Graph Database Market Size to grow by USD 7.40 billion between 2023-2027
According to a research report “ Graph Database Market” by End-user (Large enterprises, SMEs) Type (RDF, LPG) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 7.40 billion, at a CAGR of 19.9% during the forecast period. The open knowledge network (OKN), an initiative driven by open data and semantic technologies, represents a game-changing development for graph databases. The OKN's objective is to create a globally interconnected web of knowledge, fostering collaboration, innovation, and knowledge sharing by integrating data from disparate sources. Graph databases, renowned for their ability to handle heterogeneous data and forge connections between related entities, can significantly contribute to the OKN by facilitating the linking of data across various domains, resulting in a more comprehensive and interconnected knowledge graph.
Browse market data tables, figures, and in-depth TOC on “Graph Database Market” by End-user (Large enterprises, SMEs) Type (RDF, LPG) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2027. Download Free Sample
By End-user, the Large enterprises segment is projected to dominate the market size in 2024
Graph databases, in conjunction with the Resource Description Framework (RDF), offer a powerful solution for managing and analyzing complex, interconnected data. RDF, a standard model for data interchange on the web, provides a flexible and extensible framework for describing and linking data across various domains and applications. Graph databases, designed to efficiently store and query graph-like structures, enable the integration of diverse datasets and facilitate reasoning and inference based on the relationships expressed in the RDF graph. With the ability to query RDF data using the SPARQL query language, developers can build applications that leverage the relationships and semantic richness of RDF data while benefiting from the performance and scalability advantages of graph databases. This combination is expected to drive growth in the global graph database market during the forecast period.
By Type, RDF segment is expected to hold the largest market size for the year 2024
In today's business landscape, large enterprises face the challenge of managing intricate and interconnected data that traditional relational databases struggle to effectively model and query. Graph databases offer a superior solution, as they enable organizations to naturally and intuitively represent relationships between data entities. This capability is essential for real-time analytics and insights, which are crucial for informed decision-making. Use cases such as customer behavior analysis, personalized marketing, and real-time fraud detection significantly benefit from the fast querying and analysis capabilities of graph databases. Consequently, the global graph database market is poised for significant growth during the forecast period, driven by the increasing demand for real-time insights from complex data.
North America is forecasted to hold the largest market size by region in 2024
In the business landscape of North America, the surge in intricately connected data has fueled the increasing adoption of graph databases. Organizations across various sectors are grappling with the complexities of interrelated data. Graph databases offer a distinct advantage by efficiently managing and analyzing the intricate relationships between entities. The US, a pioneer in Internet of Things (IoT) innovation, is witnessing a proliferation of industries integrating IoT devices to collect and process data. Graph databases are indispensable in handling and deriving insights from the vast interconnected data generated by IoT ecosystems. Key industries such as manufacturing, transportation, utilities, and smart cities rely on graph databases to decipher the intricate relationships and interactions within their IoT networks.
The Graph Database Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
Graph databases have gained significant attention in various industries, including logistics and finance, due to their unique ability to handle complex relationships and data modeling. Logistics professionals, in particular, have found graph databases to be invaluable in optimizing warehouse management and logistics routes. In the healthcare sector, graph databases are used for disease surveillance and managing medical information, enabling real-time analytics and recommendation engines. Graph databases use a property graph model, which consists of vertices, edges, labels, and properties. This model allows for easy programming and handling of long tasks, such as complex queries and stored procedures. However, the lack of standardization in graph databases can pose challenges in business processes and data management. The finance industry also benefits from graph databases, enabling real-time analytics and visualization of financial data. Cloud regions and data centers provide scalability and accessibility, making graph databases an attractive option for businesses. Graph databases can also be used in social networks, where relationships between individuals and organizations are essential. With their ability to handle complex data and provide real-time insights, graph databases are poised to revolutionize the way businesses manage and analyze data.
Market Research Overview
The Graph Database Market is experiencing significant growth due to the increasing demand for advanced data modeling and analytics tools in various industries, including logistics and finance. Graph databases offer unique benefits such as real-time analytics, big data processing, and the ability to model complex relationships between 'Things', 'Places', 'People', 'Events', and 'Organizations'. Services and components of graph databases include delivery route optimization, shipment tracking, warehouse management, and fraud detection. Logistics professionals and medical information specialists in the healthcare industry are among the key users of these databases for disease surveillance and data management. Graph databases use a property graph model, which consists of 'Vertices', 'Edges', 'Labels', 'Properties', and 'Stored Procedures'. They offer technical expertise in data unification and data integration solutions, helping organizations overcome bottlenecks caused by data hoarding and data silos. The graph database market is expanding rapidly, with IT technology forums, job boards, social networking sites, search engines, and think tanks playing a crucial role in its growth. Key players in the market include Neo4j, Amazon Neptune, and OrientDB, among others. Graph databases offer programming ease and are used in various applications such as recommendation engines, social networks, and route optimization. However, the lack of standardization and the need for technical expertise are challenges that the market must address to ensure widespread adoption. Cloud regions and data centers are crucial considerations for organizations looking to implement graph databases, and data modeling and visualization are essential aspects of their successful implementation. Overall, the graph database market is poised for continued growth, driven by the increasing need for advanced analytics and data processing in various industries.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
