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Graph database is defined as single purpose, specialized platform for manipulating and creating graphs. These graphs contains properties, nodes and edges that are used to store and represent data in relational database. Graph analytics is another commonly used term for graph database this term refers to analyzing graph data in graph formats using data relationships as edges and points as nodes.
In addition, graph database are technologies that are transactional of online transaction processing (OLTP) database. Further, the increasing adoption of AI based graph database services & tools and increasing demand for solutions that can process low latency queries are likely to drive the growth of the market. Similarly, the rapid need of identity complex patterns and virtualization of big data analytics are also anticipated to fuel the growth of graph database market in near future.
The outbreak of COVID 19 has changed the dynamics of business operations globally. COVID 19 had positive impact on graph database market as many government organizations and private sectors adopted the graph database for managing uncertainty at real time. The use of artificial intelligence based graph database has also increase during COVID 19. This has helped customers to manage complex supply chain and helping workers through disruption of their lives and work.
Key Market Driver -
• Real time big data mining with visualization is anticipated to fuel the growth of graph database market. • Increasing demand for solutions that can process low latency queries is expected to drive the growth graph database market
Key Market Restraint -
• Lack of programming and standardization ease is anticipated to hinder the growth of the market. • Lack of technical expertise is also expected to restrict the market growth.
Key players operating in graph database market are Microsoft Corporation, Amazon Web Services, Inc., Ontotext, Hewlett Packard Enterprise, Teradata Corporation, Stardog Union Inc., Objectivity Inc., MangoDB, Orient DB, Oracle Corporation, Neon4j Inc., TIBCO Software, Franz Inc., DataStax, IBM Corporation, ArangoDB, Blazegraph, Openlink Software, MarkLogic Corporation, GraphBase and TigerGraph Inc., among others.
Major market players are adopting various organic and inorganic strategies such as collaboration, acquisitions, new product launch, product enhancement, mergers and partnership to enhance their market presence. For instance, in April 2021, MANTA partnered with Neo4j to integrate MANTA’s platform for pipeline analysis with Neo4j’s graph database technology. This partnership will help customers to process large volumes of data faster with improved graph database technology.
North America is anticipated to have significant market growth due the emergence of technology based industries and enterprises that has created significant growth opportunities for graph database players in the region as most of the enterprises rely on data, which is driving the adoption of graph database services & tools and related technologies. Further, investment made by vendors are also fueling the growth of the market, for instance, TigerGraph headquartered in California, United States raise USD 32 million for graph database tools.
Asia Pacific is also expected to have significant growth in graph database due to increasing number of proliferation of IoT devices, manufacturing firms and emergence of artificial intelligence base graph database providers. Further, the many Asian countries are leveraging information intensive technologies to gain competitive edge among other players. These factors are more likely to create opportunity for graph database vendors and drive the market growth in the region.
Middle East and Africa is more likely to grow due to rising demand for enhanced data visualization tools. Further, many initiatives taken by governments in the region is expected to drive the growth of the market. For instance, NEOM, a mega futuristic city project is expected to implement advanced technologies such as renewable energy, robotics, smart vehicles, IoT devices, big data analytics and graph database system that can be used to for urban planning, analyzing climate change and planning route etc. Whereas, Europe is also expected to drive the growth due to wide adoption smart technologies that helps user to get the real time big data visualization.
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