According to a research report “Graph Database Market by Model Type (RDF, LPG, Hypergraph), Offering (Solutions, Services), Analysis Type (Community Analysis, Connectivity Analysis, Centrality Analysis, Path Analysis), Vertical, and Region – Global Forecast to 2028″ published by MarketsandMarkets, 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.
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.
BFSI segment to have the largest market size during the forecast period
In the BFSI sector, graph databases are gaining traction as vital tools for fraud detection, risk assessment, and customer relationship management. The ability to analyze intricate financial connections and patterns allows for improved fraud prevention, while modeling customer interactions enhances personalized services. Graph databases empower the BFSI industry to navigate complex relationships and provide real-time insights, contributing to more informed decision-making and streamlined operations.The need to leverage interconnected data to improve fraud detection, risk management, customer relationships, compliance, and overall operational efficiency will drive the BFSI segment.
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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