In Memory Database Market Estimated to Flourish by 2026
A collection of data and filing the same in an organized manner is known as a database. When a software application interacts with databases, other applications and the user, to collect and analyze data, it is known as a database management system or DBMS. DBMS serves several purposes such as administration of databases, creation of data and updating of data among others. In memory database (IMDB) is a form of DBMS which utilizes the main memory of the device, for data storage.
In memory database is also known as main memory database system (MMDB) or memory resistant database. When compared with disk optimized databases, the in memory database market functions much faster since it memory access is much faster than disk access. Most database management systems, such as Oracle, MySQL and Microsoft SQL Server utilize the mechanism of disk storage whereas in memory database systems, such as Oracle Coherence and Starcounter among others utilize the mechanism of memory access. In memory databases generally utilize volatile memory. But the introduction of non volatile memory modules has enabled the storage of data even in the event of power failure.
Customized versions of in memory databases can offer several advantages. Some such advantages are the ability to accumulate and store large quantities of multidisciplinary data in a relational format, without having to wait for the slower batch processing and ability to predict events of find anomalies in data, by processing historical data and real-time data simultaneously.
The market for in-memory database is primarily driven by the growing demand for real-time monitoring of data and analytical data processing from most industry verticals. Industries such as e-commerce or retail has been more focused on gathering data on consumers for better understanding and predicting the purchasing behavior of consumers. In the memory of the past few years.
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Additionally, the growth of Internet-of-things connected devices has been promoting the growth of databases in the marketplace, since IoT applications are being supported by these databases. Furthermore, the growing demand for advanced risk management solutions by various organizations has been positively impacted.
During the forecast period from 2016-2024. The ongoing shift from being in memory processing to an online analytical processing (OLAP) infrastructure.
On the basis of IT architecture, the in-memory database market has been segmented into enterprise resource planning (ERP) on in-memory database, OLAP and OLTP in memory database and others. The global in memory database market, by end-use industry, has been segmented into six types. They are advertising, retail & e-commerce, financial services and insurance (BFSI), government & public sector, power generation & utilities and others.
In memory databases for retail & e-commerce sector allows for optimizing customer interactions, while in the sector of BFSI, in memory database allows real-time analysis of data to aid analysts, insurers and asset managers among others to better manage customers. North America, Europe, Asia Pacific (APAC), South America and Middle East & Africa (MEA).
The major companies in the global marketplace are Microsoft Corporation (US), Oracle Corporation (US), International Business Machines Corporation (US), Altibase Corporation (US), and SAP SE (Germany), among various other companies.
