MarketsandMarkets forecasts the Graph Database Market size to grow from USD 1.0 billion in 2019 to USD 2.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.2% during 2019–2024. The graph database market projected to have a fair growth potential, owing to the need for excellent real-time big data mining with visualizations of results, growing demand for systems’ capability of processing low latency queries, and the adoption of Artificial Intelligence (AI)-based graph database tools and services.
Healthcare and life sciences industry vertical to grow at the highest CAGR during the forecast period
Graph database tools play an important role in the healthcare and life sciences industry vertical, starting from recording patients’ information from different sources to discharging patients. Healthcare-focused startups, such as Zephyr Health, leverage the graph database technology for fulfilling the unmet needs of their customers. Healthcare organizations and institutions use graph database tools and services to improve their operational efficiency, enhance the safety, improvise the quality of patient care, and improve business profitability. Industry regulations, such as HIPPA and HITECH, provide guidelines for healthcare data privacy and the safe transmission of electronic health data.
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Supply chain management application to grow at the highest CAGR during the forecast period
The prominent applications of graph database include risk and compliance management, customer analytics, fraud detection, supply chain management, and recommendation engine. Among these, 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. Most organizations have digitalized their enterprise, and field operations with adoption of advanced technologies. This has led to the generation of a massive amount of data.
According to MarketsandMarkets, the graph database technology offers several advantages to overcome large and complex data challenges, compared to other database solutions. The benefits include the ability to scale more naturally to large data sets, flexibility for evolving data structures, and being faster for related data sets. The increasing popularity of graph databases supported by such benefits has led the industry to witness an emergence of new players in the global and domestic market. It has also created a new landscape of tools and technologies, which can be useful beyond social networks, such as recommendation engines, logistics, and genomic sequencing.
Some of the major graph database vendors are IBM (US), Microsoft (US), Oracle (US), AWS (US), Neo4j (US), OrientDB (UK), TIBCO (US), Franz (US), OpenLink Software (US), MarkLogic (US), TigerGraph (US), DataStax (US), Ontotext (Bulgaria), Stardog (US), Cray (US), ArangoDB (US), Bitnine (US), Objectivity (US), Memgraph (UK), Cambridge Semantics (US), Fluree (US), and Blazegraph (US). These graph database vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global graph database market.
Major players in the market have adopted various growth strategies, such as new product launches, product developments, partnerships and collaborations, and acquisitions, to expand their presence and enhance their market shares. Moreover, acquisitions and partnerships are major growth strategies adopted by the key players in this market. Major vendors in the graph database market, such as IBM, Oracle, Neo4j, and OrientDB, have their presence across the globe.
Oracle is one of the eminent players in the graph database market. It has a significant presence in more than 175 countries and serves its customers across the globe. Oracle has undertaken both organic and inorganic growth strategies to gain a competitive edge in the market. As part of its inorganic growth strategy, in January 2018, Oracle partnered with DataStax. The partnership involves the integration of DataStax Enterprise (DSE) graph with Oracle’s managed services environment. In October 2017, Oracle introduced the Graph Cloud Service, a fully managed, scalable, graph database, and analytics engine offering with integrated development and visualization tools for data scientists and business analysts.
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Neo4j, another prominent player in the market, has majorly adopted organic growth strategies to sustain its position in the market. The company released regular upgradations of its software in the market to offer new capabilities and features, which helped the company to remain as one of the leaders in this market. For instance, in May 2018, the company released Neo4j 3.4 with added capabilities of multi-clustering, adding date/time, and 3D geospatial search functions to Cypher and horizontal scaling. Similarly, in May 2017, Neo4j released Neo4j 3.2 that came with improvements in native graph performance, and introduced new capabilities, such as enterprise scaling, governance, and security features.
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