LONDON, Oct. 15, 2020 /PRNewswire/ -- According to a new market research report titled, "Graph Analytics Market by Component, Deployment, Industry Size, Application (Customer Analytics, Recommendation Engine, Route Optimization, Fraud Detection), End User (BFSI, E-commerce, Healthcare, Manufacturing, Logistics) – Global Forecast to 2027", the graph analytics market is expected to grow at a CAGR of 19.1% from 2020 to 2027 to reach $2.03 billion by 2027.
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Graph analytics are used to determine the strength and direction of relationships between objects in a graph. These tools are increasingly being adopted for analytic workloads. Over the years, graph analytics has gained much importance and is becoming a common part of organizations dealing with huge amounts of data and complex networking systems. Graph analytics technology is packed with several benefits, such as high-performance, scalability, reliability, better problem solving, and real-time applications.
Several industries and organizations, including retail & e-commerce, government, and service providers, are deploying this technology. The growing demand to analyze low-latency queries, the ability to uncover relationships between data in real-time, and adoption of big data technology and integration of AI, IoT, and Blockchain technologies are the key factors driving the growth of the graph analytics market. However, the lack of standardization & technical skills and the downward trend of the global economy are expected to throw some serious challenges to the growth of the graph analytics market.
Impact of COVID-19 on the Graph Analytics Market.
The COVID-19 pandemic has severely affected several economies around the globe. Combat measures, such as comprehensive lockdowns and quarantines, have a strong adverse impact on many industries globally, including the analytical industry. The uncertainty regarding the possible length of lockdowns has made it complex for industry players to anticipate the resurgence in the industry associated with digital transformation. Thus, the crisis is expected to cause structural shifts that would significantly impact the graph analytics industry.
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As the pandemic is hindering the graph analytics business, the demand for digital transformation is expected to stay elevated. Thus, digitally-driven intermediaries are proving to be effective, benefiting the graph analytics market. Further, the graph analytics market is projected to witness an exponential growth amidst the COVID 19 pandemic, as governments across the globe are implementing graphical database facilitates to track the spread of the virus.
Recently, We-Yun, a China-based big data company, collaborated with Neoj4 to build an application using the Neoj4 platform to track the citizens affected with the virus. However, several businesses are exerting extensively in order to bring the graph analytics market back-on-track. Moreover, local governments are also undertaking several relief steps to mitigate the negative impact of COVID-19. As a result, the graph analytics market is expected to regain its original track slowly.
The graph analytics market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component (solutions and services), deployment mode (on-premise and cloud-based), industry size (small & medium and large enterprises), application (customer analytics, risk & compliance management, recommendation engine, route optimization, fraud detection, other), end user (BFSI, retail & e-commerce, telecom, healthcare, government, manufacturing, transportation & logistics, and other), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the solutions segment is expected to emerge as the largest segment in the overall graph analytics market in 2020. The large share of this segment is mainly attributed to the growing demand to analyze low-latency queries, rising requirement to evaluate data in real-time, and rapid use of virtualization for big data analytics. Besides, enhanced business agility, flexibility, better problem solving, and real-time application services are further augmenting the growth of this segment.
Based on industry size, the large enterprise segment is expected to command the largest share of the graph analytics market in 2020, owing to its strong infrastructure, coupled with skilled IT personnel to maintain large volumes of graph database platforms. Furthermore, large enterprises have a strong financial backup, and hence, they can easily procure desired graph analytical solutions. However, small and medium scale enterprises also realize the significance of graph analytics.
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Based on end user, the BFSI segment is poised to command the largest share of the overall graph analytics market in 2020. The large share of this segment is attributed to increasing transactional data and growing need to implement risk and fraud analytics solutions. Furthermore, increasing incidence of money laundering and fraud have encouraged players in the BFSI sector to adopt graph analytics solutions. However, the healthcare segment is projected to grow at the highest CAGR during the forecast period owing to the increasing demand for controlling fraud related to health data.
Geographically, the North American region is poised to command the largest share of the global graph analytics market in 2020. However, Asia-Pacific region is expected to witness rapid growth during the forecast period. This can be attributed to the increasing adoption of technologies, such as AI, blockchain, and IoT. Furthermore, favorable government initiatives across the region and investments by major graph analytics companies are further accelerating the growth of this regional segment.
The report also includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4-5 years (2016–2020). The graph analytics market has witnessed several products launches in recent years. For instance, in 2020, Neoj4 launched the Graph Data Science platform. Similarly, in June 2020, Lynx Analytics launched its LynxKite 4.0, an open-source graph data science platform to democratize the adoption of Graph AI.
The graph analytics market is consolidated and dominated by few major players, namely, Neo4j Inc. (U.S.), TigerGraph (U.S.), TIBCO Software Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Lynx Analytics (Singapore), Tom Sawyer Software (U.S.), IBM Corporation (U.S.), Cray Inc (U.S.), Datastax (U.S.), Objectivity (US), Kineviz (US), Franz (US), and Expero (US) among others.
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Scope of the Report
Graph Analytics Market, by Component
- Solutions
- Software Tools
- Platform
- Services
- Professional Services
- Managed Services
Graph Analytics Market, by Deployment Mode
- On-premise
- Cloud-based
Graph Analytics Market, by Industry Size
- Small & Medium Enterprises
- Large Enterprises
Graph Analytics Market, by Application
- Customer Analytics
- Risk & Compliance Management
- Recommendation Engine
- Route Optimization
- Fraud Detection
- Others
Graph Analytics Market, by End User
- BFSI
- Retail & E-commerce
- Telecom
- Healthcare
- Government
- Manufacturing
- Transportation & Logistics
- Others
Graph Analytics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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