Wed, 26 Feb 2020

The Graph Database Market size is forecast to reach $ 3.21 billion by 2025 growing at a CAGR of 22.6% during the forecast period 2020-2025. The Growth of Graph Database Market can be attributed to the increase in application areas of graph database, upsurge in penetration of connected data to optimize marketing performance, surge in adoption of graph database software in the healthcare sector, rise in need for better response time & accuracy to discover new data correlations etc. Rising adoption of cloud-based solutions to enhance business processes will further fuel the growth of Graph Database Market. Increase in usage of virtualization in big data analytics and technological advancements in graph database are expected to create lucrative opportunities for the market during the forecast period.

Key Takeaways

• Large enterprises to boost the adoption of graph database tools as the implementation of these tools and services in large enterprises simplifies risk and compliance management tasks.

• As most of the organizations has digitalized their businesses, 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.

• Growing dependency on connected data for fraud detection across various industries including e-commerce, banking, financial services and insurance, contributes to the growth of global graph database market.

• The transportation & logistics industry is expected to witness the highest CAGR in the graph database market during the forecast period, due to the rising adoption of graph database technology in this industry to compute fast, to enable localized door-to-door delivery of goods between buyers & sellers, and to scale their business to include the supply chain.

• Implementation challenges and lack of technical expertise to create hurdles for the Graph Database Market.

Component Type - Segment Analysis

The software segment has been analyzed to attribute to the majority of share in the Graph Database Market during the forecast period 2020-2025 owing to the rising demand for software, as massive volume of data is continuously generated due to which managing data using a traditional relational database infrastructure is difficult for enterprises. These organizations need to manage their data efficiently and effectively to enhance their productivity and maintain business continuity. The proliferation of data amounting to big data has forced vendors to design graph database software and help Information Technology (IT) teams simplify and manage their decision-making process. For Instance, in July 2019 Dgraph raised $11.5 million for scalable graph database solutions. Thus Graph database tools are becoming prevalent among data-sensitive organizations to cope with the ever-increasing volumes of data which is indicating opportunity for the growth of Graph Database Market.

End-user - Segment Analysis

Among the end users, the healthcare and life sciences sector is expected to dominate the Graph Database Market with the highest CAGR of 12.48% during the forecast period 2020-2025. Graph database software plays a key role in the healthcare and life sciences sectors for recording patient's information and to provide this information to numerous patients or healthcare providers. Healthcare organizations and institutions are using graph database tools to improve and enhance the operational efficiency, safety, reduce costs, and improvise the quality of patient care, thus fueling its adoption in the healthcare sector. Industry regulations, such as HIPPA and HITECH, provide guidelines for healthcare data privacy and the safe transmission of electronic health data. Healthcare-focused start-ups are leveraging the graph database technology to cater to the unmet needs of customers. For instance, Zephyr Health, a health-focused start-up is leveraging graph database technology as one important component of its service offerings. Furthermore, by using graph database technology, healthcare organizations are leveraging the connections within their existing data such as connected genome or information related to patient treatments, which is opportunistic for the graph database market.

Geography- Segment Analysis

North America dominated the graph database market accounting for 42% of shares in 2019 and this trend is expected to continue over the forecast period 2020-2025. The emergence of technology-based enterprises and industries has created the significant growth opportunities for the graph database vendors in this region as the organizations highly rely on data, which is driving the adoption of graph database tools and related technologies. Increasing number of manufacturing firms, proliferation of the Internet of Things (IoT) devices, and emergence of AI will further fuel the market growth in this region. The rapid generation of data across industry verticals and the increasing investments in new technologies, such as Machine Learning (ML) is expected to propel the demand for graph database tools during the forecast period. Increasing investments by various graph database vendors in these regions will further fuel the growth of the market. For instance, in September 2019, TigerGraph a California-based software developer raised $32 million for graph database tools.

Drivers –Smart Display Market

• Real-time big data mining with visualization of results to drive the Graph Database Market.

Graph database eases the distribution of any data across data centers or cloud regions, making business applications ready to scale, and able to create real-time insights and experiences. Moreover, it helps display insights through data visualizations and provides a real-time prediction for streaming data. Hence, the graph database is used to enhance business process, analyzing interconnections, improve decision-making, and achieve the ability to automate, optimize, and direct decisions as per demands to reach set business goals. The growing consensus toward graph database is the most direct path to extract business decisions from the value found in the data.

• Penetration of connected data to optimize marketing performance is expected to drive the Graph database Market.

Graph databases are majorly designed for highly interconnected data. It works best when the data is connected, and should be represented by how it links or refers to other data. For instance, the application of graph database technology in social networks. Moreover, for highly connected data, graph database technology provides numerous benefits as compared to other relational databases, including enhanced performance, improved flexibility, and easier data modeling, which are expected to provide lucrative opportunities for the graph database market. For instance, highly connected data can cause a lot of joins, which generally are expensive. After over seven self/recursive joins, the relational database management system slows down considerably as compared to graph databases.

Challenges – Graph Database Market.

• Lack of standardization and programming ease to hamper market growth.

While graph databases are technically NoSQL databases, in practice, they cannot be implemented across a low-cost cluster, but have to run on a single machine. This is the reason behind the rapid performance degradation across a network. Another potential drawback is that developers have to write their queries using Java as there is no Standard Query Language (SQL) to retrieve data from graph databases, which means employing expensive programmers or developers use SparcQL or one of the other query languages that have been developed to support graph databases. These challenges may hinder the Graph Database Market growth.

MarketLandscape

The Graph Database Market is dominated by top ten solution providers, such as IBM (US), Microsoft (US), Oracle (US), AWS (US), Neo4j (US), OrientDB (UK), TIBCO (US), Franz (US), OpenLink Software (US), MarkLogic (US) and TigerGraph (US). Other prominent players include DataStax (US), Ontotext (Bulgaria), Stardog (US), Cray (US), ArangoDB (US), Bitnine (US), Objectivity (US), Memgraph (UK), Cambridge Semantics (US), Fluree (US), and Blazegraph (US). Investments, product launches along with partnerships are the key strategies adopted by the players in the Graph Database Market

Product Launches / Collaborations / Investments

  • In November 2018, Neo4j raised $80 million for next-generation graph databasesto grow its developer tools and support popular use cases, particularly graph-enabled artificial intelligence (AI) and machine learning (ML) systems.
  • In April 2019, Neo4j and Google Cloudannounced a strategic partnership that will offer the Neo4j graph database delivered as a seamless experience integrated with GCP console, billing, and support services.
  • In July 2019, TigerGraph Launched PartnerGraph Program to Meet Growing Demand for Graph Analytics in AI and Machine Learning. New Program Enables Partners to Leverage Leading Scalable Graph Database and Analytics Platform.

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