Graph Technology Global Market Report 2024

The graph technology market size has grown exponentially in recent years. It will grow from $4.31 billion in 2023 to $5.26 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. The expansion observed in the historical period can be attributed to the increased prevalence of social network analysis, the development of semantic web and linked data, advancements in search engines and recommendation systems, the enhancement of fraud detection and security measures, as well as the application of graph technology in biological and chemical research.

The graph technology market size is expected to see exponential growth in the next few years. It will grow to $11.63 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. The anticipated growth in the forecast period can be ascribed to the integration of AI and machine learning, the analysis of IoT and sensor data, the utilization of knowledge graphs in enterprise applications, optimization of supply chains through graph-based approaches, and the application of graphs in healthcare and life sciences. Key trends in this period include the convergence of AI and graph technology, the proliferation of knowledge graphs, the expansion of graph applications in IoT and supply chain management, the increasing role of graphs in healthcare and life sciences, and a heightened focus on graph-based cybersecurity solutions.

The anticipated expansion of the Internet of Things (IoT) is poised to drive the growth of the graph technology market. IoT encompasses a network of interconnected devices embedded with sensors, software, and other technologies, facilitating data collection and exchange over the Internet. This growth is spurred by technological advancements, business opportunities, and consumer preferences for smart devices. Graph technology, known for efficiently modeling and analyzing complex relationships between data points, is increasingly integral to IoT applications. As of December 2021, the GSM Association reported an expected surge in IoT connections from 15.1 billion in 2021 to 23.3 billion by 2025, with projections indicating a doubling of total IoT connections to 37.4 billion between 2021 and 2030. Consequently, the expansion of IoT is a key driver propelling the graph technology market.

Leading companies in the graph technology market are strategically investing in innovative, integrated technologies to gain a competitive advantage. An example is the development of visualization tools for tracking space objects. These tools, specialized software applications, identify, monitor, and visualize the location and behavior of space objects such as satellites and debris in Earth's orbit. In March 2022, Privateer, a US-based space sustainability and exploration-focused company, introduced Wayfinder. This proprietary knowledge graph technology maps and tracks space debris and satellites, providing an open-access, near-real-time digital catalog crucial for on-orbit services, deorbiting, refueling, and ensuring safer and more efficient operations in space.

In February 2023, International Business Machines Corporation (IBM), a US-based software technology company, completed the acquisition of StepZen Inc. for an undisclosed amount. This strategic move reinforces IBM's position in the hybrid cloud and API management market, with a specific focus on enhancing GraphQL capabilities. StepZen Inc., a US-based software development platform specializing in graph technology services, contributes to IBM's goal of unlocking business value from data and attracting developers through its unique architecture.

Major companies operating in the graph technology market are Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Teradata Corporation, Progress Software Corporation, DataStax Inc., Neo4j Inc., TigerGraph Inc., Bitnine Global Inc., Tom Sawyer Software, Cambridge Semantics Inc., Sparsity Technologies, Stardog Union, ArangoDB Inc., OrientDB Ltd., Franz Inc., Ontotext Corp., Cray Inc., Grakn Labs Ltd., GraphAware Ltd., Blazegraph Inc., Dataiku, Linkurious SAS, GraphGrid Inc.

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

Graph technology encompasses a collection of tools and methodologies designed to enable the effective storage, retrieval, and analysis of data represented in the form of nodes and edges within a graph. This approach provides a flexible and robust means of comprehending and managing interconnected data, making it relevant and applicable across various fields and industries.

The key components in graph technology primarily comprise software and services. Software encompasses programs, applications, and instructions facilitating specific tasks for computers and devices. It involves diverse graph types such as property graphs, resource description frameworks (RDF), and hypergraphs, along with various database categories such as relational (SQL) and non-relational (no SQL). This software finds applications in diverse sectors, including fraud detection, data management and analysis, customer analysis, identity and access management, compliance and risk, among others. Industries benefiting from graph technology span banking, financial services, and insurance (BFSI), retail and e-commerce, information technology (IT) and telecommunications, healthcare and life science, government and public sector, media and entertainment, as well as supply chain and logistics.

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

The graph technology market includes revenues earned by entities by providing services such as graph databases as a service, graph analytics services, data integration services, deployment services, and performance optimization services. 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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