Graph Database Market Projected to Reach $7.3 Billion by 2028

(IT-NEWSWIRE.COM, September 02, 2024 ) The global graph database market size to grow from USD 2.9 billion in 2023 to USD 7.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. Increasing adoption for graph database tools and services to drive market.

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The services segment to hold higher CAGR during the forecast period

Based on the offering, the graph database market is segmented into solutions and services. The services segment has been further divided into professional and managed services. Graph database services encompass a range of offerings designed to support the implementation, management, and optimization of graph databases for various applications. The growing adoption of graph database solutions is expected to boost the adoption of professional and managed services.

Community Analysis segment to hold the largest market size during the forecast period

Community analysis refers to the process of identifying and characterizing groups or clusters of nodes within a graph that exhibit a higher degree of interconnectedness among themselves compared to the rest of the graph. The need for deeper insights into complex relationships and structures within data networks drives the adoption of community analysis techniques.

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Graph Database Market Advantages:

• In applications like social networks, recommendation engines, and fraud detection where understanding connections is essential, graph databases excel in modelling complicated relationships between data points.

• Utilising query languages that are tailored for traversing relationships, graph databases utilise them. When working with heavily connected data, this leads to faster and more effective queries when compared to typical relational databases.

• Graph databases have a flexible schema that makes it possible to add or edit data without changing the structure of the entire database. In situations where data structures change over time, this agility is advantageous.

• Distributed graph databases have the ability to scale horizontally to handle expanding datasets and escalating user demands, preserving performance even as the data volume grows.

• Graph databases are highly suited for real-time data analysis and dynamic visualisation due to their ability to traverse relationships quickly, allowing organisations to immediately get useful insights.

• Graph databases closely replicate relationships in the actual world, which makes data modelling more natural and reflective of how people perceive and use information.

• Graph databases are beneficial for applications like knowledge graphs, recommendation systems, and semantic search engines because they are excellent at capturing semantic context.

• Graph databases can spot unique patterns and relationships that other database types might overlook while conducting network research and fraud detection.

• For handling master data across several domains and sources and assuring data accuracy and consistency, graph databases are helpful.

The graph extension segment to hold a larger market size during the forecast period

The graph extension segment is expected to hold highest market share during the forecast period. Graph extensions find applications in various fields such as social networks, recommendation systems, knowledge graphs, and more, enabling richer and more nuanced representations of data. The need for advanced functionality beyond basic graph storage and querying drives the adoption of graph extensions.

Asia Pacific to hold higher CAGR during the forecast period

Asia Pacific is expected to grow at a good pace during the forecast period. Opportunities for smaller graph database vendors to introduce graph database solutions for numerous sectors have also increased. increasing adoption of graph databases across various industries in the Asia Pacific region. Organizations recognize the value of graph databases in addressing complex data challenges, uncovering insights, and driving innovation in an ever-evolving technological landscape.

The major vendors in the graph database market include Oracle Corporation (US), IBM Corporation (US), Amazon Web Services, Inc. (US), DataStax (US), Ontotext (Bulgaria), Stardog Union (US), Hewlett Packard Enterprise (US), ArangoDB (US), Blazegraph (US), Microsoft Corporation (US), SAP SE (Germany), Teradata Corporation (US), Openlink Software (US), TIBCO Software, Inc. (US), Neo4j, Inc. (US), GraphBase (Australia), Cambridge Semantics (US), TigerGraph, Inc. (US), Objectivity Inc. (US), Bitnine Co, Ltd. (US), Franz Inc. (US), Redis Labs (US), Graph Story (US), Dgraph Labs (US), Eccenca (Germany), and Fluree (US).

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Graph Database Market Projected to Reach $7.3 Billion by 2028