Increase in adoption of graph database software in the healthcare industry, rise in application areas, and surge in requirement for enhanced response time & accuracy in finding out new data correlations drive the growth in the global graph database market
PORTLAND, Oregon, July 2, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Graph database Market by Component (Software and Services), Deployment Model (On-premise and Cloud), Type of Database (Relational (SQL) and Non-relational (NoSQL)), Analysis Type (Path Analysis, Connectivity Analysis, Community Analysis and Centrality Analysis), Application (Fraud Detection & Risk Management, Master Data Management, Customer Analytics, Identity & Access Management, Recommendation Engine, Privacy & Risk Compliance, and Others), Organization Size (Large Enterprises and Small & Medium Enterprises), Industry Vertical (BFSI, Retail & E-commerce, IT & Telecom, Healthcare & Life science, Government & Public Sector, Media & Entertainment, Manufacturing, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global graph database market garnered $651 million in 2018 and is expected to generate $3.73 billion by 2026, registering a CAGR of 24.5% from 2019 to 2026.
Increase in adoption of graph database software in the healthcare industry, rise in application areas, surge in requirement for enhanced response time & accuracy in finding out new data correlations, and rise in penetration of connected data to improve marketing performance drive the growth in the market. However, scarcity of technical experts and high initial expenditure restrain the market growth. On the other hand, upsurge in usage of virtualization in big data analytics and technological advancements in graph database would offer lucrative opportunities in the market.
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Software segment to continue its leadership position by 2026
Based on component, the software segment held the dominant market share, with nearly three-fourths of the total revenue in 2018, and is estimated to continue its leadership position by 2026. This is due to rise in need for innovative software as the traditional database management software are not able to handle the enormous amount of data. However, the services segment is expected to register the highest CAGR of 26.4% from 2019 to 2026, owing to adoption of services to ensure effective functioning of software and platforms during the process.
IT & telecom segment to maintain its lion's share by 2026
Based on end users, the IT & telecom segment accounted for more than two-fifths of the total market share in 2018 and will maintain its lion's share by 2026. This is attributed to need to achieve competitive advantage with the critical data sets that are graphs. However, the transportation & logistics segment is expected to register the highest CAGR of 34.5% from 2019 to 2026, owing to the rise in adoption of graph database technology for fast computation, localized door-to-door service of goods among sellers and buyers, and requirement to upscale their business to include the supply chain.
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North America to maintain its lead during the forecast period
North America held the highest market share in terms of revenue in 2018, contributing for more than two-fifths of the total share, and is estimated to maintain its lead during the forecast period. This is due to high dependence on data and need to manage complex data sets. On the other hand, Asia-Pacific is expected to register the highest CAGR of 27.8% from 2019 to 2026, owing to rise in digitization, leveraging information-intensive technologies for gaining a competitive advantage, and utilization of emerging technologies such as IoT, mobility cloud, and others.
Torchbearers in the industry
Leading market players analyzed in the research include DataStax, Neo4j, Inc., Franz Inc., OrientDB, Oracle Corporation, Objectivity Inc., MongoDB, Teradata Corporation, Stardog Union Inc., and Microsoft Corporation.
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The NoSQL usage, in web applications and data storage & analysis, is poised to drive the NoSQL market, significantly, through the analysis period of 2013 - 2020. North America, is slated to remain, as a major market driving region, contributing to more than 2/5 of the overall industry revenue, through 2020.
The fraud detection & prevention market in Asia-Pacific is projected to grow at a significant rate during the forecast period, owing to increase in fraud incidents in emerging economies such as India, China and Japan. Furthermore, upcoming new visualization tools and applications, in addition to customer analytics and predictive analytics, may further increase the demand for these solutions.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research