Graph Database Global Market Report 2024

The global graph database market has grown exponentially in recent years. It will grow from $2.62 billion in 2023 to $3.3 billion in 2024 at a compound annual growth rate (CAGR) of 25.7%. Historical growth can be attributed to the increased complexity of data relationships, the impact of social media and network analysis, the necessity for real-time data processing, advancements in data analytics technologies, the adoption of these technologies in government and intelligence sectors, and advancements in healthcare data management systems.

The global graph database market is expected to see exponential growth in the next few years. It will grow to $7.73 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The anticipated growth in the forecast period stems from digital transformation initiatives, efforts towards optimizing supply chain and logistics operations, the utilization of graph-based search engines, a focus on data privacy and compliance, and the expanding applications within the automotive industry. Major trends expected during this period encompass advancements in graph query languages, integration with machine learning and AI technologies, the application of graph-based systems in fraud detection and cybersecurity measures, the emergence of cloud-based graph database services, and increased adoption of graph databases within the life sciences sector for data analysis and research purposes.

The surge in demand for graph analytics in machine learning and artificial intelligence (AI) is set to drive the growth of the graph database market. Graph analytics involves analyzing interconnected data within networks or graphs, aiding businesses in understanding complex relationships between linked entities. Graph databases facilitate the representation of these relationships through graph models, empowering users to apply pattern recognition, statistical analysis, classification, and machine learning on large datasets more effectively. TigerGraph Inc. reported in January 2022 that the adoption of graph machine learning in businesses using AI and ML technologies is projected to hit an expenditure of $57.6 billion by 2021, potentially generating a value gain of $2.9 trillion. Hence, the rising demand for graph analytics in machine learning and AI is a key driver propelling the graph database market's growth.

The escalating need for personalized marketing strategies is anticipated to fuel the expansion of the graph database market. Personalized marketing involves tailoring messages and product offers to clients based on data analysis and digital technologies. Graph databases excel in personalized marketing as they can efficiently store and process vast amounts of interconnected data, encompassing social media interactions, purchase histories, and customer profiles. Yieldify's report in November 2021 indicated that over 74% of surveyed organizations had adopted website personalization programs. By the end of 2022, an estimated 93% of these companies are predicted to embrace advanced features like dynamic segmentation. This surge in demand for personalized marketing initiatives is a key factor driving the growth of the graph database market.

Technological advancements stand out as a prominent trend shaping the graph database market. Leading companies within this market are intensively focused on developing innovative technological solutions to reinforce their market positions. Neo4j, in June 2021, introduced Neo4j version 4.3, featuring a single active and multi-passive structure for cloud scalability. This version provides enhanced cloud scalability and security features at the enterprise level, ensuring transactions with zero data loss, thereby offering an alternative to conventional replicated DBMSs.

Major players in the graph database market are innovating by developing high-performance graph databases to cater to larger customer bases, drive sales, and augment revenue. High-performance graph databases are specialized databases tailored to store and manipulate graph structures effectively for semantic queries involving nodes, edges, and properties. Aerospike's introduction of Aerospike Graph in June 2023 addresses the demand for a high-performance, enterprise-scale graph database offering real-time performance at a reasonable cost. By utilizing Aerospike's robust database as the storage layer, Aerospike Graph provides database administrators and developers with simplicity, ease of use, and optimized resource utilization. Its unique architecture enables independent scaling of compute and storage infrastructure, ensuring consistent throughput and low latencies even with extensive data volumes.

In May 2022, Integral Venture Partners, a private equity firm headquartered in the UK, completed the acquisition of a 76% ownership stake in Ontotext. The specific financial details of this transaction remain undisclosed. The funds infused into this acquisition are earmarked for a capital increase and the repurchase of secondary shares within Ontotext. Ontotext is a prominent European company, specializes in delivering graph database solutions tailored for RDF-based semantic technology applications. Integral Venture Partners' majority ownership signifies a strategic investment in Ontotext's innovative offerings within the semantic technology domain.

Major companies operating in the graph database market report are Oracle Corporation, International Business Machines Corporation (IBM), Amazon Web Services Inc., DataStax Inc., Stardog Union Inc., Hewlett Packard Enterprise Company (HPE), Microsoft Corporation, SAP SE, Teradata Corporation, Openlink Software Inc., MarkLogic Corporation, Neo4j Inc., TigerGraph Inc., Objectivity Inc., Franz Inc., ArangoDB GmbH, Blazegraph Corporation, Cambridge Semantics Inc., OrientDB Ltd., MongoDB Inc., Bitnine Co. Ltd., Ontotext AD, Grakn Labs Pte Ltd., Dgraph Labs Inc., JanusGraph, Expero Inc., Terark Inc., Redis Labs Ltd.

North America was the largest region in the graph database market in 2023. The regions covered in the graph database market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the graph database market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Graph databases primarily manifest in two forms such as RDF and labelled property graphs. Labelled property graphs are a specific type of graph database that consists of nodes and relationships, commonly referred to as LPG-style databases. The key components encompass software and services, deployable in both cloud-based and on-premises environments. These databases find diverse applications spanning consumer analytics, deep learning, regulatory compliance, recommendation engines, identity and access management, fraud detection, supply chain management, and various other domains. They are utilized across sectors like banking, financial services, insurance (BFSI), retail, e-commerce, IT, telecommunications, transportation, logistics, and more.

This report provides graph database market statistics, including graph database industry global market size, regional shares, competitors with a graph database market share, detailed graph database market segments, market trends and opportunities, and any further data you may need to thrive in the graph database industry. This graph database market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The graph database includes revenues earned by entities by providing services such as storage of data, query and modify network graphs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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