Market Research Report
Global In-Memory Analytics Market - Growth, Trend and Forecasts (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||669956|
|Published||Content info||112 Pages
Delivery time: 2-3 business days
|Global In-Memory Analytics Market - Growth, Trend and Forecasts (2018 - 2023)|
|Published: July 7, 2018||Content info: 112 Pages||
The In-Memory Analytics market was valued at USD 1.04 billion in 2017 and is expected to grow at a CAGR of 25.1% during the forecast period (2018 - 2023), to reach USD 3.97 billion by 2023. The ability to process large amounts of data compared to conventional analytic solutions has made it a highly sought after tool in this digital environment. These solutions are used various industries such as BFSI, retail, IT and telecom, and various others. The scope of our study is geographically limited to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In-memory analytics methodology helps in solving complex and time-sensitive business scenarios. It has not only emerged as a faster and affordable solution, but is also facilitates organizations in the integration of information and presents a holistic view of the situation at hand, powered by real-time data that strengthens the decision-making process. The digital transformation of end-users leading to adoption of real-time analytics. Also, the growth of data generation is demanding enhanced analytics tools to get swift results, this is further augmented by the advancements in computational technology which is getting faster as time passes. However, the lack of awareness about these products or the higher penetration of conventional analytics tools can act as a restraint for the market.
Cloud platforms are allowing complex business models and orchestrating more globally-based integration networks. The advent of cloud analytics has helped the enterprises in analyzing large data sets using big data to make better, data-driven decisions. Apart from providing the same capabilities as an on-premises installation, cloud platforms are very flexible for continuously changing business needs. As there is a web of networks for communication and internet services, it allows organizations to consolidate data from all source, across all communication channels, and do it on a big data scale.
The In-memory analytics market in the region is driven by the growing digitization of end-users coupled with the rising adoption of cost effective cloud-based analytical software by the SMBs, especially in China and India. In India, the interest in the cloud is being driven by the increasing need for business innovation and agility, the ability to scale fast in a competitive market, and the government's thrust towards Digital India initiative. ThoughtSpot announced the expansion of its engineering operations in India. The company invested USD 10 million in R&D in India to accelerate cloud development, specifically for in-memory cloud development. Apart from this, the Indian government is using big data for various purposes such as to get an estimate of trade in the country, urbanization analysis, and unreserved railway passengers analysis. To maintain its edge and sustain its growth, China's economy may also shift to a higher value and more advanced industries, with big data as one of the instrument to facilitate this shift.
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List is not exhaustive