The graph analytics market is growing pervasively mainly due to the continually growing massive amount of data vulnerable to various hazards such as data theft. The banking and insurance industry comprises a significant amount of sensitive data and, therefore, largely needs graph assessment and graph control tools that can identify fraudulent activities immediately without wasting time.
With the rapidly growing BFSI industry worldwide, the market is expected to garner significant prominence in the years to come. In this regard, Market Research Future (MRFR) asserts that the global graph analytics market is projected to grow exponentially by 2027, growing at an impressive CAGR during the review period (2020-027).
Additional factors substantiating the market growth include features of graph analytics like scalability and cost optimization. Simultaneously, the proliferation of cloud technology fetches many benefits allowing businesses with wide accessibility to insights into Big Data. Moreover, increasing industrialization and improving economic conditions propel market growth.
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On the other hand, graph analytics is still in its embryonic stage and hence, presents major challenges such as the lack of universally accepted standards and technical issues of the current cloud infrastructures. Also, the initial investment required to implement graph analytics acts as a hurdle to market growth.
Global Graph Analytics Market - Segments
The report is segmented into components, deployment types, organization size, applications, verticals, and regions. The component segment is sub-segmented into solutions and services. Sub-segment service is further divided into consulting, system integration, and support & maintenance. The deployment type segment is sub-segmented into cloud and on-premise.
The organization size segment is sub-segmented into small & medium-sized enterprises (SME) and large enterprises. The application segment is sub-segmented into customer analytics, risk and compliance management, recommendation engines, route optimization, fraud detection, and others.
The vertical segment is sub-segmented into banking, financial services & insurance, transportation & logistics, healthcare & life sciences, manufacturing, government, telecom, retail, and e-commerce, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Global Graph Analytics Market - Regional Analysis
North America leads the global graph analytics market. The largest market share attributes to the high adoption of digital transformation, cloud-based technologies, and advanced technologies such as big data & analytics. Besides, the growing demand for real-time data analysis and analyzing low-latency queries among enterprises across verticals foster market growth.
Technological advances and market penetration of connected devices such as smartphones and tablets are some of the prevailing trends. Higher adoption of graph analytics tools and government efforts influence the market growth. Additionally, the presence of key players and well-established infrastructures in the region acts as a key driving force, allowing a favorable environment for developments in technologies.
Graph Analytics Market – Competitive Analysis
The graph analytics market is fiercely competitive, with several large and small players operating in the market. Growth in product innovations and technologies in the market is also expected to create strong investment opportunities for the global players.
Major Players:
Players leading the market include Graphistry (US), Linkurious (France), Objectivity (UK), Neo4j (US), Dataiku (US), Teradata (US), Lynx Analytics (Singapore), TIBCO Software (US), Microsoft Corporation (US), AWS (US), IBM Corporation (US), TigerGraph (US), DataStax (US), Cray, Inc. (US), and Oracle Corporation (US), among others.
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Industry/ Innovation/ Related News:
June 29, 2021 --- TigerGraph, a leading provider of the graph analytics platform, announced the expansion of its partner ecosystem in the United States, Europe, and Asia, meeting the growing demand. The company has added various global system integrators, technology vendors, and other fulfillment companies to its partner roster. The expansion of this partner program comes after the company recently closed a US$105 million funding round within the graph database and analytics market.
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Market Analysis The global graph analytics market will touch USD 2,885.2 million at a 31.6% CAGR in the forecast period 2020- 2027, as per the new Market Research Future (MRFR) analysis.
Graph analytics solutions, simply put, are analytic tools which are used for determining the direction and strength of relationships between objects in a graph.
As per the recent MRFR market estimates, such factors include the growing need to analyze data in real time, integration of AI, IoT, and blockchain technologies, the growing need to analyze low-latency queries, growing need to identify complex patterns, rapid use of virtualization for big data analytics, and the growing need for analysis of low-latency queries.
On the contrary, lack of technical skills regarding graph analytics may limit the global graph analytics industry growth over the forecast period.
By organization size, the global graph analytics market is segmented into large enterprise segments and small and medium-sized enterprise (SME).
By vertical, the global graph analytics market is segmented into retail and e-commerce, telecom, government, manufacturing, healthcare and life sciences, transportation and logistics, BFSI, and others.
