The global in-memory analytics tools market is expected to reach US$ 1.65 billion in 2022 at a CAGR of 25%, surpassing US$ 8.09 billion by 2032. In-memory analytics is a platform for running queries and interacting with data stored in the main memory disc rather than hard disc.
In recent past, analytics and reporting have changed dramatically. In the mid-to-late 70s, information was used to abstract from mainframe systems and transferred to spreadsheets for analysis. As technologies have matured, the advent of service-based architecture has become noticeable and emerged as what is now known as business intelligence (BI).
However, the advent of in-memory analytics has increased the expectation of organizations from BI solutions. In-memory analysis delivers rapid access to interactive dashboards that users can build and modify easily as it query data in random access memory.
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Global In-Memory Analytics Tools Market: Drivers
The availability of a number of cost-effective analytics solutions is encouraging more end users to invest in in-memory analytics tools for improving business operations. The in-memory analytic tools provide supportive coordination between the queried data and the primary memory, and shorten the query response time, and allow analytics applications and business intelligence to support faster business decisions. The aforementioned are some of the factors that are increasing the adoption of in-memory tools across verticals, hence fueling the growth of the market.
Global In-Memory Analytics Tools Market: Restraints
Lack of awareness across industries especially in emerging markets such as India, China, Brazil and Argentina, regarding the benefits of in-memory data analytics tools for enhancing business operations and high initial cost associated with the implementation of in-memory data analytic tools are expected to hinder the growth of this market to some extent.
Global In-Memory Analytics Tools Market: Competitive Landscape
Key players in the global in-memory analytics tools market focus on the introduction of advanced solutions and services in order to improve their product offerings and strengthen their position in the market. For example in 2014, Microsoft extended the features of SQL server and introduced an advanced version namely SQL Server 2014. This new version of the SQL server enables users to accelerate transactional applications by up to 30 times and transact and analyze the data in real-time.
Leading Key Players:
- Microsoft Corp
- IBM Corp
- Oracle Corp
- Aerospike Inc.
- Altibase Inc.
- Couchbase Inc.
- DataStax Inc.
- EXASOL AG
- Quartet Resources Ltd.
- Redis Labs Inc.
- Others
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Key Segments Profiled in the In-Memory Analytics Tools Market
By Service:
- Consulting
- Implementation Service
- Integration Service
By Vertical:
- Manufacturing Sector
- Public Sector
- BFSI
- Media & Entertainment Sector
- IT & Telecom Sector
- Retail Sector
- Energy and Utility Sector
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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