The global in-memory data grid market size is expected to grow from USD 1.4 billion in 2018 to USD 2.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period. Major driving factors for the market include an increasing use of distributed architecture to enhance limited storage capacity of main memory and focus on eliminating the need for relational data model and database.
Key vendors in the in-memory data grid market include IBM (US), Oracle (US), Red Hat (US), Software AG (Germany), Pivotal (US), Hitachi (Japan), Hazelcast (US), TIBCO Software (US), GridGain Systems (US), ScaleOut Software (US), GigaSpaces (US), Alachisoft (US), and TmaxSoft (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global in-memory data grid market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2015 to 2018, which have helped them innovate their offerings and broaden their customer base.
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IBM is a leading global player offering in-memory data grid solutions. The company is recognized for its diversified product and service offerings. IBM has adopted various growth strategies to expand its market reach and enhance its offerings for providing customers with comprehensive solutions. For instance, in July 2017, IBM launched an all-flash and a high-performance data and file management solution, IBM ESS, for its enterprise clients to help them perform high-level data processing and run complex business applications. The company has opened datacenters globally to expand its footprint, especially in the US, the UK, and APAC, and cater to the growing needs of its customers.
Oracle is another key player offering in-memory data grid solutions. The company’s product, Oracle Coherence, enables organizations to perform real-time data analysis, in-memory grid computations, parallel transactions, and event processing. Oracle also helps organizations enhance the scalability of their applications and meet their mobile and cloud demands by offloading overburdened shared data services. With features such as automatic and dynamic data partitioning in servers’ memory, it offers continuous data availability and ensures automated recovery from planned or unplanned outages. The company keenly focuses on developing cost-effective and easy-to-deploy innovative technology solutions, and adopts both organic and inorganic growth strategies. For instance, in July 2018, Oracle launched Oracle TimesTen Scaleout for helping organizations address their real-time business workloads and handle large volumes of data transactions in minimal time. The company has been focusing on expanding its foothold in new industry verticals by making its products available to channel partners, resellers, regional distributors, network integrators, and Independent Software Vendors (ISVs).
In-Memory Data Grid Market by Component, Business Application (Transaction Processing, Fraud and Risk Management, Supply Chain Optimization), Industry Vertical, Organization Size, Deployment Type, and Region - Global Forecast to 2023
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