Global Graph Database market analysis 2024, Forecast To 2033
4 Mar, 2024
The graph database market size has grown exponentially in recent years. It will grow from $2.62 billion in 2023 to$3.3 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increased complexity of data relationships, social media and network analysis, need for real-time data processing, advancements in data analytics, government and intelligence sector adoption, healthcare data management. The graph database market size is expected to see exponential growth in the next few years. It will grow to $7.73 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to digital transformation initiatives, supply chain and logistics optimization, graph-based search engines, data privacy and compliance, increasing automotive industry applications. Major trends in the forecast period include advancements in graph query languages, integration with machine learning and AI, use cases in fraud detection and cybersecurity, cloud-based graph database services, graph database adoption in life sciences.
Global Graph Database Market Key Driver
The graph database market is poised for growth, driven by the increasing demand for graph analytics in machine learning and artificial intelligence (AI). Graph analytics, a modern data analysis approach, enables businesses to comprehend complex interactions within networks or graphs. Graph databases offer graph models to represent relationships, facilitating pattern recognition, classification, and machine learning against extensive datasets. For instance, TigerGraph Inc. reported that organizations spent $57.6 billion on AI and ML by 2021, realizing a $2.9 trillion gain in value. Therefore, the rising demand for graph analytics in machine learning and artificial intelligence is a key driver for the graph database market.
Get A Free Sample Of The Global Graph Database Market ReportGlobal Graph Database Market Segments
The global graph database market covered in this report is segmented –
1) By Type: RDF, Labeled Propert Graph
2) By Component: Software, Services
3) By Deployment Mode: Cloud, On-Premises
4) By Application Type: Consumer Analytics, Deep Learning, Regulatory Compliance, Recommendation Engines, Identity and Access Management, Fraud Detection, Supply Chain Management, Other Applications
5) By End-Use: BFSI, Retail and E-Commerce, IT and Telecommunication, Transportation and Logistics, Other End-Users
By Geography: The regions covered in the graph database market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the graph database market in 2023. The regions covered in the graph database market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Graph Database Industry Players
Oracle Corporation, International Business Machines Corporation (IBM), Amazon Web Services Inc., DataStax Inc., Stardog Union Inc., Hewlett Packard Enterprise Company (HPE), Microsoft Corporation, SAP SE, Teradata Corporation, Openlink Software Inc., MarkLogic Corporation, Neo4j Inc., TigerGraph Inc., Objectivity Inc., Franz Inc., ArangoDB GmbH, Blazegraph Corporation, Cambridge Semantics Inc., OrientDB Ltd., MongoDB Inc., Bitnine Co. Ltd., Ontotext AD, Grakn Labs Pte Ltd, Dgraph Labs Inc., JanusGraph, Expero Inc., Terark Inc., Redis Labs Ltd.
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Graph Database Market Overview
A graph database is a customized platform for building and managing graphs. These database systems connect specific data points (nodes) and generate relationships (edges) in the form of graphs, which can then be queried by the user. It is used to give an understanding of the facts that are more realistic.
Graph Database Global Market Report 2023 provides data on the global graph database market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The graph database market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.