The graph database market is expected to grow from US$ 1,854.0 million in 2021 to US$ 7,225.9 million by 2028; it is estimated to grow at a CAGR of 22.1% between 2022 and 2028.
With nodes, edges, and features to represent and store data, graph database uses graph structures for semantic queries. Graph databases are used in various industry verticals, such as BFSI, manufacturing, retail & e-commerce, IT & Telecom, and Logistics. Risk management, fraud detection, customer analytics, recommendation engines, supply chain management, operations management, asset management, knowledge management, and scientific data management are a few applications of graph databases.
MARKET DYNAMICS
The graph database market is driven by the increasing use of graph database tools and services based on artificial intelligence (AI) and the rising demand for systems that can handle low-latency queries. Additionally, the market is anticipated to grow in the coming years owing to the increasing adoption of virtualization for big data and growing demand to uncover complicated patterns at maximum scale. However, a lack of understanding regarding the potential benefits of graph databases and challenges faced during implementation hinder the market growth.
Strategic Insights
MARKET SCOPE
The "Global Graph Database Market Forecast to 2028" report aims to provide an overview of the market with detailed market segmentation based on component, application, type, deployment type, and industry vertical. The report provides key statistics based on the financial performance of the leading market players. It also offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global graph database market is segmented on the basis of component, deployment type, application, type, and industry vertical. Based on component, the market is segmented into software and services. By deployment type, the market is bifurcated into cloud and on-premise. Based on application, the graph database industry is segmented into risk management and fraud detection, customer analytics, recommendation engines, supply chain management, operations and asset management, knowledge management, scientific data management, and others. Based on type, the graph database market is segmented into property graph and resource description framework. Based on industry vertical, the market is segmented into BFSI, healthcare, telecom and IT, retail and e-commerce, transportation and logistics, government and public sector, media and entertainment, travel and hospitality, manufacturing, and others.
REGIONAL FRAMEWORK
The global graph database market is segmented into five major regions—North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America. The report covers an analysis and forecast of 18 countries across the world along with trends and opportunities prevailing in the region.
The below figure shows the revenue growth trend in the global graph database market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, which impact the graph database market. It also provides an exhaustive Porter's five forces analysis of the factors influencing the market.
IMPACT OF COVID-19 PANDEMIC
The US, China, Japan, the UK, India, and other major economies reported a major economy decline due to the COVID-19 pandemic. Numerous businesses across the world experienced a slowdown due to the COVID-19 outbreak. Additionally, governments all over the world were compelled to enact nationwide lockdowns as a result of the rapid spread of the virus infection. The travel restrictions imposed during lockdowns hindered the supply chain of goods, as well as intermediate goods. However, the adoption of cloud, analytics, AI, IoT, Blockchain, and various technologies increased during the lockdown. The technologies provide opportunities for companies to digitalize and expand operations across borders. Furthermore, the demand for graph database solutions was anticipated to surge during the COVID-19 pandemic to identify and track the people affected by COVID-19. This has been done by collecting and processing the GPS coordinates and real-time location details of the affected people and linking them to a searchable database. This would propel the demand for graph databases solutions, thereby bolstering the market during the forecast period (2022-2028).
MARKET PLAYERS
The reports cover key developments in the graph database market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Also, acquisitions and partnership & collaborations are among the inorganic growth strategic activities witnessed in the market. These activities have paved way for the expansion of business and customer base of market players. The market players are anticipated to experience lucrative growth opportunities in the future owing to the rising demand for graph database solutions.
The report also includes the profiles of key graph database market companies along with their SWOT analysis and market strategies. In addition, it focuses on leading industry players with information, such as company profiles, components and services offered, financial information of last three years, and key developments in past five years..
Below mentioned is the list of few companies engaged in the graph database market.
- Amazon Web Services, Inc.
- Callidus Software Inc.
- IBM Corporation
- Microsoft Corporation
- arkLogic Corporation
- Neo4j, Inc.
- Oracle Corporation
- OpenLink Software
- Teradata Corporation
- TIBCO Software Inc.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.