IMARC Group, a leading market research company, has recently releases report titled “Graph Database Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global graph database market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Graph Database
A graph database is a specialized data management system that is designed to store, retrieve, and analyze data efficiently in a graphical format. It utilizes a network of interconnected nodes and edges to represent and organize data, unlike traditional relational databases, which rely on tables and rows. It manages complex relationships within data and enables quicker and more accurate insights. It is optimized for real-time data access and allows businesses to extract actionable insights. It can handle large datasets with ease by adding more servers or nodes to ensure consistent performance. It enables organizations to adapt to changing data requirements without significant modifications and reduces development time and costs. Besides this, it is widely utilized for scenarios where relationships and connections between data points are a concern, such as social networks, recommendation engines, fraud detection, and supply chain management.
How Big Is the Graph Database Market?
The global graph database market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.8 Billion by 2028, exhibiting a growth rate (CAGR) of 21.2% during 2023-2028.
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What are the growth prospects and trends in the graph database industry?
The rising adoption of graph databases, as they maintain data integrity and accuracy and allow businesses to spot anomalies and inconsistencies more efficiently, represents one of the key factors strengthening the market growth. Additionally, the increasing need for highly effective fraud detection and prevention solutions among business organizations is impelling the market growth. Apart from this, the escalating demand for graph databases for the Internet of Things (IoT) analytics and real-time decision-making is offering a positive market outlook.
In addition, the rising utilization of graph databases to model and optimize complex supply chain networks, improve efficiency, and reduce costs is contributing to the market growth. Furthermore, the increasing employment of graph databases among e-commerce and content platforms to provide personalized recommendations and enhance user experiences is supporting the growth of the market.
In line with this, the rising need to analyze and understand social connections, both for business and social media, is providing lucrative growth opportunities to industry investors. Moreover, the increasing adoption of graph databases among publishers and content providers to organize and retrieve content efficiently is bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Software
- Services
Breakup by Type of Database:
- Relational (SQL)
- Non-Relational (NoSQL)
Breakup by Analysis Type:
- Path Analysis
- Connectivity Analysis
- Community Analysis
- Centrality Analysis
Breakup by Deployment Model:
- On-premises
- Cloud-based
Breakup by Application:
- Fraud Detection and Risk Management
- Master Data Management
- Customer Analytics
- Identity and Access Management
- Recommendation Engine
- Privacy and Risk Compliance
- Others
Breakup by Industry Vertical:
- BFSI
- Retail and E-Commerce
- IT and Telecom
- Healthcare and Life Science
- Government and Public Sector
- Media and Entertainment
- Manufacturing
- Transportation and Logistics
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Amazon Web Services Inc. (Amazon.com Inc.), Datastax Inc., Franz Inc., International Business Machines Corporation, Marklogic Corporation, Microsoft Corporation, Neo4j Inc., Objectivity Inc., Oracle Corporation, Stardog Union, Tibco Software Inc. and Tigergraph Inc.
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