Technology

Asia Pacific to dominate the graph database market during the 2019-2013

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.

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.

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The global graph database market size is projected to reach USD 2,409.1 million by 2023, growing at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period (2018–2023). Major vendors in the graph database market include IBM (US), Microsoft (US), Oracle (US), AWS (US), Neo4j (US), OrientDB (UK), TIBCO Software (US), Franz (US), Teradata Corporation (US), OpenLink Software (US), MarkLogic (US), TigerGraph (US), DataStax (US), Ontotext (Bulgaria), Stardog (US), Cray (US), ArangoDB (Germany), Sparcity Technologies (Spain), Memgraph (UK), Bitnine (Korea), Objectivity (US), MongoDB (US), Cambridge Semantics (US), Fluree (US), and Blazegraph (US).

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 the 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.

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