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According to the latest report by IMARC Group, titled "In-Memory Database Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global in-memory database market reached a value of US$ 4.9 Billion in 2021. An in-memory database (IMDB) refers to a database storage system that stores computer data in the main memory of a computer rather than on a disk drive to produce quicker response times. The data in these systems is stored and managed in a compressed and non-relational format in the random-access memory (RAM). This eliminates the time required for querying data from a disk, ultimately resulting in faster transactions and multi-user concurrency. This form of database is more volatile and facilitates real-time analysis and data reporting in an efficient manner. As a result, it is widely utilized across various sectors, such as gaming, telecommunications and banking, financial services and insurance (BFSI).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global In-Memory Database Market Trends:
The global market is primarily driven by the rising demand for real-time data monitoring and analytical data processing across numerous industry verticals. Consequently, the widespread adoption of big data analytics and the rising need for automation in numerous sectors has provided an impetus to the demand for IMBD across the globe. Additionally, numerous organizations are deploying IMDB as its fast data retrieval speed assists in large-sized database transactions and management. Coupled with the cost-effectiveness and agility of these database storage systems, this is expected to facilitate the uptake of IMDB in various corporations. Moreover, the increasing applications of IMDB in the healthcare sector are also creating a positive outlook for the market. These storage systems aid in the real-time analysis of electronic health records (EHR) to improve the speed and scalability of the entire process. Some of the other factors contributing to the market growth include the advent of non-volatile random-access memory (NVRAM) and the escalating preference for cloud-based applications. On account of the aforementioned factors, the market is expected to grow at a CAGR of 18% during 2022-2027.
Market Summary:
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