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In-Memory Analytics Market Worth $6.6B by 2025
November 22, 2017 | Grand View Research, Inc.Estimated reading time: 1 minute
The global in-memory analytics market is expected to touch $6.62 billion by 2025, according to a study conducted by Grand View Research Inc. The advancements in technology and the need for cost efficiency have increased the adoption of in-memory analytics. In-memory analytics includes various applications such as customer experience management, design & innovation, operational optimization, marketing management, real-time analysis & decision-making, and others. These solutions not only enable enterprises to increase their operational efficiency, but they also assist them in reducing expenses.
For the in-memory analytics market to work successfully, seamless connectivity is one of the most important prerequisites. The presence of a strong wireless connectivity infrastructure in regions such as North America has facilitated the widespread adoption of in-memory analytics. Hence, this regional market is expected to see substantial growth in 2017. Additionally, the presence of prominent in-memory analytics market companies such as SAS Institute, Kognitio, Qlik, SAP SE, and IBM, among others, is estimated to boost the growth prospects of the in-memory analytics market.
While the rising number of in-memory analytics devices are propelling the market growth, there has also been significant concerns over data privacy and data security. As there has been a significant increase in cyber-attacks around the world, the need to safeguard the end user from a potential attack would play an essential role in determining the growth of the in-memory analytics market.
Further key findings from the study suggest:
- Healthcare is the fastest growing vertical at a CAGR of 25%. The need for providing real-time insights would prove to be essential for the growth of the segment.
- Small & Medium Enterprises (SMEs) are expected to grow at a higher CAGR of 29% over the forecast period.
- Benefits such as cost optimization, operations management, and strategic-decision making are expected to drive the growth of the in-memory analytics market.
- Customer experience management enabling customers with customized products and services, is expected to grow at the CAGR of 24.8% over the forecast period.
- The North American region is currently leading in the market and the trend is expected to continue over the forecast period.
- The primary reasons behind the growth of North American region are the early adoption of the technology and the presence of leading market players.
- Prominent players operating in the in-memory analytics market include Oracle, SAP SE, MicroStrategy Inc., International Business Machines (IBM), Software AG, among others.
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