Redding, California, Jan. 19, 2023 (GLOBE NEWSWIRE) — 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”, published by Meticulous Research®, 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 can be defined as the collation of analytic tools used to determine the strength and direction of relationships between objects in a graph. Graph analytics is a form of network analysis that has gained much importance and is becoming a common part of organizations dealing with huge volumes of data and complex networking systems. Graph analytics technology offers several benefits, such as high performance, scalability, reliability, better problem-solving capabilities, and real-time applications. Several organizations across various industries are deploying this technology to stay a step ahead of the competition.
The steady growth of the graph analytics market is mainly attributed to the surge in demand for real-time insights with data visualization, the rising need to analyze low-latency graph queries, and the emergence of disruptive technologies. Furthermore, the increasing demand for analyzing and identifying complex patterns in real-time, and the growing use of big data virtualization are creating new growth opportunities for vendors in the graph analytics market. Some of the key merits of implementing graph analytics solutions include improved performance, scalability, reliability, better problem solving, and real-time application. However, factors such as the lack of ease in programming and standardization, misconceptions, and lacking awareness about graph analytics solutions pose serious challenges to the adoption of graph analytics solutions, thereby hampering the market’s growth.
Surging Demand For Real-Time Insights With Data Visualization to Propel the Growth of the Graph Analytics Market
The real-time ingestion of unstructured, semi-structured, and structured data from databases, log files, message queues, and sensors generates tremendous amounts of data across various sectors. Real-time data visualization is the processing and publishing of such type of data as it changes in real-time. By combining real-time data integration, streaming analytics, and rich data visualization in a single platform, graph analytics allows businesses to respond to trends and emerging issues proactively and with full context. Graph analytics helps understand relationships between complex and constantly changing data to extract insights in real-time and deliver actionable information. Real-time data visualization also offers interactive and live dashboards that enable viewing and comparing historical data via the user interface (UI) and allows filtering and comparing each chart by different dimensions through data analytics and supply chain visualizations. Graph analytics offers data visualization, simplifying the distribution of any data across data centers or the cloud, making business applications prompt, ready-to-scale, and able to create real-time insights and experiences.
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Graph analytics is becoming essential for organizations dealing with huge amounts of data and complex networking systems to enhance business processes, improve decision-making, and achieve the ability to automate, optimize, and direct decisions. For instance, during the first wave of the COVID-19 pandemic, Jump Technologies, Inc. enabled hospitals and health systems to monitor the locations of supplies through the expansion of its JumpStock capabilities, which included data analytics and supply chain visualization. Real-time data is essential for proactive supply management and can help avoid another healthcare supply chain collapse in the event of the resurgence of COVID-19. Thus, such initiatives and developments boost the demand for real-time insights with visualization, which is expected to propel the growth of the graph analytics market in the coming years.
To provide efficient analysis, Meticulous Research® has segmented the overall graph analytics market based on component (solution, services), deployment mode (on premise, cloud), organization size (large enterprises, small & medium enterprises), application (fraud detection, customer analytics, route optimization, risk & compliance management, recommendation engine, and other applications), end user (BFSI, retail, telecom, healthcare, government, manufacturing, transportation, and other end users), and geography.
Based on component, the graph analytics market is broadly segmented into solution (software tools and platforms) and services (consulting, installation & training, and support & maintenance). In 2023, the solution segment accounted for the largest share of the overall graph analytics market. The growing need for analyzing low-latency queries and data in real-time and the rising use of virtualization for big data analytics support the large share of the solutions segment. Considering the rapid deployment of the IoT and blockchain technologies across different business sectors, the demand for graph analytics solutions is expected to grow over the coming years as well, thereby supporting steady market growth over the forecast period. However, the services segment is expected to record the highest growth rate over the forecast period. With the rapid adoption of graph analytics across various sectors, including BFSI, the need for services such as consulting, installation & training, and support & maintenance is growing consistently, particularly in developed economies. Thus, the graph analytics services market is also anticipated to witness growth over the coming years.
