The Graph Database Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Graph Database Global Market Report 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..
The increase in demand for graph analytics in machine learning and artificial intelligence (AI) is expected to propel the growth of the graph database market going forward. Graph analytics is a modern type of data analysis that assists businesses in understanding complicated interactions between linked entity data in a network or graph. Graph databases will provide graph models to represent relationships. They enable users to employ these models with pattern recognition, classification, statistical analysis, and machine learning, enabling more effective analysis at scale against vast amounts of data. For instance, in January 2022, according to the statistics given by TigerGraph Inc., a US-based scalable graph database company, the potential of graph machine learning to transform businesses Machine learning (ML) and artificial intelligence (AI) are being used by many organizations to provide them with competitive edge businesses and the expenditure is $57.6 billion on AI and ML by 2021 and realizes a $2.9 trillion gain in value. Therefore, the increasing demand for graph analytics in machine learning and artificial intelligence is driving the growth of the graph database market.
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The 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
Technological advancements are a key trend gaining popularity in the graph database market. Major companies operating in the graph database market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Neo4j, a US-based graph database company, launched Neo4j version 4.3, with a single active and multi-passive structure of cloud scalability, Neo4j 4.3 represents an alternative to replicated DBMSs that is more conventional and provides cloud scalability and security advancements to database and security at the corporate level that ensures transactions with no data loss.
The graph database market report table of contents includes:
- Executive Summary
- Graph Database Market Characteristics
- Graph Database Market Trends And Strategies
- Graph Database Market – Macro Economic Scenario
- Global Graph Database Market Size and Growth
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- Global Graph Database Market Competitive Benchmarking
- Global Graph Database Market Competitive Dashboard
- Key Mergers And Acquisitions In The Graph Database Market
- Graph Database Market Future Outlook and Potential Analysis
- Appendix
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