Surge in adoption of graph database software in the healthcare industry, increase in application areas, requirements for enhanced response time & accuracy in finding out new data correlations drive the growth of the global graph database market. Based on component, the software segment held the largest share in 2018. On the other hand, based on region, North America appeared as the dominant share holder in the year.
Portland, OR, May 05, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global graph database market was pegged at $651 million in 2018 and is estimated to hit $3.73 billion by 2026, registering a CAGR of 24.5% from 2019 to 2026. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Surge in adoption of graph database software in the healthcare industry, increase in application areas, requirements for enhanced response time & accuracy in finding out new data correlations, and rise in dispersion of connected data to perk up marketing performance fuel the growth of the global graph database market. On the other hand, lack of technical experts and high initial expenditure curb the growth to some extent. However, upsurge in usage of virtualization in big data analytics and technological advancements in graph database are expected to pave the way for multiple opportunities in the industry.
By component, the software segment contributed to nearly three-fourths of the total market share in 2018, and is expected to retain its dominance by 2026. The services segment, on the other hand, is projected to grow at the fastest CAGR of 26.4% throughout the forecast period.
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By end users, the IT & telecom segment held the largest share in 2018, generating more than two-fifths of the global market. At the same time, the transportation & logistics segment is predicted to register the fastest CAGR of 34.5% during the study period.
By geography, North America accounted for more than two-fifths of the total market revenue in 2018 and is anticipated to maintain the lion's share by the end of 2026. Simultaneously, Asia-Pacific would portray the fastest CAGR of 27.8% during the estimated period. The other two regions analyzed in the market report include Europe and LAMEA.
The leading market players analyzed in the global graph database market report include Franz Inc., DataStax, Neo4j, Inc., Microsoft Corporation, Objectivity Inc., Oracle Corporation, OrientDB, MongoDB, Stardog Union Inc., and Teradata Corporation. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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