In Memory Data Grid Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.80 Billion |
| Market Size (2029) | USD 9.17 Billion |
| CAGR (2024 - 2029) | 19.23 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
In Memory Data Grid Market Analysis
The In Memory Data Grid Market size is estimated at USD 3.80 billion in 2024, and is expected to reach USD 9.17 billion by 2029, growing at a CAGR of 19.23% during the forecast period (2024-2029).
As the need for real-time fraud and risk management capabilities continues to grow, the adoption of in-memory data grid solutions is expected to increase.
- In-memory data grid solutions have been increasingly gaining adoption due to their ability to provide high-speed data processing and analysis capabilities. With the growth of cloud computing, businesses are increasingly adopting cloud-based in-memory data grid solutions that provide the flexibility and scalability needed to handle large amounts of data without the need for on-premises infrastructure.
- Furthermore, the pandemic emphasized the significance of real-time data processing and analysis, which is a key feature of in-memory data grid solutions. As a result, businesses in various industries began to invest in these solutions in order to enable faster decision-making and improve overall operational efficiency driving the demand in the market.
- As the implementation and managing in-memory data grid solutions are complex and require technical expertise, their adoption from businesses with limited technical resources is hampering the market growth. Also, the factors such as higher cost and data security are further restraining the market growth.
- The pandemic led to a sudden shift towards remote working, e-commerce, and online services, which has created a surge in demand for in-memory data grid solutions. With more people working remotely, the need for reliable and efficient data processing and analytics solutions has increased, leading to a rise in demand for in-memory data grid products.
- However, the supply chain disruptions led to delays in product launches and delivery, which affected the growth of the market. Also, the reduced IT budgets and financial constraints faced by businesses resulted in a decrease in the adoption of in-memory data grid solutions.
In Memory Data Grid Market Trends
Growing Need for Real Time Data Processing in BFSI Driving the Market Growth
- Growing digitalization is compelling financial companies to build a lean, flexible, and efficient approach to cater to their customers. Financial institutions deal with critical information, which, if not properly processed, can have severe financial and ethical implications. Thus, financial organizations worldwide seek in-memory data grid solutions to process data in real-time and improve their business-critical applications.
- The growing adoption of cloud computing in the BFSI industry is also driving the demand for in-memory data grids, as cloud-based in-memory data grids solutions provide greater flexibility, scalability, and cost-effectiveness compared to on-premises traditional solutions making them a suitable option for BFSI organizations.
- Furthermore, the growing need for real-time data processing in the BFSI industry is increasing the demand for in-memory data grids to store and process large volumes of data in memory, high-speed data access, and suitability for cloud-based deployments.
- Leading banks significantly depend on GridGain Systems Inc., one of the prominent providers of In-memory data grids, to help them offer an integrated omnichannel banking experience. By using the GridGain solution, organizations have added speed and scale to digital channels, opened up previously siloed data for seamless sharing across channels, and implemented in-process HTAP using real-time streaming analytics, machine, and deep learning to monitor and enhance the end-to-end banking experience proactively.
- Moreover, banks witnessed a sharp rise in internal and external fraud cases from the COVID-19 outbreak. The COVID-19 outbreak rescue package increased fraud, false claims, and other scams. Many of the systems that financial institutions and government agencies in place needed to verify the identity and claims of applicants adequately. For instance, according to National Police Agency Japan, the police in Japan recorded 1,136 online banking fraud cases in 2022, which constituted a substantial increase compared to the previous year.
North America is Expected to Hold Major Share
- North America is expected to account for a larger share of the In-memory data grid market during the forecast period due to increasing regulatory compliances among organizations to boost in-memory data grid adoption across enterprises, indicating potential market growth.
- The adoption of an in-memory data grid is rising in the region, primarily attributed to the burgeoning demand for faster processing and analytics on big data coupled with the need for simplifying architecture as the number of various data sources increases. Technology enhancements that optimize the total ownership cost are another factor driving the market growth.
- The growth of new business insights contributes to expanding the market in the United States as various data sources increase. Multiple companies are leveraging big data to enhance marketing and customer experience and identify fraud and risk that can directly strengthen business performance. According to the US-based Coalition Against Insurance Fraud, fraud accounts for 5-10% of claims costs for American and Canadian insurers. Some insurers expect the total to be as high as 20% of the claims costs. Across all insurance lines in the North American region, the estimated cost is between USD 80 billion and USD 90 billion.
- The healthcare industry, which embraces the cloud for its Electronic health record (EHR) data and other enterprise applications, is also becoming a great data source. For instance, according to GNS Healthcare, a US-based Data Analytics Company, the United States healthcare industry generates an estimated 1.2 billion clinical care documents annually. Hence, growth in data across end-user industries is anticipated to create real-time processing, thereby creating opportunities for the market.
