Northbrook, IL -- (SBWire) -- 07/20/2021 --According to a new market research report "In-Memory Computing Market by Component (Solutions & Services), Solution (IMDB (OLTP & OLAP), IMDG, and Data Stream Processing), Service, Application (Risk Management & Fraud Detection, Predictive Analysis), Vertical, and Region - Global Forecast to 2025"published by MarketsandMarkets™, the market size to grow from USD 11.4 billion in 2020 to USD 24.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5% during the forecast period.
The major factors driving the growth of the IMC market are the exponential growth of big data to improve machine-driven decision-making, decrease in the overall cost of RAM and TCO, and increase in production in real-time and low-latency transaction processing. Furthermore, real-time data analysis, growth in the need for parallel processing and columnar databases, and the emergence of AI- and ML-based technologies to gain real-time actionable customer insights are expected to provide opportunities for enterprises operating in various verticals in the IMC market.
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The services segment to record the higher growth rate during the forecast period
On the basis of components, the IMC market is segmented into solutions and services. The services segmented to grow at a higher rate during the forecast period. The services play a vital role in the functioning of IMC solutions. IMC vendors require technical support services and consulting services to manage the deployment of solutions in the market. These services ensure faster and smoother implementation that maximizes the value of enterprise investments. They are an integral step in deploying technology solutions and are taken care of by solution and service providers. These services ensure the end-to-end deployment and maintenance of IMC solutions and address pre-and post-deployment queries. These services help companies plan and strategize operations through design, implementation, adoption, and training.
The predictive analysis segment to record the highest CAGR during the forecast period
In the IMC market by application, the predictive analysis segment is expected to record the highest CAGR during the forecast period. The IMC market is segmented on the basis of applications into risk management and fraud detection, sentiment analysis, geospatial/GIS processing, sales and marketing optimization, predictive analysis, supply chain management, and others (image processing, route optimization, claim processing and modeling, and trade promotion simulations). IMC solutions can transform an organization by providing many ways of ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint. Enterprises with limited financial resources and IT experts have started implementing IMC-enabled applications to help non-technical users to quickly perform complex data analysis. IMC product capabilities are integrated with diverse business applications scattered through different verticals and designed to replenish the unique demands of business segments.
North America to hold the largest market size duringthe forecast period
North America is expected to hold the largest market size in the global IMC market during the forecast period. The key factor favoring the growth of the IMC market in North America is the increasing demand for enhanced customer support services to strengthen customer retention initiatives. Europe is expected to be in the second position in terms of market size and market share during the forecast period. The growing demand to reduce enterprise workloads related to internal and external communication monitoring is boosting the adoption of IMC solutions in Europe. APAC is expected to record the fastest growth rate during the forecast period. The IMC market is expected to witness considerable developments and adoption of solutions across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the IMC market.
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Key and emerging market players include Microsoft (US), Oracle (US), SAP (Germany), IBM (US), SAS Institute (US), TIBCO (US), Software AG (Germany), Fujitsu (Japan), Red Hat (US), Altibase (US), GigaSpaces (US), GridGain (US), Hazelcast (US), MongoDB (US), Exasol (Germany), Intel (Germany), Qlik (US), Salesforce (US), Workday (US), Teradata (US), Kognitio (UK), Enea (Sweden), VoltDB (US), McObject (US), and MemSQL (US).
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In-Memory Computing Market Will Reach to $24.5 Billion by 2025
The research report categorizes the In-Memory Computing Market to forecast the revenues and analyze trends by Component (Solutions & Services), Solution (IMDB [OLTP & OLAP], IMDG, and Data Stream Processing), Service, Application (Risk Management & Fraud Detection, Predictive Analysis), Vertical, and Region.