London, Dec. 17, 2020 (GLOBE NEWSWIRE) -- In it’s latest publication, titled “Graph Analytics Market by Component, Deployment, Industry Size, Application (Customer Analytics, Recommendation Engine, Route Optimization, Fraud Detection), End-User (BFSI, E-commerce, Healthcare, Manufacturing, Logistics) – Global Forecast to 2027”, Meticulous Research states that graph analytics market is expected to reach $2.03 billion by 2027, at a CAGR of 19.1% during the forecast period of 2020 to 2027.
Graph analytics is an emerging form of data analysis. It refers to a combination of analytic methodologies that connect diverse entities such as people, places, and things. Graph analytics helps in understanding complex relationships, finding distant connections between data, and analyzing the quality of relationships through an easy-to-interpret visual format. Graph analytics and associated technologies provide superior data and relationship analysis capabilities compared to traditional analytics methodologies. Graph analytics and graph techniques have been evolving and are becoming a standard tool for analyzing complex data relationships. Graph analytics makes it possible to derive insights from complex data, making it an indispensable tool for modern-day businesses.
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The increasing adoption of cloud computing and IoT technologies has resulted in the evolution of business needs in terms of agility. Subsequently, big data analytics and cloud-based services have also gained significant traction in the past few years. Graph analytics has emerged as one of the essential tools for organizations to address issues associated with large-scale graph databases. Due to the increasing need for analyzing low-latency queries and rising demand for cloud-based services, the demand for graph analytics solutions and services is expected to increase substantially over the coming years, contributing to the market growth.
However, a lack of standardization and programming ease, some misconceptions regarding graph analytics solutions, and lack of knowledge about graph analytics solutions pose challenges for the adoption of graph analytics solutions, especially in developing countries, thereby restraining the growth of the market.
Based on component, the graph analytics market is broadly segmented into solutions (software tools and platforms), services (consulting, installation & training, and support & maintenance). In 2020, the solutions segment is estimated to account for the largest share of the overall graph analytics market. The growing need for analyzing low-latency queries and data in real-time and the rising use of virtualization for big data analytics support the large share of the solutions segment. Considering the rapid deployment of the IoT and blockchain technologies across different business sectors, the demand for graph analytics solutions is expected to grow over the coming years as well, thereby supporting steady market growth over the forecast period. However, the services segment is expected to record the highest growth rate over the forecast period. With the rapid adoption of graph analytics across various sectors, including BFSI, the need for services such as consulting, installation & training, and support & maintenance is growing consistently, particularly in developed economies. Thus, the graph analytics services market is also anticipated to witness growth over the coming years.
Based on deployment, the graph analytics market is segmented into on-premises and cloud. The on-premises segment is estimated to account for the largest share of the overall graph analytics market in 2020, mainly due to greater control over analytics infrastructure offered by such solutions. However, with growing deployments, particularly across small and medium-scale organizations, the cloud segment is expected to record the highest CAGR during the forecast period. The benefits of flexibility, agility, and scalability offered by cloud-based analytical solutions are key factors driving the growth in this segment.
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Based on organization size, the overall graph analytics market is segmented into small & medium enterprises and large enterprises. The large enterprises segment is estimated to account for the largest share of the global graph analytics market in 2020. Large enterprises have realized the significance of graph analytics in gaining a competitive edge in the market. Besides, the application of customer analytics, fraud detection, and recommendation engines across large enterprises has also led to the dominance of graph analytics in the large enterprises segment. However, the small & medium enterprises segment is expected to record the highest CAGR during the forecast period. Thus, graph analytics solutions and services are expected to witness a significant increase in their adoption rate among SMEs during the forecast period.
Based on application, the graph analytics market is segmented into customer analytics, risk & compliance management, recommendation engines, route optimization, fraud detection, and other applications. The fraud detection segment is estimated to account for the largest share of the overall graph analytics market in 2020. The growth of this segment is mainly attributed to the rising instances of fraud, the growing use of electronic transactions across all verticals, and the increasing sophistication of cyberattacks. The growing adoption of technologies such as AI and machine learning for fraud detection could spur the demand for graph analytics solutions on a large scale. However, the risk & compliance management segment is expected to record the highest growth rate over the forecast period. The race to optimize available resources to the best possible extent and reduce operational expenses to boost profitability are key drivers supporting the fastest growth of the risk & compliance management segment
Based on end user, the graph analytics market is segmented into BFSI, retail & e-commerce, telecom, healthcare, government, manufacturing, transportation & logistics, and other end users. The BFSI segment is estimated to account for the largest share of the global graph analytics market in 2020. The growth of this segment is mainly attributed to increasing transactional data and the growing need to implement risk & fraud analytics solutions. Furthermore, increasing incidences of money laundering and fraud have encouraged market players in the BFSI sector to adopt graph analytics solutions. However, the healthcare segment is projected to record the highest CAGR during the forecast period owing to the increasing concerns regarding controlling frauds related to health data. The consistent proliferation of digitization technologies such as AI and IoT is generating tremendous data associated with patient and healthcare providers, and the recent COVID-19 crisis has compelled organizations in the healthcare sector to adopt new prescriptive analytics such as graph analytics. Hence, the adoption of graph analytics services and solutions in the sector is expected to grow significantly over the coming years.
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Geographically, the global graph analytics market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. North America is estimated to account for the largest share of the global graph analytics market in 2020, followed by Europe and Asia-Pacific. The largest share of the North America region is mainly attributed to the presence of prominent players offering advanced graph analytics solutions and services across various sectors and the high acceptance of IoT and cloud services in the region. However, the Asia-Pacific region is slated to record the highest CAGR during the forecast period. The high growth rate is mainly attributed to the rising demand for big data analytics and the integration of AI, IoT, and blockchain technologies.
The global graph analytics market is highly fragmented, comprising several small companies, start-ups, and international players. These companies are adopting various strategies to stay competitive and increase their market shares. At present, developing new products and services is one of the most preferred strategies adopted by the players operating in the graph analytics market. However, strategic partnerships, collaborations, and agreements are some of the other growth strategies adopted by the leading players in this market. The majority of partnerships and collaborations are aimed at broadening product portfolios, advancing the technological capabilities of existing products, and developing capabilities to cater to the changing demands of users. Growing demand for the virtualization in big data analytics, increased demand for cloud-based services, and advancements in AI, IoT, and blockchain technologies are encouraging companies to focus on graph analytics platforms.
Some of the prominent players operating in the graph analytics market are Neo4j, Inc. (U.S.), TigerGraph, Inc (U.S.), Teradata Corporation (U.S.), TIBCO Software, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Lynx Analytics (Singapore), Tom Sawyer Software (U.S.), IBM Corporation (U.S.), Datastax, Inc (U.S.), Kineviz, Inc. (U.S.), and Expero, Inc (U.S.) among others.
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Scope of the report
Graph Analytics Market, by Component
- Solutions
- Software Tools
- Platforms
- Services
- Professional Services
- Managed Services
Graph Analytics Market, by Deployment Mode
- On-premise
- Cloud-based
Graph Analytics Market, by Industry Size
- Small & Medium Enterprises
- Large Enterprises
Graph Analytics Market, by Application
- Customer Analytics
- Risk & Compliance Management
- Recommendation Engine
- Route Optimization
- Fraud Detection
- Others
Graph Analytics Market, by End User
- BFSI
- Retail & E-commerce
- Telecom
- Healthcare
- Government
- Manufacturing
- Transportation & Logistics
- Others
Graph Analytics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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