Semantic Knowledge Graphing Market Insights
The Business Research Company recently released a comprehensive report on the Global Semantic Knowledge Graphing 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 semantic knowledge graphing market size has grown rapidly in recent years. It will grow from $1.29 billion in 2023 to $1.49 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to growing need for interoperability, growing need for structured data, increasing number of internet users, rising demand for semantic knowledge graphing in the healthcare sector, growing demand for semantic knowledge graphing in the e-commerce sector, rising demand for semantic knowledge graphing in the manufacturing sector.
The semantic knowledge graphing market size is expected to see rapid growth in the next few years. It will grow to $2.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to increasing use of natural language processing and machine learning, increasing need for data integration and analytics, increasing volume of data on the internet, growing traction of knowledge graphs for quick knowledge base search, advancements in resolving data access and availability issues, changing in customer expectations, increasing demand for 5g technology in emerging economies. Major trends in the forecast period include technological advancements, innovative solutions, innovation and excellence, business partnership and collaboration, and integration with other technologies.
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Market Drivers and Trends:
The growing need for structured data is expected to propel the growth of the semantic knowledge graphing market going forward. Structured data refers to data that is organized and formatted in a way that is easily identifiable and searchable by computer systems. Semantic knowledge graphing enhances the value and utility of structured data by providing a framework for organizing and connecting information in a meaningful way. For instance, according to the survey conducted by Komprise, a US-based data management company, 87% of IT leaders rated managing unstructured data growth as a top priority in 2022, up from 70% in 2021. Therefore, the growing need for structured data is driving the growth of the semantic knowledge graphing Market.
Major companies operating in the semantic knowledge graphing market are developing innovative products, such as Amazon Neptune, to organize and connect structured and unstructured data in a meaningful way. Amazon Neptune is a graph database service that caters to the storage and processing needs of extensive interconnected datasets. For instance, in October 2022, Amazon Web Services (AWS), a US-based cloud computing company, introduced Amazon Neptune, a purpose-built, high-performance graph database engine optimized for storing billions of relationships and querying the graph. The service employs semantic technologies to enable efficient querying and analysis of data and makes it easy to build and run applications that work with highly connected data.
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Major Key Players of the Market:
Amazon.com Inc., Google LLC, Microsoft Corporation, Facebook Inc., The International Business Machines Corporation, Oracle Corporation, Mitsubishi Electric Corporation, SAP SE, Thales Group, Baidu Inc., LinkedIn Corporation , Wipro Limited, Yandex N.V. , OpenLink Software, Neo4j, MarkLogic, Bitnine, Datavid, Ontotext, Stardog Union , TopQuadrant, GraphAware, Cambridge Semantics, Memgraph, Franz Inc.
Semantic Knowledge Graphing Market 2024 Key Insights:
• The semantic knowledge graphing market is expected to grow to $2.47 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%.
• Rising Demand For Structured Data Propels Growth In The Semantic Knowledge Graphing Market
• Innovative Solutions In The Semantic Knowledge Graphing Market
• North America was the largest region in the semantic knowledge graphing market in 2023.
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