Global Statistics Representing Graph Database Market Scenario
A graph database is an online database management system comprising a collection of nodes and edges, wherein each node represents an entity such as a person or business and each edge represents a connection or relationship between two nodes. A graph database is ideal to store data and connect relationships between data much more accurately. It helps represent complex interactions between data in a much more natural form and often allows for a closer fit to real-world data. A graph database is suitable for delivery aligned with today’s changing business needs and delivery practices and flexible with expanding data modes. Expanding business applications with connected data, sensors, and connected devices are expected to drive the growth of the graph database market during the forecast period.
The number of connected devices surpasses the number of people in the world. Morgan Stanley estimates that within the next five years, some 75 billion connected devices will be in use worldwide. This number is rapidly approaching the estimated 86 billion connected devices. Such a staggering figure of connected devices is likely to offer many more nodes and edges than the ones currently maintained by social media companies, which will further drive the growth of the graph database market.
Increasing demand for better response time and accuracy from enterprises to discover new data correlations, and the advent of AI-enhanced graph database software and services are collectively anticipated to propel the growth of the graph database market.
The global graph database market is expected to grow at a CAGR of 16.9% during the forecast period, 2019–2026.
Key Target Audience
Geographically, the graph database market has been segmented into North America, Asia Pacific, Europe, and Latin America and the Middle East and Africa (LAMEA).
The North America Graph database market is expected to hold the largest market share during the forecast period due to the increasing demand for data analytics and continuous focus on delivering a personalized customer experience by organizations across various industries.
Europe is a prominent region for the graph database market due to its retailing and telecom sector. Europe’s telecommunication services are contributing substantially to its developing information society. Enterprises and public and individual organizations depend on reliable and convenient telecommunication services and networks.
Asia Pacific is anticipated to grow at the highest rate in the graph database market during the forecast period with cloud computing solutions gaining significant traction and the growing need to derive competitive insights from banking, financial, and e-commerce sectors’ data. In addition, countries such as Singapore and China are leveraging information-intensive technologies to gain a competitive advantage.
The LAMEA region is expected to witness steady growth during the forecast period due to its travel and tourism industry. The region is digitalizing rapidly with the adaption of technologies such as IoT, cloud, BI, mobility, and analytics, creating significant opportunities for key players operating in the graph database market.
The global graph database market can be segmented by type, solution, application, industry vertical, and geography. On the basis of type, the market can be segmented into RDF and property graph and on the basis of solution, it can be segmented into software and services. By application, the market can be segmented into analytics, risk management and fraud detection, and recommendation engines. Lastly, on the basis of vertical, the graph database market can be segmented into BFSI, information technology, telecommunication, travel and logistics, manufacturing, and others.
Some of the noteworthy players observed in the graph database market include ArangoDB, Datastax Inc., Franz Inc., IBM Corporation, Microsoft Corporation, Neo4j Inc., Ontotext, Oracle Corporation, OrientDB Ltd., and Spercity Technologies.
Graph database is a future technology suitable for enterprise data, connected experiences, and data-heavy applications; for instance, social media sites such as Facebook use the GraphQL language to query data and the recommendation engines employed in immersive sites such as TripAdvisor, Airbnb, and Amazon.
Some leading companies that have deployed graph database technology include:
In November 2018, researchers at Munich’s German Centre for Diabetes Research uncovered insights with the help of the Neo4j Graph Technology for Diabetes Research.
Today’s governments and agencies around the globe are using graph database technology to meet prominent governing challenges, including city planning, revenue, and tax collection, research, and the monitoring of fraudulent activities.
Our report covers insights about the graph database market, focusing on recent developments across different regions. The following sections are specifically covered in the report.
Global Graph Database Market Segmentation