Based on deployment, the graph analytics market is segmented into on-premises and cloud. In 2023, the on-premises segment accounted for the largest share of the overall graph analytics market, mainly due to greater control over analytics infrastructure offered by such solutions. However, with growing deployments, particularly across small and medium-scale organizations, the cloud segment is expected to record the highest CAGR during the forecast period. The benefits of flexibility, agility, and scalability offered by cloud-based analytical solutions are key factors driving the growth in this segment.
Based on organization size, the graph analytics market is segmented into small & medium enterprises and large enterprises. In 2023, the large enterprises segment accounted for the largest share of the overall graph analytics market. Large enterprises have realized the significance of graph analytics in gaining a competitive edge in the market. Besides, the application of customer analytics, fraud detection, and recommendation engines across large enterprises has also led to the dominance of graph analytics in the large enterprises segment. However, the small & medium enterprises segment is expected to record the highest CAGR during the forecast period. Thus, graph analytics solutions and services are expected to witness a significant increase in their adoption rate among SMEs during the forecast period.
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Based on application, the graph analytics market is segmented into customer analytics, risk & compliance management, recommendation engines, route optimization, fraud detection, and other applications. In 2023, the fraud detection segment accounted for the largest share of the overall graph analytics market. The growth of this segment is mainly attributed to the rising instances of fraud, the growing use of electronic transactions across all verticals, and the increasing sophistication of cyberattacks. The growing adoption of technologies such as AI and machine learning for fraud detection could spur the demand for graph analytics solutions on a large scale. However, the risk & compliance management segment is expected to record the highest growth rate over the forecast period. The race to optimize available resources to the best possible extent and reduce operational expenses to boost profitability are key drivers supporting the fastest growth of the risk & compliance management segment.
Based on end user, the graph analytics market is segmented into BFSI, retail & e-commerce, telecom, healthcare, government, manufacturing, transportation & logistics, and other end users. In 2023, the BFSI segment accounted for the largest share of the overall graph analytics market. The growth of this segment is mainly attributed to increasing transactional data and the growing need to implement risk & fraud analytics solutions. Furthermore, increasing incidences of money laundering and fraud have encouraged market players in the BFSI sector to adopt graph analytics solutions. However, the healthcare segment is projected to record the highest CAGR during the forecast period owing to the increasing concerns regarding controlling frauds related to health data. The consistent proliferation of digitization technologies such as AI and IoT is generating tremendous data associated with patient and healthcare providers, and the recent COVID-19 crisis has compelled organizations in the healthcare sector to adopt new prescriptive analytics such as graph analytics. Hence, the adoption of graph analytics services and solutions in the sector is expected to grow significantly over the coming years.
Geographically, the global graph analytics market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. North America accounted for the largest share of the global graph analytics market in 2023. The largest share of the this region is mainly attributed to the presence of prominent players offering advanced graph analytics solutions and services across various sectors and the high acceptance of IoT and cloud services in the region. However, the Asia-Pacific region is slated to record the highest CAGR during the forecast period. The high growth rate is mainly attributed to the rising demand for big data analytics and the integration of AI, IoT, and blockchain technologies.
The key players operating in the global graph analytics market are Neo4j, Inc. (U.S.), TigerGraph, Inc (U.S.), Teradata Corporation (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.), Datastax, Inc (U.S.), Kineviz, Inc. (U.S.), and Expero, Inc (U.S.) among others.
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Scope of the Report
Graph Analytics Market, by Component
- Solution
- Software Tools
- Platforms
- Services
- Consulting Services
- System Integration Services
- Support & Maintenance Services
Graph Analytics Market, by Deployment
- On-Premise
- Cloud
Graph Analytics Market, by Organization Size
- Large Enterprises
- Small & Medium Enterprises
Graph Analytics Market, by Application
- Fraud Detection
- Customer Analytics
- Route Optimization
- Risk & Compliance Management
- Recommendation Engines
- Other Applications
Graph Analytics Market, by End User
- BFSI
- Healthcare
- Manufacturing
- Retail & E-Commerce
- Government
- Transportation
- Telecom
- Other End Users
Graph Analytics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest Of Apac
- Latin America
- Middle East & Africa
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