According to a recent report published by Allied Market Research, titled,"Graph Database Market by Component, Deployment Model, Type Of Databases, Analysis Type, Application, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019 - 2026,"the global graph database market size was valued at $651 million in 2018 and is projected to reach $3,731 million by 2026, growing at a CAGR of 24.5% from 2019 to 2026.
Surge in adoption of graph database software in the healthcare sector, increase in application areas of graph database, rise in need for better response time & accuracy to discover new data correlations, and upsurge in penetration of connected data to optimize marketing performance are the key factors that boost the growth of the global graph database market. Moreover, increase in use of virtualization for big data analytics and technological advancements in graph database technology are the other factors that drive the market growth. However, lack of technical expertise and high setup costs are expected to hamper the graph database market growth.
Based on component, the software segment dominated the overall graph database market in 2018, and is expected to continue this trend during the forecast period. This is attributed to surge in need of this software, as large volume of data is generated continuously, due to which managing the data using a traditional relational database infrastructure is difficult for enterprises. In addition, the service segment is expected to witness the highest CAGR during the forecast period, due to growth in adoption of services among end users, as they ensure effective functioning of software and platforms throughout the process.
The on-premise deployment model was the highest contributor to the global graph database market in 2018, and is projected to remain dominant during the forecast period as the on-premise deployment model offers more control over how security is implemented, measured, and contained, thus driving its adoption among end users. However, the cloud-based graph database software is expected to witness highest growth due to its increasing adoption among the small and medium enterprises. Cloud services consolidation coupled with rapid of the hybrid cloud sector give a positive outlook to the cloud graph database platform in enterprises.
Furthermore, the IT & telecom industry dominated the graph database market in 2018, and is expected to remain dominant during the forecast period. This is attributed to the fact that telecommunication operators are increasingly focusing on this technology to achieve competitive gain, as many of the critical data sets in telecommunications are graphs, for instance, network graph, social graph, call center graph, and the master data graph. However, the transportation & logistic industry is expected to witness highest CAGR during the forecast period, due to increase in adoption of graph database technology in this industry to compute fast, to localize door-to-door delivery of goods between buyers & sellers, and to scale their business to include the supply chain.
North America dominated the overall graph database market share in 2018, as the organizations operating in this region highly rely on data, which is driving the adoption of graph database tools and related technologies. Furthermore, the emergence of technology-based enterprises and industries has created the significant growth opportunities for the graph database vendors in this region.
Key Findings of the Graph Database Market:
- By component, the software segment dominated the graph database market size. However, the services segment is expected to exhibit significant growth in the global graph database industry during the forecast period.
- Based on deployment model, the on-premise segment accounted for the highest revenue of graph database industry in 2018.
- By type of database, the non-relational (NoSQL) segment is expected to witness significant growth in the upcoming years.
- Depending on analysis type, the path analysis generated the highest revenue of graph database market in 2018. However, centrality analysis is expected to witness highest growth rate in the forecast period.
- By application, the recommendation engine application is expected to witness significant growth in the upcoming years.
- As per organization size, the large enterprises generated the highest revenue of market in 2018. However, small and medium enterprises is expected to witness highest growth rate in the forecast period.
- Depending on industry vertical, the IT & telecom generated the highest revenue of market in 2018. However, transportation & logistics is expected to witness highest growth rate in the forecast period.
- Region wise, North America dominated the graph database industry in 2018. However, the Asia-Pacific is anticipated to exhibit substantial growth during the graph database market forecast period.
Some of the key market players profiled in the report include DataStax, Franz Inc., Neo4j, Inc., Oracle Corporation, OrientDB, MongoDB, Objectivity Inc., Stardog Union Inc., Teradata Corporation, and Microsoft Corporation. This study includes graph database market analysis, trends, and future estimations to determine the imminent investment pockets.