Northbrook, IL -- (SBWIRE) -- 09/22/2019 -- According to a new market research report "Graph Database Market by Type (RDF and Property Graph), Application (Recommendation Engines, Fraud Detection, Risk and Compliance Management), Component (Tools and Services), Deployment Mode, Industry Vertical, and Region - Global Forecast to 2024"published by MarketsandMarkets™, the Graph Database Market expected to grow from USD 1.0 billion in 2019 to USD 2.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.2% during the forecast period.
The key factors driving the Graph Database Market include growing demand for systems' capability of processing low latency queries, and the adoption of Artificial Intelligence (AI)-based graph database tools and services.
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Healthcare and life sciences industry vertical 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 startups, 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 improve business profitability. Industry regulations, such as HIPPA and HITECH, provide guidelines for healthcare data privacy and the safe transmission of electronic health data.
Supply chain management application to grow at the highest CAGR during the forecast period
The prominent applications of graph database include risk and compliance management, customer analytics, fraud detection, supply chain management, and recommendation engine. Among these, the supply chain management application is expected to grow at the highest CAGR due to rising need for real-time, location-based insights across the entire supply chain. Most organizations have digitalized their enterprise, and field operations with adoption of advanced technologies. This has led to the generation of a massive amount of data.
Asia Pacific to dominate the Graph Database Market during the forecast period.
Many developed as well as developing Asian countries have adopted technologies, which have turned data as the most valuable asset for business development. Hence, information-intensive data management technologies and the graph database technology are leading the technology trends in this region. Asia Pacific (APAC) is expected to grow at the highest CAGR and estimated to pose a great potential for the growth of the Graph Database Market in the coming years.
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Some of the major solution providers of Graph Database Market are IBM (US), Microsoft (US), Oracle (US), AWS (US), Neo4j (US), OrientDB (UK), TIBCO (US), Franz (US), OpenLink Software (US), MarkLogic (US), TigerGraph (US), DataStax (US), Ontotext (Bulgaria), Stardog (US), Cray (US), ArangoDB (US), Bitnine (US), Objectivity (US), Memgraph (UK), Cambridge Semantics (US), Fluree (US), and Blazegraph (US). The study includes an in-depth competitive analysis of these key players in the Graph Database Market with their company profiles, recent developments, and key market strategies.
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