Graph Database Market Size to grow by USD 11812.7 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Graph Database Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global graph database market is a segment of the expansive global application software market, which falls under the larger umbrella of the IT software industry. This market encompasses organizations specializing in the creation and distribution of application and system software. It comprises businesses engaged in developing software for industry-specific applications, as well as enterprise and technical software, and cloud-based solutions. Notably, it excludes entities classified under the interactive home entertainment sub-industry and those producing systems or database management software within the systems software sub-industry. - The Graph Database Market is experiencing significant growth, fueled by the Open knowledge network gaining popularity. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Open knowledge network gaining popularity
  • Increasing demand for connected data
  • Lack of standardization and programming flexibility
  • Lack of trained employee
• Growth Projections

The market size is estimated to grow by USD 11812.7 million, at a CAGR of 24.4% during the forecast period. In today's business landscape, the ability to access and analyze data in real-time or near-real-time is paramount for gaining a competitive edge. Graph databases, with their unique capabilities, have gained significant attention due to their low-latency query capabilities. These capabilities enable quick and responsive query responses, often within milliseconds or even microseconds. The increasing demand for real-time data access and analysis across various industries and applications is driving the need for graph databases with improved query performance. Graph database vendors and open-source communities are actively researching and implementing optimizations, including hardware innovations and distributed processing techniques, to enhance query response times and meet the demands of modern businesses.

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• Regional Insights

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.

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