Market Trends of In-Memory Analytics Industry
Manufacturing Sector to Drive the Market Growth
- The manufacturing sector is expected to witness significant growth in the in-memory analytics market. Industry 4.0 and new technology advancements accelerated growth across the manufacturing sector. In-Memory-Analytics (IMA) is increasingly used by many manufacturing organizations to improve manufacturing quality and reduce support costs by enhancing defect tracking and forecasting capabilities to improve supply chains, resulting in overall operational efficiencies.
- The query and reporting performance of the data warehouse should be good. One of the advantages of in-memory databases, such as SAP HANA, is that the transactional data does not necessarily need to be copied to a dedicated data warehouse. Analytical or calculation views can be created over the operational, transactional tables to create a dimensional view that can be used to report and analyze the data.
- In-memory Big Data analytics from enterprise databases is capturing real-time data on change and integrating it with machine data and sensor data to provide a holistic view of operations, thereby enhancing productivity in the manufacturing industry. Data-in-motion is analyzed to react to time-critical operational events, such as traffic or equipment conditions.
- Furthermore, the expanding footprint of manufacturing industry and the increasing awareness about digitization of manufacturing processes are anticipated to support the growth of the studied market. For instance, according to the Department for Promotion of Industry and Internal Trade (India) and MOSPI, the annual growth rate of production in the manufacturing industry increased by 11.40% in FY22.
- Moreover, the connected factory is at the center to the future of manufacturing, as it enables devices and elements to communicate in order to gain a better understanding of each process. Implementing analytics is an essential component of a connected factory. The increased smart factories where the technology enables machines, personnel and sensors to exchange information in a seamless and automated manner throughout the manufacturing process. Data generated by connected equipment generates a vast amount of information, and with the aid of edge connectivity and computational technology, this information can be analysed and understood in radically new ways.
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Asia-Pacific to Witness Significant Growth
- The in-memory analytics market in the Asia-Pacific region is driven by the growing digitization of end-users and the rising adoption of cost-effective cloud-based analytical software by SMBs, especially in China and India.
- Countries such as China, India, and Japan act as hubs for enterprises such as BPOs and KPOs and are also known as manufacturing factories worldwide. The very basic foundation of such organizations is the huge quantities of data that need to be stored, analyzed, and used for decision-making. This drives the demand for the in-analytics market.
- Mobile technology and services continue to play an important role in the economy of Asia-Pacific. The growing awareness and a surge in 4G and 5G coverage across the region also accelerate the demand for analytics solutions. For instance, according to VIAVI Solutions, China was the leading country in the Asia-Pacific region in terms of 5G availability in most cities, as the country had 356 cities covered by 5G in 2022, followed by countries such as the Philippines (105), and South Korea (85), among others.
- Apart from this, government initiatives promoting the adoption of digital solutions also drive the growth of the studied market in the Asia-Pacific region. For instance, the Indian government uses big data for various purposes, such as getting 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 enhance its adoption of advanced technologies to a higher value and in more advanced industries, with big data as one of the instruments to facilitate this shift, which will aid the growth of the studied market in the Asia-Pacific region.
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