Global Graph Database Market is Expected to To Reach Around USD 5.6 Billion by 2024
Sarasota, FL -- (SBWIRE) -- 07/31/2018 -- Zion Market Research has published a new report titled "Graph Database Market by Solution (Software and Services), by Vertical (Financial Services, Manufacturing, Public Sector, Telecom, Retail, Travel and Hospitality, and Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024''. According to the report, global graph database market was valued at around USD 499 million in 2017 and is expected to reach approximately USD 5,611 million in 2024, growing at a CAGR of slightly above 41.0% between 2018 and 2024.
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The Graph database is a NoSQL database that uses graph data model consisting of vertices, corresponding to an entity such as object, place, and person. It can even be a relevant piece of edges and data that represent the relationship between nodes. A graph database is helpful as they highlight relationships and links between data similarity. Neo4j is the global leading graph database which with most widely adopted and is estimated to have more than 5 lakh downloads. It has the largest ecosystem such as code contributions and active forums etc. It is recognized as the most mature product and is in development from 2000. It is was produced and marketed since 2003.
Data is a critical component of any business application and system in an organization from supply chain operations to finance, marketing, and customer account management, etc. Graph data management offers the solution of representing data consistently across the overall organization. Thus enabling the data stewards to enrich, cleanse, synchronize, match, and model data across multiple domains. It even scales to accomplish growth in business user demands, applications, and data volume. These multiple applications of the system are projected to propel the global graph database market during the forecast period.
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Organizations need data in real time and the right place to meet the business requirements and to stay agile in today's digital environment. Graph data management can reduce cost along with improving performance in business operations through a supply chain, manufacturing, marketing, and product development optimization.
80% percent of all IT budgets in organizations will be expected to be allocated to cloud solutions and apps in next 15 months from April 2017. "Cloud First" has become a priority for organizations preferring deployment of applications that can be deployed in the cloud or purchased as a service. Numerous organizations are switching to "Cloud First" to be in pace with their supplier and partner networks. Ability to deliver excellent customer experience through "Cloud First" is acting as a strong catalyst in for its adoption by the organizations. Positive outlook of the system in near future is anticipated to fuel the global graph database market till 2024.
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The global graph database market is segmented on the basis of the solution as software and services. Software segment is anticipated to be the most attractive segment over the forecast period as it has maximum growth rate along with the potential to capture highest market share till 2022. The launch of new software products from companies along with advancements in the existing versions will give a positive outlook to the segment. Various verticals having applications in graph database market are financial services, manufacturing, public sector, telecom, retail, travel and hospitality, and others. Financial services will witness a substantial growth during the forecast period owing to stabilizing economies of developing countries. Brazil and Argentina have registered significant gains in their economic outlook in 2017.
Asia Pacific will witness the highest gains in global graph database market due to the presence of emerging producers in IT industry in India and Indonesia. Established IT sector in Latin America is also an attractive regional market for the product application as it features its recovering economy after a consecutive decline of four years.
Prominent manufacturers in the market include Oracle Corporation, IBM, Neo Technology, Inc., Franz Inc., DataStax, Inc., Objectivity, Inc., Sparsity Technologies, ArangoDB GmbH, OrientDB Ltd., and Sirma AI.