Graph Database Market

New Product Launches, Product Developments, Partnerships and Collaborations, and Acquisitions in the Graph Database Market

A graph database management system is an online database management system with Create, Read, Update, and Delete (CRUD) methods. These are generally built for use with transactional systems. Graph databases have become a mainstream technology in data management for enterprises and finds application in all industry verticals. Graph database technology offers several advantages to overcome large and complex data challenges, compared to other database solutions. Various benefits of the technology include ability to scale more naturally to large data sets, flexibility for evolving data structures, and being faster for related data sets. The increasing popularity of graph databases supported by such benefits, the market has witnessed an emergence of new players to the global and domestic market and has created a new marketspace for tools and technologies which can be useful beyond social networks, such as recommendation engines, logistics, and genomic sequencing. Companies operating in the market provide radically new approaches to link heterogenous data, link billions of pieces of connected data and create new sources of value for customers and increase operational agility for customer service. Companies provide their innovative solutions as Database-as-a-Service in the Cloud and provides a fully-managed database in the cloud, where new databases can be instantly deployed with no administration cost.

The global graph database market size is projected to reach USD 2,409.1 million by 2023, growing at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period (2018–2023). Major vendors in the graph database market include IBM (US), Microsoft (US), Oracle (US), AWS (US), Neo4j (US), OrientDB (UK), TIBCO Software (US), Franz (US), Teradata Corporation (US), OpenLink Software (US), MarkLogic (US), TigerGraph (US), DataStax (US), Ontotext (Bulgaria), Stardog (US), Cray (US), ArangoDB (Germany), Sparcity Technologies (Spain), Memgraph (UK), Bitnine (Korea), Objectivity (US), MongoDB (US), Cambridge Semantics (US), Fluree (US), and Blazegraph (US).

Major players in the market have adopted various growth strategies, such as new product launches, product developments, partnerships and collaborations, and acquisitions, to expand their presence and enhance their market shares. Moreover, acquisitions and partnerships are the major growth strategies adopted by the key players in this market. Major vendors in the graph database market, such as IBM, Oracle, Neo4j, and OrientDB, have their presence across the globe.

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Oracle is one of the eminent players in the graph database market. It has a significant presence in more than 175 countries and serves its customers across the globe. Oracle has undertaken both organic and inorganic growth strategies to gain a competitive edge. As part of its organic growth strategy, in October 2017, Oracle introduced Graph Cloud Service, a fully managed, scalable, graph database, and analytics engine offering with integrated development and visualization tools to data scientists and business analysts. The company has also adopted inorganic strategies, such as partnerships and collaborations, to boost its revenue growth. For instance, in January 2018, Oracle partnered with DataStax to integrate DataStax Enterprise (DSE) Graph with Oracle’s managed services environment.

Neo4j, another prominent player in the market, has majorly adopted organic growth strategies to sustain its position in the market. The company released regular upgradations in the market to offer new capabilities and features in its software which helped it to remain as one of the leaders in this market. For instance, in May 2018, the company released Neo4j 3.4 with added capabilities of multi-clustering, adding date/time, and 3D geospatial search functions to Cypher and horizontal scaling. Similarly, in May 2017, Neo4j released Neo4j 3.2 that came with improvements in native graph performance, and introduced new capabilities, such as enterprise scaling, governance, and security features.

Related Reports:

Graph Database Market by Type (RDF and Property Graph), Application (Risk Management & Fraud Detection, Customer Analytics, Recommendation Engines), Component (Tools and Services), Deployment Type, Industry Vertical, and Region - Global Forecast to 2023

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Report Code
TC 6341
Published ON
Jun, 2018
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