According to predictions, the worldwide graph database market is expected to develop significantly, with a predicted increase in market share from US$ 1,938.0 million in 2022 to US$ 9,909.3 million by 2032. These findings, which demonstrate a strong Compound Annual Growth Rate (CAGR) development from 16.3% (2017–2021) to 17.7% during the predicted period, are based on thorough research completed by Future Market Insight.
Some legacy database providers are attempting to combine graph database schemas with their current relational database architectures due to the increasing usage of graph database tools and services. While the approach may theoretically result in cheaper costs, in practise it might limit and impede database query performance.
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Key Market Trends and Drivers
The market’s growth trajectory is influenced by several key drivers and trends:
- Low-Latency Query Response Services: A pressing demand for services capable of responding to low-latency queries is a prominent factor driving the graph database market forward. Businesses are seeking real-time insights and efficient data processing, fostering the adoption of graph databases.
- Master Data Management: The increasing need for effective master data management solutions is propelling the demand for graph databases. These databases offer a versatile approach to organizing and managing complex relationships, making them an ideal choice for addressing master data challenges.
- Emergence of Open Knowledge Networks: The rise of open knowledge networks is contributing to the market’s growth. Graph databases play a pivotal role in structuring and navigating intricate connections within these networks, enabling efficient knowledge dissemination and sharing.
- Tracking Digital Assets: Businesses are experiencing a growing necessity to track digital assets such as documents, evaluations, agreements, and more. Graph databases offer an intuitive way to manage these assets and their relationships, facilitating streamlined asset tracking processes.
- AI-Based Technologies and Services: The utilization of artificial intelligence-based graph database technologies and services is on the upswing. This integration enhances data analysis capabilities, allowing businesses to extract valuable insights from intricate data structures.
Regional Trends and Competition Analysis
The graph database market’s growth is not limited to a specific region. It is experiencing substantial expansion across various global regions, indicating a widespread adoption of graph database technologies. As businesses increasingly recognize the value of efficient data management and analysis, competition among key market players is intensifying.
Leading companies in the graph database market are strategically focusing on innovation, product development, and partnerships to gain a competitive edge. This dynamic landscape underscores the industry’s commitment to meeting evolving customer demands and staying at the forefront of technological advancements.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Graph Database Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
Graph Database: Market Segmentation
By Component:
- Software
- Services
By Deployment Mode:
- Cloud
- On-premises
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
By Application:
- Customer Analytics
- Risk, Compliance and Reporting Management
- Recommendation Engines
- Fraud Detection and Prevention
- Supply Chain Management
- Operations Management and Asset Management
- Infrastructure Management, IoT, Industry 4.0
- Knowledge Management
- Content Management, Data Extraction and Search
- Metadata and Master Data Management
- Scientific Data Management
- Others
By Type:
- RDF
- Labeled Property Graph
By Vertical:
- BFSI
- Retail and eCommerce
- Telecom and IT
- Healthcare, Pharmaceuticals, and Life Sciences
- Government and Public Sector
- Manufacturing and Automotive
- Media and Entertainment
- Energy and Utilities
- Travel and Hospitality
- Transportation and Logistics
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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