According to Market Research Future (MRFR), the global graph analytics market size is expected to reach a value of USD 2.88 billion with a CAGR of 31.6% from 2020 to 2027 (forecast period). The study provides a COVID-19 review of the global graph analytics market. It provides a comprehensive analysis of market segments, emerging trends, growth, market forecasts, and challenges for identifying current growth opportunities.
Graph analytics solutions are analytic tools used to assess the strength and direction of relationships between objects in a graph. Graph analytics is a network analysis and is widely used for analytics workloads. Graphic analytics is also being used for social network influencer analysis. Marketing managers are using this software to determine their potential targets for marketing campaigns by trying to trigger chain reactions between social network communities to purchase products and services. It is also used to track financial crimes such as money laundering and to identify instances of fraud, such as fraud transactions and applications in banking, fraud in government benefits, insurance claims and fraud claims, and other fraudulent activities in telecommunications. Such tools are used to prevent crime and to combat terrorism.
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Market Dynamics
The growing need for real-time data analysis and the adoption of artificial intelligence, the Internet of Things (IoT), and blockchain technologies are key factors that accelerate market growth. The rising demand for analyzing low-latency queries is an additional driver for the global market for graph analytics. Moreover, the lack of technical expertise in graph analytics is expected to pose a challenge to this industry's growth. However, the growing need to recognize intricate patterns and the rapid use of virtualization for big data analytics are opportunities for the graph analytics market.
Market Segmentation
The global graph analytics market has been segmented into component, deployment type, organization size, application, and vertical.
Based on the component, the global graph analytics market has been segmented into solution and service. The service segment has been further segmented into system integration, consulting, and support and maintenance.
Based on the deployment type, the global graph analytics market has been segmented into the cloud and on-premise.
By organization size, the global graph analytics market has been segmented into small- and medium-sized enterprises (SME) and large enterprise segments.
By application, the global graph analytics market has been segmented into customer analytics, route optimization, risk and compliance management, recommendation engines, fraud detection, and others.
By vertical, the global graph analytics market has been segmented into banking, financial services & insurance, manufacturing, transportation & logistics, healthcare & life sciences, government, telecom, retail and e-commerce, and others.
Regional Analysis
The regional analysis of the global graph analytics market has been conducted for North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America held the largest market share, as businesses in the region have been leading in the advancement of technologies globally. The US is leading the market in North America as a result of the high adoption of digital transformation and the use of advanced technologies like big data and analytics, and the increased adoption of cloud-based technologies in the country.
Europe is projected to be the second-largest market in the review period due to the high demand for real-time data analysis across vertical enterprises.
The Asia Pacific is the fastest-growing market in the global graph analytics market during the forecast period. The rising demand for analysis of low-latency queries is the primary driver of market growth in the Asia Pacific.
Key Players
The key participants in the global graph analytics market include Linkurious (France), Graphistry (US), IBM Corporation (US), Objectivity (UK), Dataiku (US), Neo4j (US), AWS (US), Teradata (US), TIBCO Software (US), Lynx Analytics (Singapore), TigerGraph (US), Cray, Inc. (US), DataStax (US), Microsoft Corporation (US), and Oracle Corporation (US).
Competitive Analysis
The global graph analytics market is experiencing high growth due to increased demand from various verticals such as government, BFSI, and IT & telecommunications. Major players have opted for alliances and product innovations as their primary organic growth initiatives to improve their market position and meet the demands of end-users across verticals. For example, in September 2019, AWS enhanced its solution — Amazon QuickSight, by adding new features. The new solution has features such as improved asset organization and sending email alerts on anomalies. The improved solution has boosted anomaly detection capabilities, and Word Cloud chart types to represent categorical fields have also been included in it.
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