Graph Database Market to Record an Impressive Growth By 2024
Global Graph Database Market: Overview
The graph database is specially designed to obtain high-level transactional performance by inhabiting both transactional integrity and operational availability. With the help of graph database, it becomes easy to relate with the data quickly as the data is stored in the graph. Some of the popular market players that are making use of the graph databases are Facebook, LinkedIn, Google, and PayPal. The three essential benefits of the graph database are flexibility, performance, and agility.
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Global Graph Database Market: Segmentation
The global market for graph database is fragmented into its component, vertical, and end user. Based on the component, the global market is segregated into services and software. The software segment is sub-segmented into cloud and on-premise. The services segment is sub-categorized into consulting & training. Based on the vertical, the market is categorized into e-commerce & retail, healthcare & pharmaceutical, telecommunication, BFSI, information technology, travel & logistics, manufacturing, and others. Based on the end user, the market is divided into large enterprises and small & medium enterprises.
Global Graph Database Market: Growth Factors
The major factor that is driving the graph database market is the growing business applications that have connected data along with the increasing technological challenges that are associated with the connected data. The factors that are further augmenting the growth of the graph database market are increasing volumes of data by the enterprises, the increasing requirement to create the insights from the existing data, increasing focus on the data monetization solutions, and growing requirement for the master data management solutions. In various industrial organizations, the dependency on the connected data has increased for the fraud detection purpose, which is fueling the growth of the graph database market. Other factors that are positively affecting the market is the high adoption of the cloud computing environment in several industries, optimization of the marketing performance by making use of the connected data, and the increasing IoT applications. The factors that have been identified that will restrain the graph database market are the challenges that are faced during the implementation and the lack of awareness about the benefits of graph databases.
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Global Graph Database Market: Regional Analysis
Regional diversification of the graph database market is given as follows Eastern Europe, Asia Pacific, Latin America, the Middle East & Africa, Western Europe, and North America. The region that is dominating the graph database market is the North America. The factors that are contributing to the market growth in this region are the rise in the demand for data analytic solutions and the continuous efforts that are taken by the organizations to deliver personalized customer experience. The graph database market is speedily growing in Asia Pacific region. This growth is due to the growing solutions of cloud computing and the increasing preference to obtain competitive insights of the connected data that are acquired from financial, banking, and e-commerce sector.
Global Graph Database Market: Competitive Players
The key market players that are involved in graph database market include International Business Machines Corporation, OrientDB, DataStax, ArangoDB GmbH., Objectivity Inc., Oracle, Neo Technology, Inc., Franz Inc., Ontotext AD, and Sparsity Technologies.
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