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The global graph database market size to grow at a CAGR of 22.2% during the forecast period
MarketsandMarkets forecasts the global graph database market size to grow from USD 1.0 billion in 2019 to USD 2.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.2% during 2019–2024. The major growth factors of the graph database market include excellent real-time big data mining with visualizations of results, growing demand for systems’ capability of processing low latency queries, and the adoption of Artificial Intelligence (AI)-based graph database tools and services.
Services segment to grow at a higher CAGR during the forecast period
The graph database market database market by component has been segmented into tools and services. Professional and managed services enable organizations to maintain healthy consumer relationships. Additionally, these services assist enterprises to maximize their resource usage, effectively executing the activities enhancing business operations. The need for services, such as support and maintenance, would grow, as the adoption of graph database tools increases.
Banking, Financial Services and Insurance industry vertical expected to hold the largest market size throughout the forecast period
Graph database has a wide variety of applications in the Banking, Financial Services and Insurance (BFSI) industry vertical, such as fraud detection, cash flow analysis, and transaction analysis. Banks and other financial institutions are prone to frauds, such as fraudsters demanding loans, credit cards, and unsecured bank credits with no intention of paying them back. In such cases, graph database tools and services help the bank detect and reduce the occurrence of such frauds. Moreover, with the increasing number of financial industry regulatory requirements, such as PCI DSS and SOX, organizations require advanced security technologies to meet these regulations. The best way to reduce the operational complexities and enhance the business growth of an organization is to upgrade its systems and technology architecture.
North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size, owing to the early adoption of graph database tools as well as prominent initiatives taken by industry players in the form of partnerships with different technology players to offer rapid analytics and data processing solutions. The major presence of graph database vendors as well as the widespread awareness about these solutions would continue to help the region sustain its largest market sizeduring the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the graph database market.
- By Company: Tier I: 15%, Tier II: 25%, and Tier III: 60%
- By Designation: C-Level Executives: 25%, Director-Level: 45%, and Others: 30%
- By Region: North America: 40%, Europe: 20%, APAC: 30%, RoW: 10%
The report includes the study of the key players offering graph database tools and services. It profiles major vendors in the global graph database market. The major vendors include IBM (US), Microsoft (US), Oracle (US), AWS (US), Neo4j (US), OrientDB (UK), TIBCO (US), Franz (US), OpenLink Software (US), MarkLogic (US), TigerGraph (US), DataStax (US), Ontotext (Bulgaria), Stardog (US), Cray (US), ArangoDB (US), Bitnine (US), Objectivity (US), Memgraph (UK), Cambridge Semantics (US), Fluree (US), and Blazegraph (US). It also includes an in-depth competitive analysis of the key players in the graph database market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
- The report segments the global graph database market by component (tools and services), application, type, deployment mode, organization size, industry vertical, and region.
- The graph database market by industry vertical is divided into BFSI, retail, and eCommerce, telecom and Information Technology (IT), healthcare and life sciences, government and public sector, manufacturing, energy and utilities, others ( media and entertainment, education and research, travel and hospitality, and real estate) categories.
- The component segment comprises solution and services. The services segment is divided into managed services and professional services (support and maintenance services, consulting services, and deployment and integration services).
- The graph database market by deployment mode is segmented into cloud and on-premises. On the basis of organization size, the graph database market is divided into large enterprises and Small and Medium-sized Enterprises (SMEs).
- The graph database market by application is segmented into customer analytics, risk and compliance management, recommendation engines, fraud detection, supply chain management and others (operation management and asset management).
- The report also covers the graph database market with respect to 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global Graph Database market in the following ways:
- The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across industry verticals and regions.
- It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their position in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.