Press release
Vector Database Market 2024 | Market Size, Key Drivers, Industry Developments, Share, Future Growth Prospects And Forecast To 2033
Vector Database Market
The Business Research Company presents an extensive market research report on the Vector Database Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The vector database market size has grown exponentially in recent years. It will grow from $1.98 billion in 2023 to $2.46 billion in 2024 at a compound annual growth rate (CAGR) of 24.3%. The growth in the historic period can be attributed to geospatial data explosion, rise of location-based services (lbs), growing applications in smart cities, emergence of 5g network, demand for real-time spatial analytics.
The vector database market size is expected to see exponential growth in the next few years. It will grow to $5.76 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to rise of digital mapping, telecommunication network planning, gps and satellite technology, environmental and natural resource management, transportation and logistics planning. Major trends in the forecast period include spatial analytics and business intelligence, integration with cloud services, real-time geospatial applications, smart infrastructure development, cross-industry collaboration.
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Key Market Players:
Major companies operating in the vector database market report are Google LLC (Alphabet Inc.), Microsoft Corporation, Amazon Web Services Inc., Alibaba Cloud, Elastic N.V., MongoDB Inc., FD Technologies PLC, DataStax Inc., Redis Ltd., Vector AI, GSI Technology Inc., Chroma DB, Vald, SingleStore, OpenSearch, Rockset Inc., PlanetScale, Kinetica DB Inc., Qdrant, ClickHouse Inc., Clarifai Inc., Pinecone Systems Inc., Vespa ai, Marqo AI, Activeloop, Zilliz, Milvus, S2Search Australia Pty Ltd, Weaviate
Market Drivers:
The increasing use of cloud platforms is expected to propel the growth of the vector database market in the coming years. A cloud platform is the computer's operating system and components of a server in an Internet-connected data center. It enables hardware and software products to coexist independently and at scale. Vector databases on cloud platforms provide for effective retrieval and storage of high-dimensional data, enabling real-time analytics, deep learning, and tailored content suggestions while using scalable and adaptable infrastructure. For instance, in December 2023, according to Eurostat, a Europe-based intergovernmental organization, 42.5% of EU enterprises used cloud computing in 2023, primarily for hosting their e-mail systems and storing files in electronic form, an increase of 4.2% compared to 2021. Therefore. Therefore, the increasing use of cloud platforms is driving the vector database market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/vector-database-global-market-report
The vector database market covered in this report is segmented -
1) By Database Type: Relational Vector Databases, NoSQL Vector Databases, NewSQL Vector Databases
2) By Offering: Solutions, Services
3) By Deployment Mode: On-Premises, Cloud-Based
4) By Industry: Financial Services, Healthcare And Life Sciences, Retail And E-Commerce, Manufacturing, Telecommunications, Government And Public Sector, Energy And Utilities, Transportation And Logistics, Media And Entertainment, Other Industries
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