Graph Database Market worth $5.1 billion by 2026
The report "Graph Database Market Size with COVID-19 Impact Analysis, By Type (RDF and LPG), Application (Fraud Detection and Prevention, and Recommendation Engine), Component (Software and Services), Deployment Mode, Vertical, and Region - Global Forecast to 2026", size to grow from USD 1.9 billion in 2021 to USD 5.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period. Various factors such as need to incorporate real-time big data mining with visualization of results, increasing adoption for AI-based graph database tools and services to drive market, and growing demand for solutions that can process low-latency queries are expected to drive the adoption of graph database solutions and services. Browse 277 market data Tables and 53 Figures spread through 301 Pages and in-depth TOC on "Graph Database Market with COVID-19 Impact Analysis, By Type (RDF and LPG), Application (Fraud Detection and Prevention, and Recommendation Engine), Component (Software and Services), Deployment Mode, Vertical, and Region - Global Forecast to 2026" COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, several governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI. Graph databases and AI are invaluable to organizations managing uncertainty in real-time, but most predictive models rely on historical patterns. The use of graph database and AI has accelerated in the COVID-19 pandemic period. This has helped organizations engage customers through digital channels, manage fragile and complex supply chains, and support workers through disruption to their work and lives. New practices, such as work from home and social distancing, have led to the requirement of graph database solutions and services and the development of digital infrastructures for large-scale technology deployments. The COVID-19 pandemic in 2020 brought accelerating changes in consumer preferences and behaviors and putting pressure on brands to keep pace and provide a personalized customer experience. Enterprises have witnessed a reduction in their operational spending and are now focusing more on business continuity and sustainability. Technology and service providers have been facing significant disruption to their businesses from COVID-19. Hence, the COVID-19 pandemic has disrupted the global financial markets and has created panic, uncertainty, and distraction in the operations of global corporations. The services segment to hold higher CAGR during the forecast period Based on components, the graph database market is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of graph database solutions, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of graph database solutions is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses. The Fraud detection and Prevention segment to hold the largest market size during the forecast period To protect customer data, mitigate exposure to risk, and deliver the most value to shareholders, organizations are increasingly using graph databases as a fraud detection mechanism. The graph database is one of the top technologies used to detect fraud, uncover fraud rings, and identify