Graph Database Market Size to Reach USD 11.25 Billion in 2030 | Increasing Demand for Flexible Online Schema Environments is a Key Factor Driving Industry Demand, says Emergen Research
VANCOUVER, BC, Feb. 9, 2022 /PRNewswire/ -- The global graph database market size reached USD 1.59 Billion in 2020 and is expected to register a rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for graph databases for digital assets and master data management is one of the major factors expected to continue to drive market revenue growth.
Drivers:
Global graph database market revenue growth is expected to be driven by increasing demand for graph databases for master data management. Data consistency and accuracy can be improved by connecting all organizational data to a unified repository for a single reference point. For large-scale global businesses, master data management is important. As companies become more customer-centric, it has never been more important than now to use the connections in the data to make quick operational decisions. This needs the use of technology to integrate the master data, which includes customers, products, suppliers, and logistical data, in order to enable the next generation of fraud detection, e-Commerce, supply chain, and logistics applications.
Master data management graph databases allow businesses to create a 360-degree view of the master data that is available in real-time to all business operational applications. The 360-degree perspective can be achieved by maintaining all of business master data in a single repository or by establishing a shared metadata repository to enable operations ranging from e-Commerce to customer service. Thus, increasing demand for graph databases for master data management will drive revenue growth of the market.
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Restraints:
Insights from graph database data require a high level of technical expertise and shortage of skilled professionals are major factors hampering revenue growth of the market. Additionally, lack of standardization is expected to restrain market revenue growth over the forecast period.
Growth Projections:
Global graph database market is expected to register a CAGR of 21.9% over the forecast period and revenue is projected to increase from USD 1.59 Billion in 2020 to USD 11.25 Billion in 2030. Increasing demand for flexible online schema environment is boosting market revenue growth.
COVID-19 Impact Analysis:
COVID–19 transformed the global dynamics of business operations and had substantially negative influence on businesses due to lockdowns imposed by governments to curb spread of the virus. However, the COVID–19 outbreak provided several opportunities for companies to digitalize and expand operations across borders as adoption and implementation of technologies such as big data, Artificial Intelligence (AI), predictive analysis, Internet of Things (IoT), and blockchain technology increased during the initial lockdowns. In 2020, retail and manufacturing industries faced significant challenges. However, with the introduction of vaccinations and significant control of the virus, companies operating in such industries are projected to attract substantial investments over the forecast period because graph database solutions have gained more popularity across various business operations.
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Current Trends and Innovations:
Digital content volumes already available and that being generated each day is significantly vast. Graph databases offer a robust and efficient database model for tracking digital assets like documents, assessments, agreements, and others. This is expected to boost demand for graph databases for digital asset management, which in turn will augment revenue growth of the market.
Geographical Outlook:
Europe graph database market is expected to register a significantly steady CAGR over the forecast period. Increasing implementation of Industry 4.0 across industries in countries in the region will drive adoption of graph database, which in turn is expected to drive Europe market revenue growth during the forecast period.
Strategic Initiatives:
Some major companies included in the global market report include Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, International Business Machines Corporation, DataStax, Inc., ArangoDB GmbH, TigerGraph, Inc., Cambridge Semantics Inc., BitNine Co Ltd., and Neo4j, Inc.
- In January 2021, DataStax, Inc. declared the acquisition of Kafkaesque Technologies Inc. (Kesque), which is a cloud messaging service completely managed and driven by Apache Pulsar, to speed the delivery of cloud-native, open-source and scale-out business events streaming for advanced data applications. DataStax's acquisition of Kesque allows technology companies to offer modern data applications with unlimited scaling, rapid development speed, and cloud hosting. DataStax also declared release of a production-ready, open-source distribution, and maintenance subscription for Apache Pulsar named DataStax Luna Streaming.
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Emergen Research has segmented global graph database on the basis of component, deployment, graph type, organization size, analysis type, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2018–2030)
- Solution
- Service
- Deployment Outlook (Revenue, USD Billion; 2018–2030)
- On-premises
- Cloud
- Graph Type Outlook (Revenue, USD Billion; 2018–2030)
- Labeled Property Graph
- Resource Description Framework (RDF)
- Organization Size Outlook (Revenue, USD Billion; 2018–2030)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- Analysis Type Outlook (Revenue, USD Billion; 2018–2030)
- Connectivity Analysis
- Path Analysis
- Centrality Analysis
- Community Analysis
- Application Outlook (Revenue, USD Billion; 2018–2030)
- Master Data & Metadata Management
- Fraud Detection & Risk Management
- Customer Analytics
- Recommendation Engine
- Identity and Access Management
- Privacy and Risk Compliance
- Supply Chain Management
- Infrastructure Management
- Content Management
- Asset Management
- Human Capital Management
- Scientific Data Management
- Others
- End-Use Outlook (Revenue, USD Billion; 2018–2030)
- Telecom and IT
- BFSI
- Media and Entertainment
- Healthcare
- Retail and E-Commerce
- Government
- Manufacturing
- Travel and Hospitality
- Logistics & Transportation
- Energy and Utilities
- Others
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- Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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