According to a new market research report "Graph Database Market by Type (RDF and Property Graph), Application (Risk Management & Fraud Detection, Customer Analytics, Recommendation Engines), Component (Tools and Services), Deployment Type, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market size is expected to grow from USD 821.8 Million in 2018 to USD 2,409.1 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. The key growth factors for the global Graph Database Market are the increasing need for better response time and accuracy to discover new data correlations, and multi-dimensional data management with real-time query support.
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Healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period
Graph database tools play an important role in the healthcare and life sciences industry vertical, starting from recording patients' information from different sources to discharging patients. Healthcare-focused start-ups, such as Zephyr Health, leverage the graph database technology for fulfilling the unmet needs of their customers. Healthcare organizations and institutions use graph database tools and services to improve their operational efficiency, enhance the safety, improvise the quality of patient care, and reduce costs. Industry regulations, such as HIPAA and HITECH, provide guidelines for healthcare data privacy and the safe transmission of electronic health data.
Small and Medium-sized enterprises segment is expected to grow at the highest CAGR during the forecast period
IT facilitates the expansion of new markets, where companies can compete in the market that is already being designed by global players. Global companies have designed requirements to document processes for risk management and have had them confirmed by external auditors. This, in turn, has forced SMEs to follow the same practices. Therefore, SMEs are focusing on deploying advanced graph database solutions that supplement the deployment of Master Data Management (MDM) solutions to secure and govern their data as per the regulatory aspects.
North America is expected to hold the largest market size; and APAC to grow at the highest CAGR during the forecast period
North America being the major and the fastest adopter of technologies, generates large volumes of data. Organizations operating in this region are highly dependent on data, and hence adopt innovative technologies and practices, including graph database tools and supporting technologies. Graph database has become a profitable alternative solution for both the data stored over cloud as well as in the data center, as it is faster and efficient in understanding the relationship between various data sets.
According to the federal data release in 2016, the US enterprises still dominate the North American region, as it invests heavily in R&D activities. The investments have resulted in the higher adoption of graph database tools and services in the US. Moreover, the dominance of technology-based industries and enterprises has created significant growth opportunities for the graph database vendors.
The major vendors in Graph Database Market, offering graph database tools and services include IBM (US), Microsoft (US), Oracle (US), AWS (US), Neo4j (US), OrientDB (UK), TIBCO Software (US), Franz (US), Teradata Corporation (US), OpenLink Software (US), MarkLogic (US), TigerGraph (US), DataStax (US), Ontotext (Bulgaria), Stardog (US), Cray (US), ArangoDB (Germany), Sparcity Technologies (Spain), Memgraph (UK), Bitnine (Korea), Objectivity (US), MongoDB (US), Cambridge Semantics (US), Fluree (US), and Blazegraph (US).
These players have incorporated various strategies to expand their global presence to increase their market shares. The strategic partnerships, mergers and acquisitions, product upgrades, and expansions are some of the major strategies embraced by these players.
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