drive the growth of the in-memory analytics market. Growing data volume is increasing demand for large space in the system's memory which leads to obstruction and delay in the business process. In-memory analytics is used to minimise the data into samples or reduce the data to a small volume by not changing the actual meaning and increasing the query response time. For instance, the International Data Corporation (IDC), a US-based examiner of the consumer market, estimated that 64.2ZB of data was created or copied in 2020. The amount of data created throughout the next five years will be larger than twice the volume of data created since the advent of digital storage. This is likely to drive the in-memory analytics market growth during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Amazon Web Services Inc., Oracle Corporation, Qlik Technologies Inc., SAP SE, SAS Institute Inc., Software AG, International Business Machines Corporation, ActiveViam Ltd., Kognitio Holdings Ltd., MicroStrategy Incorporated, ADVIZOR Solutions Inc., EXASOL AG, SnappyData Inc., Teradata Corporation, GigaSpaces Technologies Inc., Information Builders Inc., Hitachi Ltd., Altibase Corp., GridGain Systems Inc., Pivotal Software Inc., TIBCO Software Inc., Altair Engineering Inc., Hazelcast Inc., MemSQL Inc., ScaleOut Software Inc., Aerospike Inc., Couchbase Inc., Redis Labs Inc., VoltDB Inc., Grid Dynamics International Inc.
In-Memory Analytics Market 2024 Key Insights:
• The in-memory analytics market size is expected to see exponential growth in the next few years. It will grow to $14.43 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%.
• Rising Data Volumes Propel In-Memory Analytics Market Growth As Demands For Efficient Data Processing Soar
• Gigaspaces Launches Insightedge For Enhanced Performance And Scale
• North America was the largest region in the in-memory analytics market in 2023
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