DUBLIN--(BUSINESS WIRE)--The "Graph Database Market by Type (RDF and Property Graph), Application (Recommendation Engines, Fraud Detection, Risk and Compliance Management), Component (Tools and Services), Deployment Mode, Industry Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Graph Database Market Size to Grow from USD 1.0 Billion in 2019 to USD 2.9 Billion by 2024 and is set to grow at a CAGR of 22.2% during the forecast period
The major growth factors of the graph database market include 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.
Services segment to grow at a higher CAGR during the forecast period
The graph database market database market by component has been segmented into tools and services. Professional and managed services enable organizations to maintain healthy consumer relationships. Additionally, these services assist enterprises to maximize their resource usage, effectively executing the activities enhancing business operations. The need for services, such as support and maintenance, would grow, as the adoption of graph database tools increases.
Banking, Financial Services and Insurance industry vertical expected to hold the largest market size throughout the forecast period
Graph database has a wide variety of applications in the Banking, Financial Services and Insurance (BFSI) industry vertical, such as fraud detection, cash flow analysis, and transaction analysis. Banks and other financial institutions are prone to frauds, such as fraudsters demanding loans, credit cards, and unsecured bank credits with no intention of paying them back. In such cases, graph database tools and services help the bank detect and reduce the occurrence of such frauds.
Moreover, with the increasing number of financial industry regulatory requirements, such as PCI DSS and SOX, organizations require advanced security technologies to meet these regulations. The best way to reduce the operational complexities and enhance the business growth of an organization is to upgrade its systems and technology architecture.
North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size, owing to the early adoption of graph database tools as well as prominent initiatives taken by industry players in the form of partnerships with different technology players to offer rapid analytics and data processing solutions. The major presence of graph database vendors, as well as the widespread awareness about these solutions, would continue to help the region sustain its largest market size during the forecast period.
- Excellent Real-Time Big Data Mining With Visualization of Results to Drive the Market
- Growing Demand for Systems That Can Process Low-Latency Queries
- Adoption of AI-Based Graph Database Tools and Services to Drive the Market
- Lack of Standardization and Programming Ease
- Need to Identify Complex Patterns at Maximum Scale Gaining Traction
- Rapid Use of Virtualization for Big Data Analytics
- Lack of Technical Expertise
- Use Cases
- General Data Protection Regulation
- Health Insurance Portability and Accountability Act of 1996
- Basel Committee on Banking Supervision 239 Compliance
Sarbanes-Oxley Act of 2002
- Cambridge Semantics
- OpenLink Software
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