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Growing with CAGR of 24.5% | The Graph Database Market Worth USD 3.37 Billion by 2026
Surge in adoption of graph database software in the healthcare industry, increase in application areas, requirements for enhanced response time & accuracy in finding out new data correlations, and rise in dispersion of connected data to perk up marketing performance fuel the growth of the global graph database market. On the other hand, lack of technical experts and high initial expenditure curb the growth to some extent. However, upsurge in usage of virtualization in big data analytics and technological advancements in graph database are expected to pave the way for multiple opportunities in the industry.
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The global graph database market size was valued at USD 651 million in 2018, and is projected to reach USD 3,731 million by 2026, growing at a CAGR of 24.5% from 2019 to 2026.
The global graph database market is segmented into component, deployment model, type of databases, analysis type, application, organization size, industry vertical, and region. Based on component, the market is bifurcated into software and services. By deployment mode, it is divided into on-premise and cloud. On the basis of analysis type, it is classified into path analysis, connectivity analysis, community analysis, and centrality analysis. The applications covered in the study include fraud detection & risk management, master data management, customer analytics, identity & access management, recommendation engine, privacy & risk compliance, and others. Depending on organization size, it is categorized into large enterprises and small & medium enterprises. As per industry vertical, it is segregated into BFSI, retail & e-commerce, IT & telecom, healthcare & life science, government & public sector, media & entertainment, manufacturing, transportation & logistics, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Covid-19 Impacts on Graph Database Market-
● The demand for graph database tool is anticipated to surge during the Covid-19 pandemic to identify and track the people affected from corona virus. This is done by collecting and processing the GPS coordinate and real time location details of the affected people and links them in a searchable database.
● In addition, its demand is also likely to surge from government agencies to identify the Covid-19 containment zones to control the transmission of corona virus.
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By component, the software segment contributed to nearly three-fourths of the total market share in 2018, and is expected to retain its dominance by 2026. The services segment, on the other hand, is projected to grow at the fastest CAGR of 26.4% throughout the forecast period.
By end users, the IT & telecom segment held the largest share in 2018, generating more than two-fifths of the global market. At the same time, the transportation & logistics segment is predicted to register the fastest CAGR of 34.5% during the study period.
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By geography, North America accounted for more than two-fifths of the total market revenue in 2018 and is anticipated to maintain the lion's share by the end of 2026. Simultaneously, Asia-Pacific would portray the fastest CAGR of 27.8% during the estimated period. The other two regions analyzed in the market report include Europe and LAMEA.
Profiling Key Players: Franz Inc., DataStax, Neo4j, Inc., Microsoft Corporation, Objectivity Inc., Oracle Corporation, OrientDB, MongoDB, Stardog Union Inc., and Teradata Corporation.
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