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Data Connections: The Rise of Graph Databases in a Digital World
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According to The Business Research Company's, The graph database market size has grown exponentially in recent years. It will grow from $2.62 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. The growth in the historic period can be attributed to increased complexity of data relationships, social media and network analysis, need for real-time data processing, advancements in data analytics, government and intelligence sector adoption, healthcare data management.
The graph database market size is expected to see exponential growth in the next few years. It will grow to $7.73 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to digital transformation initiatives, supply chain and logistics optimization, graph-based search engines, data privacy and compliance, increasing automotive industry applications. Major trends in the forecast period include advancements in graph query languages, integration with machine learning and ai, use cases in fraud detection and cybersecurity, cloud-based graph database services, graph database adoption in life sciences.
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Market Drivers and Trends:
The growing demand for personalized marketing is expected to boost the growth of the graph database market going forward. Personalized marketing refers to a type of marketing strategy that targets current or potential clients with customized messaging and product offers using data analysis and digital technologies. Graph databases are ideal for personalized marketing as they have the capacity to hold and process vast amounts of linked data, including social media interactions, purchase histories, and customer profiles. For instance, in November 2021, according to a report published by Yieldify, a UK-based creator of smart marketing technology products, more than 74% of the organizations surveyed have a website personalization program in place, and by the end of 2022, 93% of those companies are expected to have adopted more advanced features such as dynamic segmentation. The adoption rates of several executions currently range between 50% and 70%, but many were predicted to go to over 90% in less than 18 months and 93% by the end of 2022. Therefore, the growing demand for personalized marketing is driving the growth of the graph database market.
Technological advancements are a key trend gaining popularity in the graph database market. Major companies operating in the graph database market are focused on developing new technological solutions to strengthen their position. For instance, in June 2021, Neo4j, a US-based graph database company, launched Neo4j version 4.3, with a single active and multi-passive structure of cloud scalability, Neo4j 4.3 represents an alternative to replicated DBMSs that is more conventional and provides cloud scalability and security advancements to database and security at the corporate level that ensures transactions with no data loss.
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Major Key Players of the Market:
Oracle Corporation, International Business Machines Corporation (IBM), Amazon Web Services Inc., DataStax Inc., Stardog Union Inc., Hewlett Packard Enterprise Company (HPE), Microsoft Corporation, SAP SE, Teradata Corporation, Openlink Software Inc., MarkLogic Corporation, Neo4j Inc., TigerGraph Inc., Objectivity Inc., Franz Inc., ArangoDB GmbH, Blazegraph Corporation, Cambridge Semantics Inc., OrientDB Ltd., MongoDB Inc., Bitnine Co. Ltd., Ontotext AD, Grakn Labs Pte Ltd, Dgraph Labs Inc., JanusGraph, Expero Inc., Terark Inc., Redis Labs Ltd.
Graph Database Market 2024 Key Insights:
• The graph database market size is expected to see exponential growth in the next few years. It will grow to $7.73 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%.
• Increase In Demand For Graph Analytics Fuels Graph Database Market Growth
• Technological Advancement Drives Growth In The Graph Database Market
• North America was the largest region in the graph database market in 2023
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