The "In Memory Data Grid Market - Growth, Trends, and Forecast (2019-2024)" report has been added to ResearchAndMarkets.com's offering.
The In Memory Data Grid Market is expected to register a CAGR of over 11% over the forecast period 2020 - 2025.
GridGain Systems Inc.
Pivotal (VMware Inc.)
GigaSpaces Technologies Inc.
TIBCO Software Inc.
Key Market Trends
Growing Need for Real Time Data Processing in BFSI Driving the Industry Growth
Growing digitalization are 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.
Hence, financial organizations worldwide are looking for in-memory data grid solutions, which can process data in real-time and improve their business-critical applications.
A company such as Grid Gain is one of the prominent providers of In-memory data grid. Leading banks depend on GridGain to help them offer an integrated omnichannel banking experience. By using GridGain, organizations have not only added speed and scale to digital channels. They have 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.
Trading systems with high transaction rates are examples of environments best-suited for the in-memory data grid. It enables financial applications with real-time analytics due to faster data access.
One of the prominent use cases for the In-memory data grid is running large-scale simulations such as "Monte Carlo simulations," which help create a clearer picture of what might happen in the future by considering various factors. These kinds of simulations are commonly run in the financial services industry to better understand the risks that the firms face.
The increasing speed of commerce and the growing sophistication and organization of the people intent on criminal activity creates a complicated problem for financial institutions.
With a fast data solution such as IMDG, transactions can be analyzed in real-time for suspicious patterns, compared to historical purchase history, to detect fraud in real-time and to decide on the legitimacy of a transaction.
North America is Expected to Hold Major Share
North America is expected to hold a major share due to the growing adoption of data grid solutions across industries such as BFSI, healthcare, and retail. The region has a strong foothold of key vendors, which contributes to the growth of the market.
The growth of new business insights contributes to the expansion of the market in the United States, as various data sources increase. Many companies are leveraging big data to improve customer experience, enhance marketing, identify fraud and waste, and achieve other results that directly strengthen business performance.
According to the U.S based Coalition Against Insurance Fraud, fraud accounts for 5-10% of claims costs for American and Canadian insurers, with some insurers expecting the total as high as 20% of the claims costs. Across all lines of insurance in the North America region, the estimated cost is between USD 80 billion and USD 90 billion.
The healthcare industry, which is embracing the cloud for their Electronic health record(HER) data and other enterprise applications, is also becoming a great source for data. For instance, The United States healthcare industry produces an estimated 1.2 billion clinical care documents annually, according to GNS Healthcare, a US-based Data Analytics Company. Hence, growth in data across end-user industries is expected to create the need for real-time processing, thereby creating opportunities for the market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Need for Attaining Unprecedented Levels of Speed at Data Processing
4.2.2 Growth of Big Data
4.3 Market Challenges
4.3.1 Maintaining Data Security
4.4 Industry Use Cases
4.5 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.2 Deployment Type
5.3 End-user Industry
5.3.2 IT and Telecommunication
5.3.5 Transportation and Logistics
5.3.6 Other End-user Industries
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/y85lbi
View source version on businesswire.com: https://www.businesswire.com/news/home/20201030005568/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900