Graph database is an online database management system where connected elements are linked together. Graph database is an ideal solution to store data and to connect relationships between data much more accurately than a relational database (RDBMS). Graph Database is engineered with transactional integrity and operational availability, designed to deliver high-level transactional performance. Graph databases connect the data stored in the graph, and also equipped to determine how things relate to one another quickly. Graph database is flexible with expanding data mode and suitable for delivery aligned with today’s changing business needs & delivery practices. Some of the predominant business giants utilizing graph databases are Facebook, Google, LinkedIn, and PayPal. Three key advantages of graph database are Flexibility, Performance, and Agility. Some of the common use cases of graph databases are fraud detection, real-time recommendation engines, master data management (MDM), network and its operations, identity and access management (IAM).
Graph Database Market Dynamics, Segmentation, Regional Outlook and Competition Landscape:
Expanding business applications with connected data coupled with rising technological challenges of connected data is the prominent factor drives the growth of global graph database market. Additionally, expanding enterprise data volumes coupled with growing importance to generate insight from existing data, rising focus on data monetization solutions and increasing demand for master data management solutions, are the factors further accelerates the growth of global graph database market. Also, growing dependency on connected data for fraud detection across various industries including e-commerce, banking, financial services and insurance, contributes the growth of growth of global graph database market.
Furthermore, rising demand for connected data to optimize marketing performance, continuous adoption to cloud computing environment across various industries and expanding (IoT) applications, expected to fuel the growth of global graph database market. However, implementation challenges and lack of understanding regarding the potential benefits of graph databases are the key factors identified as restraints likely to deter the progression of global graph database market.
The global graph database market is segmented on the basis of component, vertical, end-user type, and by region. Segmentation on the basis of Component: Software, On premise, Cloud, Services, Consulting & Training; Segmentation on the basis of Vertical: BFSI, Information Technology, Telecommunication, Travel & Logistics, Healthcare & Pharmaceutical, Manufacturing, E-commerce & Retail, Others; Segmentation on the basis of End-user Type: Small & Medium Enterprises, Large Enterprises; Segmentation on the basis of Region: North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, The Middle East and Africa.
Among all regions, graph database market in North America is expected to dominate the market, due to increasing demand for data analytics solutions and continuous focus to deliver personalized customer experience by organizations across various industries. Asia-Pacific is identified as the fastest growing graph database market due to expanding cloud computing solutions and growing preference to generate competitive insights from connected data from banking, financial, and e-commerce sector.
Some of the prominent players in the global graph database market include Oracle, International Business Machines Corporation, Neo Technology, Inc., OrientDB, Franz Inc.(AllegroGraph), DataStax, Ontotext AD, ArangoDB GmbH, Sparsity Technologies, and Objectivity Inc.( InfiniteGraph).
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