PORTLAND, Oregon, June 3, 2020
Digital transformation using real-time data analytics, surge in data volume, and the trend of self-service business analytics (BI) tools drive the growth of the global in-memory analytics market.
PORTLAND, Oregon, June 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "In-Memory Analytics Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Application (Fraud and Security Management, Sales and Marketing Management, Predictive Asset Maintenance, Risk and Compliance Management, Supply Chain Management and Operations and Others), and Industry Vertical (BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, Government & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global in-memory analytics market garnered $1.956 billion in 2018, and is expected to reach $11.858 billion by 2026, witnessing a CAGR of 25.40% from 2019 to 2026.
Drivers, restraints, and opportunities
Digital transformation using real-time data analytics, surge in data volume, and the trend of self-service business analytics (BI) tools drive the growth of the global in-memory analytics market. However, lack of awareness regarding in-memory analytics across various industries hinders the market growth. On the other hand, enhanced security & scalability with cloud-based analytics and surge in adoption in SMEs would create new opportunities in coming years.
The on-premise segment to continue its dominant share throughout the forecast period
Based on deployment, the on-premise segment accounted for nearly three-fifths of the total share of the global in-memory analytics market in 2018, and is estimated to continue its dominant share throughout the forecast period. This is due to rise in the adoption due to better security features provided by the on-premise model. However, the cloud segment is estimated to witness the largest CAGR of 27.2% from 2019 to 2026, owing to novel services and improve efficiency offered by cloud.
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The sales and marketing management segment to maintain its lead status by 2026
Based on application, the sales and marketing management segment held the highest market share of the global in-memory analytics market, accounting for more than one-fourth of the total share in 2018, and is projected to maintain its lead status throughout the forecast period. This is attributed to its various features including campaign analytics, ad attribution analytics, and conversion funnel analysis. However, the predictive asset maintenance segment is expected to register at the highest CAGR of 29.6% from 2019 to 2026, owing to rise in adoption for analysis of historical and real-time data from different sites to determine the excepted failures.
North America to maintain its leadership position in terms of revenue by 2026
Based on region, North America contributed to the highest market share based on revenue, holding more than one-third of the global in-memory analytics market in 2018, and is estimated to maintain its leadership position in terms of revenue by 2026. This is due to its adoption in businesses for effectively gathering data to gain accurate analytics for making better informed decisions. However, Asia-Pacific is expected to grow at the highest CAGR of 26.9% from 2019 to 2026, owing to surge in digitalization in emerging countries such as China and India.
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