Global Graph Database Market to Reach US$ 4,603.4 Mn by 2027

According to a new market research report published by Credence Research, “Graph Database Market (By Component (Tools, and Services), By Type (Resource Description Framework, and Property Graph), By Deployment (On-premises, and Cloud), By Organization Size (Small and Medium-sized Enterprises (SMEs), and Large Enterprises), By Application (Risk and Compliance Management, Customer Analytics, Fraud Detection, Recommendation Engines, Supply Chain Management, and Others), By Industry Verticals (Telecom & IT, BFSI, Retail & e-Commerce, Manufacturing, Healthcare & Life Sciences, Transportation & Logistics, Government & Public, and Others), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global graph database market is expected to reach US$ 4,603.4 Mn by 2027, expanding at a CAGR of 24.3% during the forecast from 2019 to 2027.

Market Insights

Surge in demand of connected devices across the world has considerably increased the volume of data generated per year. In addition, increase in penetration of social media and internet has also contributed significantly in the volume of data generation per year. This in turn has turned the data analytics into more complex and time consuming task. In the wake of same, business users are demanding for more real-time, fast, and integrated data solution to extract various insights. Graph database uses graph theory to solve the complex and connected problems.

 

The global graph database market is bifurcated on the basis of component, type, deployment, organization size, application, and industry verticals. Large enterprises dominated the global graph database market in the year 2018, as larger enterprises generate large volume of data every year, they require periodic analysis of the data generated. For instance, Amazon, Netflix, and LinkedIn are some of the large consumer-facing platforms that effectively use graph database platform for storing consumer behavior and relationships. However, Small & Medium Enterprises (SMEs) is predicted to grow with highest CAGR over the forecast period. SMEs is expected to exploit graph technology for getting 360-degree view of the business. Graph database is majorly used for fraud detection, master data management, and for analytical study of data on different platforms.

Asia Pacific is expected to witness highest CAGR during the forecast period. The significant growth of the region is mainly attributed to the rapid growth of connected devices and solutions in the region. As per ‘GSMA Intelligence’, Asia Pacific is anticipated to be the largest connected devices market by 2020 with more than 11 Billion connected device across the region. In addition, region also seeks enormous growth in the social media subscribers over the past few years that again accounts for one of the major reasons for the surge in the graph database solution.

 

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