MarketsandMarkets forecasts the In-Memory Data Grid Market size to grow from USD 1.4 billion in 2018 to USD 2.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.8% during 2018–2023.
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Organizations across industry verticals are undergoing a high level of business transformation to attain operational excellence and improve their business performance. Innovative and disruptive technologies are forcing organizations to redefine their business strategies by analyzing data. Regardless of their size, organizations are turning to in-memory data grid vendors because of a growing trend toward using analytics for better and faster decision-making. The explosion of big data has also prompted much research to develop systems to support ultra-low latency service and real-time data analytics.
Rapidly increasing enterprise data volumes and the difficulty in managing and analyzing them require innovative technologies, as traditional disk-based systems are not fast enough to provide real-time insights. Traditional disk-based systems do not offer timely response due to the high access latency of hard disks. To improve the response time and making real-time decisions, organizations are adopting high computing in-memory data grid solution and services to cope with data processing problems. In-memory data grid offers a distributed data storage architecture where data resides in the server’s RAM and processing takes place there only rather than accessing and retrieving data from the hard disk.
The fraud and risk management application segment is expected to grow at the highest CAGR during the forecast period. Fraud and risk management applications help organizations to prevent both internal and external fraudulent activities. Organizations use fraud and risk management applications to enhance their risk intelligence capabilities to overcome risk exposures. By using advanced analytical frameworks, companies can avoid, address, or quickly recover from major risk events. Risk management has become a top focus for regulatory bodies across the globe. It has become more important for several businesses to provide accurate and timely risk reporting to regulatory agencies. Using in-memory data grid helps unify corporate risk data, perform the required analytics, and report relatively easier, as compared to traditional methods of data management.
The consumer goods and retail industry vertical is expected 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 created the need for efficient data management among retail companies. The retail and eCommerce organizations need to manage the information on products across departments, portfolios, and 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 in their retail stores while improving operational efficiency.
Enterprises are investing strategically by implementing in-memory data grid solutions to enhance their business performance and reduce their operating costs. In the highly competitive business world, organizations need to make fast business decisions to respond to changing market conditions and to maintain a competitive edge. Attaining high throughput with real-time processing and a growing need for improving the performance of analytical applications are contributing to the growth of in-memory data grid market.
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