In-memory, highly efficient DB, stateless, can store Session Data.
Will require some changes for an application to support ElastiCache
Loads off intensive read workloads, to cache popular values.

Available engines follow:

MemcachedRedis
Simple data structures (strings)Advanced structure (many other)
No built-in replicationMulti-AZ replication
No backup supportSupport backup & restores
Better with multi-threaded CPUsHas Transactions, can treat multiple operations as one

Use case 1

As cache

Use case 2

As user session data storage