The graph analytics market was valued at USD 575.2 million in 2019 and is expected to reach USD 12,359 million by 2030, with a CAGR of 36.4% during the forecast period, 2020–2029.
Increasing demand for advanced analytical solutions by the enterprises to improve customer experience and surging number of innovations and product enhancement drive the market growth. Similarly, burgeoning demand for analytical solutions to explore relationships between data in real-time provides an impetus to the market growth. On the other hand, lack of technical expertise to develop a high computing algorithm and inefficient resources for standardization impede market growth.
| Report Metric | Details |
|---|---|
| Base Year | 2021 |
| Study Period | 2020-2030 |
| Forecast Period | 2023-2031 |
| CAGR | 36.4% |
| Market Size | USD 12,359 million by 2030 |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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Graph analytics is one of the sub-segments of the analytical solution that constitutes big data analytics, advanced analytics, and Artificial Intelligence (AI). It is an analytical tool to determine the strength and direction of relationships between data nodes, vertical, links, and edges in a graphical format. The analytical solution provides a platform to identify the relationship between two objects at real-time and structural characteristics of the graph as a whole. There are four different types of graphical analyses, namely path analysis, connectivity analysis, community analysis, and centrality analysis. These graphical analyses aids in edging-out disinformation and bots on social media, credit card fraud, Vat fraud detection, and healthcare pandemic. Apart from this, the graph analytics are used in national security operations, social network analysis, and recommendation engines.
The graph analytics market is projected to witness exponential growth amidst the COVID-19 pandemic as implementing a graphical database facilitates the governments to track the spread of the virus. Recently, We-Yun, a China-based Big Data company, collaborated with Neo4 to build an application using the neo4J platform to track the citizens affected with the virus.
North America held the largest shares in the graph analytics market share in 2019 and is expected to dominate the market during the forecast period. Rising adoption of graphical analytical solutions across the healthcare sectors, an increasing number of merger and acquisition activities among prominent players, and a burgeoning number of startups drive the regional market growth. In April 2019, HPC funded Trovares, a startup based in Seattle, to develop xGT platform, a graphical analytical tool to address the challenges witnessed by the clients for a large number of data sets.
Europe holds the second highest shares in the graph analytics market and is expected to grow with a significant CAGR during the forecast period. Increasing demand for graphical analytical solutions by the telecom sector provides an impetus to the market growth as they address the massive network connectivity requirements of the region. As per the European Commission (EC), over 100,000 small and medium enterprises (SMEs) are expected to adopt a graphical database for business operations by 2020.
The solution segment held the largest market share in 2019 and is projected to dominate the market during the forecast period. The segment comprises software tools and platforms that help the data scientist to analyze and relate with other network nodes. These solutions are used to implement algorithms to provide a brief understanding of the graph databases and their relationships with each node. They are also used by telecom companies to analyze the telecom network and reduce congestion during peak hours. Thus, the need for an analytical solution to improve the service offering to the consumer drives the market growth. On the other hand, the services segment is projected to grow with the highest CAGR. The segment comprises consulting services, system integrating services, and support and maintenance services.
The on-premise segment accounted for the largest market share in 2019 and will continue the same during the forecast period. The cloud segment, on the other hand, is expected to grow with the highest CAGR. The seamless turnkey solution offered by the cloud-based solution helps the data scientist to maintain the graphical database and effectively manage these solutions.
The large enterprise segment holds about 75% of the market shares and is presumed to exhibit a significant CAGR during the forecast period. Large enterprises have strong infrastructure, coupled with skilled IT personnel, to maintain large volumes of graph database platform. On the other hand, the SME segment is expected to grow with the highest CAGR owing to the adoption of cloud-based software tools and platforms.
The customer analytics segment accounted for the largest market share of 31% and is presumed to exhibit a significant CAGR during the forecast period. Rising demand for advanced analytical solutions from media and entertainment and retail and e-commerce sectors to improve customer experience drive the segment growth. The fraud detection segment, on the other hand, is projected to exhibit the highest CAGR during the forecast period.
