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Surge in adoption of graph database software in the healthcare industry, increase in application areas, requirements for enhanced response time & accuracy in finding out new data correlations, and rise in dispersion of connected data to perk up marketing performance fuel the growth of the global graph database market. On the other hand, lack of technical experts and high initial expenditure curb the growth to some extent. However, upsurge in usage of virtualization in big data analytics and technological advancements in graph database are expected to pave the way for multiple opportunities in the industry.The global graph database market was pegged at $651 million in 2018 and is estimated to hit $3.73 billion by 2026, registering a CAGR of 24.5% from 2019 to 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.
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 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.
Profiling Key Players: DataStax, Franz Inc., Neo4j, Inc., Oracle Corporation, OrientDB, MongoDB, Objectivity Inc., Stardog Union Inc., Teradata Corporation, and Microsoft Corporation.
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