Graph Technology Market
“The Business Research Company recently released a comprehensive report on the Global Graph Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The graph technology market size has grown exponentially in recent years. It will grow from Customise$4.31 billion in 2023 to $5.26 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. Customise The growth in the historic period can be attributed to rise in social network analysis, semantic web and linked data, search engines and recommendation systems, fraud detection and security, and biological and chemical research.
The graph technology market size is expected to see exponential growth in the next few years. It will grow to Customise$11.63 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%. Customise The growth in the forecast period can be attributed to AI and machine learning integration, IoT and sensor data analysis, knowledge graphs for enterprise applications, graph-based supply chain optimization, and graphs for healthcare and life sciences. Major trends in the forecast period include the convergence of AI and graph technology, growth of knowledge graphs, expansion of graphs in IoT and supply chain management, the rise of graphs in healthcare and life sciences, focus on graph-based cybersecurity solutions.
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Market Drivers and Trends:
The expansion of the Internet of Things (IoT) is expected to propel the growth of the graph technology market going forward. The Internet of Things (IoT) refers to the network of interconnected devices embedded with sensors, software, and other technologies that enable them to collect and exchange data with other devices and systems over the Internet. It arises because of advancements in technology, business opportunities, and consumer preferences for smart devices. Graph technology is increasingly being used in the Internet of Things (IoT) because of its ability to efficiently model and analyze complex relationships between various data points, allowing for better decision-making, increasing data visibility, and improving the overall functionality and efficiency of IoT applications. For instance, in December 2021, according to the GSM Association, a UK-based lobby organization that represents the interests of mobile network operators worldwide, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Additionally, total IoT connections will more than double between 2021 and 2030, reaching 37.4 billion. Therefore, the expansion of the Internet of Things (IoT) is driving the growth of the graph technology market.
Major companies operating in the graph technology market are focused on developing innovative and integrated advanced technologies, such as visualization tools for tracking space objects, to gain a competitive edge in the market. This technology refers to specialized software applications designed to identify, monitor, and visualize space objects’ location and behavior, such as satellites and space debris in Earth’s orbit. For instance, in March 2022, Privateer, a US-based space sustainability and exploration-focused company, launched Wayfinder, a proprietary knowledge graph technology to map and track space debris and satellites in earth orbit. It provides an open-access, near-real-time digital catalog of satellites and space debris orbiting the Earth, essential for deorbiting, refueling, tugging, and other on-orbit services. Additionally, it features a real-time digital catalog, a data mapping system, on-orbit services, and vital data infrastructure to contribute to safer and more efficient operations in space.
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Major Key Players of the Market:
Microsoft Corporation, Amazon Web Services Inc., International Business Machines Corporation, Oracle Corporation, Teradata Corporation, Progress Software Corporation, DataStax Inc., Neo4j Inc., TigerGraph Inc., Bitnine Global Inc., Tom Sawyer Software, Cambridge Semantics Inc., Sparsity Technologies, Stardog Union, ArangoDB Inc., OrientDB Ltd., Franz Inc., Ontotext Corp., Cray Inc., Grakn Labs Ltd., GraphAware Ltd., Blazegraph Inc., Dataiku, Linkurious SAS, GraphGrid Inc.Customise
Graph Technology Market 2024 Key Insights:
• The Graph Technology Market is expected to grow to $11.63 billion in 2028 at a compound annual growth rate (CAGR) of 21.9%.
• CustomiseGrowth Of The Graph Technology Market Driven By The Expansion Of Internet of Things (IoT)Customise
• CustomiseInnovations In Graph Technology For Space Object TrackingCustomise
• CustomiseNorth AmericaCustomise was the largest region in the graph technology market in 2023. CustomiseAsia-PacificCustomise is expected to be the fastest-growing region in the forecast period. The regions covered in the graph technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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This release was published on openPR.
