(IT-NEWSWIRE.COM, November 08, 2019 ) According to the new market research report "Graph Analytics Market by Component, Deployment Mode, Organization Size, Application (Route Optimization and Fraud Detection), Vertical (Healthcare and Life Sciences, Transportation and Logistics, and BFSI), and Region - Global Forecast to 2024", published by MarketsandMarkets, the global graph analytics market size is expected to grow from USD 584 million in 2019 to USD 2,522 million by 2024, at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period.
Major factors fueling the market growth are growing demand to analyze low-latency queries, advancements in graph analytics by integration of technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and the ability of graph analytics to uncover relationships between data in real time.
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The large enterprises segment to hold a larger market size during the forecast period
The graph analytics market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and increasing demand for real-time graph analytics solutions and services. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the high availability of cost-effective cloud solutions, graph analytics solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period.
By vertical, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The graph analytics market by vertical is segmented into 8 categories, namely, Banking, Financial Services and Insurance (BFSI), retail and eCommerce, telecom, healthcare and life sciences, government and public sector, manufacturing, transportation and logistics, and others (media and entertainment, education, and real estate). The healthcare and life sciences segment is expected to grow at a rapid pace during the forecast period, as there is an increase in the demand for controlling fraud related to health data, to achieve better patient experience, and to offer personalized treatment in real time.
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North America to hold the largest market size during the forecast period
North America is the most significant revenue contributor to the global graph analytics market. The region is witnessing significant developments in the graph analytics market. Many graph analytics solution providers in North America are experimenting in the market by integrating advanced technologies such as AI and IoT with their existing graph analytics solutions. They are also adopting various growth strategies to strengthen their positions in the overall market.
Major North American vendors in the graph analytics market are Microsoft (US), IBM (US), AWS (US), Oracle (US), Neo4j (US), TigerGraph (US), Cray (US), DataStax (US), Teradata (US), TIBCO Software (US), Graphistry (US), Objectivity (US), Dataiku (US), Tom Sawyer Software (US), Kineviz (US), Franz (US), and Expero (US).
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Mr. Shelly Singh