- The presence of a prominent player, which continues to see rapid adoption among Global 2000 organizations, including many of the world's leading financial institutions, such as JPMorgan Chase, National Australia Bank, Lloyds Banking Group, UBS, and many more, is contributing to the revenue generation in the region.
In Memory Data Grid Industry Overview
The In-Memory Data Grid market is fragmented consisting of various vendors such as GridGain, Hazelcast, Software AG, Oracle Corporation, GigaSpaces Technologies Inc., and others. Vendors are deploying several organic and inorganic growth strategies, such as partnerships and collaborations, new product launches, and mergers and acquisitions, to strengthen their presence and compete in the market.
In March 2022, Hazelcast launched an open-source lightweight in-memory stream processing engine InApps technology, to enable processing in near real-time for data-intensive applications such as smart home sensors, in-store e-commerce systems, social media platforms, log analysis, monitoring, and fraud detection. The company also released version 3.8 of Hazelcast IMDG, which includes advanced capabilities for managing persistence and multi-data center deployments.
In March 2022, Hazelcast added more SQL streaming data capabilities and tiering to its in-memory data grid software so that real-time and older information can be queried simultaneously. The company basically stores a load of data in memory so it can be accessed, processed, and analyzed much faster than by sequentially reading it from SSDs or disk drives.
In Memory Data Grid Market Leaders
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Hazelcast Inc.
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IBM Corporation
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GridGain Systems Inc.
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TIBCO Software Inc.
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Oracle Corporation
*Disclaimer: Major Players sorted in no particular order
In Memory Data Grid Market News
- May 2022: Intesa Sanpaolo, one of the biggest banks in Italy, uses Optane DIMMs and in-memory software for its servers and makes applications run faster. With this, the bank is able to recover a database instance from storage drives in approximately two seconds with software-defined memory-to-memory services.
- March 2022: Hazelcast enhanced its in-memory data grid software with more SQL streaming data capabilities and tiering so that real-time and older information can be queried concurrently.
In Memory Data Grid Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers/Consumers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Need for Attaining Unprecedented Levels of Speed at Data Processing
5.1.2 Growth of Big Data
5.2 Market Challenges
5.2.1 Maintaining Data Security
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Solution
6.1.2 Services
6.2 By Deployment Type
6.2.1 On-premise
6.2.2 Cloud
6.3 By End-user Industry
6.3.1 BFSI
6.3.2 IT and Telecommunication
6.3.3 Retail
6.3.4 Healthcare
6.3.5 Transportation and Logistics
6.3.6 Other End-User Industries
6.4 By Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia-Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Hazelcast Inc.
7.1.2 GridGain Systems Inc.
7.1.3 Oracle Corporation
7.1.4 IBM Corporation
7.1.5 Pivotal (VMware Inc.)
7.1.6 GigaSpaces Technologies Inc.
7.1.7 Software AG
7.1.8 ScaleOut Software
7.1.9 Alachisoft
7.1.10 TIBCO Software Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
In Memory Data Grid Industry Segmentation
In Memory Data Grids are built for data processing at extremely high speeds. They are designed to build and run large-scale applications that need more Random-access memory (RAM) than is typically available in a single computer server. They are especially valuable for applications that do extensive parallel processing on large data sets.
The In Memory Data Grid Market is segmented by Component (Solution, Services), Deployment Type (On-premise, Cloud), End-user Industry (BFSI, Healthcare, Retail, IT and Telecommunication, Transportation, and Logistics ), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Component | |
| Solution | |
| Services |
| By Deployment Type | |
| On-premise | |
| Cloud |
| By End-user Industry | |
| BFSI | |
| IT and Telecommunication | |
| Retail | |
| Healthcare | |
| Transportation and Logistics | |
| Other End-User Industries |
| By Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East and Africa |
In Memory Data Grid Market Research FAQs
How big is the In Memory Data Grid Market?
The In Memory Data Grid Market size is expected to reach USD 3.80 billion in 2024 and grow at a CAGR of 19.23% to reach USD 9.17 billion by 2029.
What is the current In Memory Data Grid Market size?
In 2024, the In Memory Data Grid Market size is expected to reach USD 3.80 billion.
Who are the key players in In Memory Data Grid Market?
Hazelcast Inc., IBM Corporation, GridGain Systems Inc., TIBCO Software Inc. and Oracle Corporation are the major companies operating in the In Memory Data Grid Market.
Which is the fastest growing region in In Memory Data Grid Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in In Memory Data Grid Market?
In 2024, the North America accounts for the largest market share in In Memory Data Grid Market.
What years does this In Memory Data Grid Market cover, and what was the market size in 2023?
In 2023, the In Memory Data Grid Market size was estimated at USD 3.19 billion. The report covers the In Memory Data Grid Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the In Memory Data Grid Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
In Memory Data Grid Industry Report
Statistics for the 2024 In Memory Data Grid market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. In Memory Data Grid analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
