CHICAGO, Aug. 30, 2023 /PRNewswire/ -- Rapid market expansion and integration with cutting-edge technologies like AI, blockchain, and IoT will define the Graph Database Market's future. Adoption will be sparked by sector-specific solutions, real-time data processing, and sophisticated analytics, while multi-model databases and improved visualisation will provide adaptability and insights across industries. In general, the market's trajectory indicates a deeper comprehension of data through intricate relationship modelling.
The global Graph Database Market size to grow from USD 2.9 billion in 2023 to USD 7.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period, according to a new report by MarketsandMarkets. Increasing adoption for graph database tools and services to drive market.
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267 - Tables
47 - Figures
280 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023-2028 |
Forecast units | USD Million/Billion |
Segments covered | Offering, Analysis Type, Model Type, Vertical, and Regions. |
Geographies covered | North America, Europe, Asia Pacific, Middle East and Africa , and Latin America |
Companies covered | Oracle Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), DataStax (US), Ontotext (Bulgaria), Stardog Union (US), Hewlett Packard Enterprise (US), ArangoDB (US), Blazegraph (US), Microsoft Corporation (US), SAP SE (Germany), Teradata Corporation (US), Openlink Software (US), TIBCO Software, Inc. (US), Neo4j, Inc. (US), GraphBase (Australia) and many more. |
The services segment to hold higher CAGR during the forecast period
Based on the offering, the Graph Database Market is segmented into solutions and services. The services segment has been further divided into professional and managed services. Graph database services encompass a range of offerings designed to support the implementation, management, and optimization of graph databases for various applications. The growing adoption of graph database solutions is expected to boost the adoption of professional and managed services.
Community Analysis segment to hold the largest market size during the forecast period
Community analysis refers to the process of identifying and characterizing groups or clusters of nodes within a graph that exhibit a higher degree of interconnectedness among themselves compared to the rest of the graph. The need for deeper insights into complex relationships and structures within data networks drives the adoption of community analysis techniques.
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The graph extension segment to hold a larger market size during the forecast period
The graph extension segment is expected to hold highest market share during the forecast period. Graph extensions find applications in various fields such as social networks, recommendation systems, knowledge graphs, and more, enabling richer and more nuanced representations of data. The need for advanced functionality beyond basic graph storage and querying drives the adoption of graph extensions.
BFSI segment to have the largest market size during the forecast period
In the BFSI sector, graph databases are gaining traction as vital tools for fraud detection, risk assessment, and customer relationship management. The ability to analyze intricate financial connections and patterns allows for improved fraud prevention, while modeling customer interactions enhances personalized services. Graph databases empower the BFSI industry to navigate complex relationships and provide real-time insights, contributing to more informed decision-making and streamlined operations.The need to leverage interconnected data to improve fraud detection, risk management, customer relationships, compliance, and overall operational efficiency will drive the BFSI segment.
Asia Pacific to hold higher CAGR during the forecast period
Asia Pacific is expected to grow at a good pace during the forecast period. Opportunities for smaller graph database vendors to introduce graph database solutions for numerous sectors have also increased. increasing adoption of graph databases across various industries in the Asia Pacific region. Organizations recognize the value of graph databases in addressing complex data challenges, uncovering insights, and driving innovation in an ever-evolving technological landscape.
Top Key Companies in Graph Database Market:
The major vendors in the Graph Database Market include Oracle Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), DataStax (US), Ontotext (Bulgaria), Stardog Union (US), Hewlett Packard Enterprise (US), ArangoDB (US), Blazegraph (US), Microsoft Corporation (US), SAP SE (Germany), Teradata Corporation (US), Openlink Software (US), TIBCO Software, Inc. (US), Neo4j, Inc. (US), GraphBase (Australia), Cambridge Semantics (US), TigerGraph, Inc. (US), Objectivity Inc. (US), Bitnine Co, Ltd. (US), Franz Inc. (US), Redis Labs (US), Graph Story (US), Dgraph Labs (US), Eccenca (Germany), and Fluree (US).
Recent Developments:
- In May 2023, AWS and Neo4j Partner and AWS Marketplace Seller which defined the graph database space and open-source standards. Neo4j holds the AWS Data and Analytics Competency.
- In May 2023, SAP and Google Cloud announced a significant expansion of their partnership, including the introduction of a comprehensive open data offering designed to simplify data landscapes and unleash the power of business data. The new offering will bring together SAP and Google Cloud's data and analytics technology, increasing the openness and value of enterprise data and advancing enterprise AI development.
- In April 2023, Neo4j announced partnership with Imperium Solutions to fulfil growing demand for graph technology in Singapore. Imperium Solutions will ensure customers can gain maximum value from the world's leading graph database provider, Neo4j, who helps solve complex, enterprise-level problems and efficiently uncovers relationships and patterns in expansive datasets.
- In February 2023, IBM is announced the acquisition of StepZen Inc, which developed a GraphQL server with a unique architecture that helps developers build GraphQL APIs quickly and with less code. StepZen was also designed to be highly flexible. It is compatible with other API approaches and is available as-a-Service (SaaS) while also supporting deployments in private clouds and on-premises data centers.
- In December 2022, LSEG and Microsoft announced a 10-year strategic partnership for next-generation data and analytics solutions, as well as cloud infrastructure solutions; Microsoft will make an equity investment in LSEG through share acquisition. New collaboration with Microsoft Azure, AI, and Microsoft Teams to architect LSEG's data infrastructure and build intuitive next-generation productivity, data and analytics, and modeling solutions.
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Graph Database Market Advantages:
- In applications like social networks, recommendation engines, and fraud detection where understanding connections is essential, graph databases excel in modelling complicated relationships between data points.
- Utilising query languages that are tailored for traversing relationships, graph databases utilise them. When working with heavily connected data, this leads to faster and more effective queries when compared to typical relational databases.
- Graph databases have a flexible schema that makes it possible to add or edit data without changing the structure of the entire database. In situations where data structures change over time, this agility is advantageous.
- Distributed graph databases have the ability to scale horizontally to handle expanding datasets and escalating user demands, preserving performance even as the data volume grows.
- Graph databases are highly suited for real-time data analysis and dynamic visualisation due to their ability to traverse relationships quickly, allowing organisations to immediately get useful insights.
- Graph databases closely replicate relationships in the actual world, which makes data modelling more natural and reflective of how people perceive and use information.
- Graph databases are beneficial for applications like knowledge graphs, recommendation systems, and semantic search engines because they are excellent at capturing semantic context.
- Graph databases can spot unique patterns and relationships that other database types might overlook while conducting network research and fraud detection.
- For handling master data across several domains and sources and assuring data accuracy and consistency, graph databases are helpful.
Report Objectives
- To define, describe, and predict the Graph Database Market by solution, services, model type, analysis type, vertical, and region
- To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies
- To track and analyze competitive developments, such as acquisitions, expansions; product launches and product enhancements; agreements, collaborations, and partnerships; and R&D activities in the market.
- To analyze the impact of recession across all the regions across the Graph Database Market.
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