New York, United States, Aug. 22, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, The global graph database market size was valued at USD 2.33 billion in 2023. It is projected to reach from USD 2.86 billion in 2024 to USD 14.58 billion by 2032, growing at a CAGR of 22.6% during the forecast period (2024–2032).
Graph database is an ideal solution to store and connect data much more accurately than a relational database (RDBMS). Many organizations are adopting graph database technology due to its high speed and accuracy. For instance, a survey conducted by IBM Corporation showed that nearly 6 out of 10 graph adopters across all industries say the speed and performance of graph database provided the most value to their organizations, followed by discovery (54%), searchability (48%), flexibility (46%), and visualization (44%). Graph database also plays an important role in the healthcare and life science sector, from recording patient information from various sources to discharging patients. For instance, healthcare start-ups such as Zephyr Health are employing graph database technology to fulfill unmet customer needs.
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Market Segmentation
The global graph database market can be segmented by type, solution, application, industry vertical, and geography.
On the basis of type, the market can be segmented into RDF and Property Graph. The property graph segment is expected to grow at the highest CAGR in the graph database market, due to the increasing use of this graph database type in fraud detection, identity and access management, and real-time recommendations.
On the basis of solution, the market can be segmented into software and services. The graph database software solution segment is likely to register a high growth rate, owing to the cost-effective nature of software solutions.
On the basis of application, the market can be segmented into analytics, risk management and fraud detection, and recommendation engines. The risk management and fraud detection segment is estimated to hold the largest share in the graph database market during the forecast period. Fraud detection applications, through real-time, near-real-time, and batch analysis of users’ activities, assist companies in safeguarding their customers and enterprise information, assets, accounts, and transactions.
On the basis of vertical, the market can be segmented into BFSI, information technology, telecommunication, healthcare and life science, travel and logistics, manufacturing, and others. The healthcare and life science industry vertical is expected to grow at the highest CAGR during the forecast period, owing to the rapid adoption of graph database technology in healthcare organizations to enhance operational efficiency.
Regional Analysis
On the basis of geography, the graph database market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is projected to hold the largest share in the graph database market during the forecast period. Leading companies operating in the region significantly rely on databases and thus, they are rapidly adopting new practices and innovative technologies, including the graph database technology. The U.S. Army has deployed the Neo4j graph database technology to gain greater visibility into the total costs of owning a system.
Europe is one of the prominent regions for the graph database market, owing to the adoption of graph database by many organizations across different industry verticals. Furthermore, according to Neo4j, Inc., many European Intelligence-gathering agencies are using graph technology to reveal how affiliations, accounts, activities, technology, and travel are intertwined to uncover suspicious behavior.
In Asia-Pacific, countries such as Singapore are observing a wave of technology adaption, and graph database technology is likely to be the next major wave. Tigergraph is one of the most trusted providers of graph database technology in China, and the company has a vast and prominent customer base, including Visa, Uber, Zillow, China Mobile, China Merchants Bank, and Alibaba. LAMEA is pegged to be a promising region for the graph database market with the application of this technology in data storage and information retrieval of oilfield ontology.
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Competitive Players
Some of the key players in the graph database market are ArangoDB, Datastax Inc., Franz Inc., IBM Corporation, Microsoft Corporation, Neo4j Inc., Ontotext, Oracle Corporation, OrientDB Ltd., and Spercity Technologies.
Vendors in the graph database market are adopting various growth strategies such as acquisitions, agreements, collaborations and partnerships, new product launches, product upgradations, and expansions, to expand their client base and enhance customer experience. For instance, in May 2018, Neo4j released Neo4j 3.4 with the added capabilities of adding date/time, multi-clustering, and 3D geospatial search functions to Cypher and horizontal scaling.
Graph Database Market Segmentation
- By Type
- RDF
- Property Graph
- By Solution
-
- Software
- Services
- By Application
-
- Analytics
- Risk Management and Fraud Detection
- Recommendation Engines
- By Vertical
-
- BFSI
- Information Technology
- Telecommunication
- Travel and Logistics
- Manufacturing
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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