Graph Database Market Research Forecasts Robust Expansion Amidst Data-Driven Landscape | Market to Grow at CAGR of 24.5%
Rising demand for interconnected data solutions, AI/IoT integration, scalability needs, and industry-specific applications drive graph database market.
PORTLAND, OREGON, UNITED STATES, July 21, 2023/EINPresswire.com/ — The size of the Global Graph Database Market was $651 million in 2018 and is anticipated to rise to $3,731 million by 2026, at a CAGR of 24.5%.
The rise in the use of graph database software in the healthcare industry, expansion of graph database’s application areas, demand for faster response times & accuracy to find new data correlations, and increase in the penetration of connected data to improve marketing performance are the main drivers of the global graph database market’s expansion. The market is also being driven by an increase in the use of virtualization for big data analytics and technological developments in graph database technology.
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Rise of Connected Data Applications: Graph databases excel at managing highly connected data structures, making them ideal for applications involving relationships, networks, and interdependencies. As more industries recognize the value of interconnected data, the adoption of graph databases has surged. From social networks and recommendation engines to fraud detection and knowledge graphs, businesses are leveraging graph databases to extract valuable insights and deliver personalized user experiences.
Integration with AI and IoT: The synergy between graph databases, artificial intelligence (AI), and the Internet of Things (IoT) has been a significant trend in recent years. Graph databases enhance AI and IoT applications by enabling real-time analysis of complex data relationships, facilitating more accurate predictions and actionable insights. Combining these technologies allows businesses to optimize processes, automate decision-making, and create smarter, data-driven solutions.
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Focus on Scalability and Performance: With the exponential growth of data, scalability and performance have become crucial considerations for enterprises. Graph databases have evolved to address these challenges, offering horizontal scalability and efficient query performance. Advanced indexing techniques and optimized algorithms ensure that graph databases can handle massive datasets and deliver fast response times, even with complex queries.
Industry-Specific Applications: Graph databases are finding application across diverse industries, catering to specific needs and requirements. In the financial sector, they aid in fraud detection and risk analysis, while in healthcare, they assist in patient management and medical research. Supply chain management, recommendation systems, and knowledge graphs are also benefiting from graph databases, highlighting their versatility and adaptability to different domains.
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Some of the key market players profiled in the report include DataStax, Franz Inc., Neo4j, Inc., Oracle Corporation, OrientDB, MongoDB, Objectivity Inc., Stardog Union Inc., Teradata Corporation, and Microsoft Corporation. This study includes graph database market analysis, trends, and future estimations to determine the imminent investment pockets.
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Allied Analytics LLP
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