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(Wireless-NewsWire.Com, May 15, 2019 ) An emerging need to have precision and better response time to discover new correlations and multi-dimensional data management with real-time query support are some of the driving factors of the global market. Graph databases have become a mainstream technology in data management for enterprises and find applications in every industry sector. The graph database technology offers several advantages to overcome large and complex data challenges, compared to other database solutions. The benefits include the ability to scale more naturally to large data sets, flexibility for evolving data structures and being faster for related data sets.
The graph database market size is expected to grow from USD 821.8 Million in 2018 to USD 2,409.1 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period.
The key growth factors for the global graph database market are the increasing need for better response time and accuracy to discover new data correlations, and multi-dimensional data management with real-time query support.
The major vendors offering graph database tools and services include:
• IBM (US)
• Microsoft (US)
• Oracle (US)
• AWS (US)
• Neo4j (US)
• OrientDB (UK)
• TIBCO Software (US)
• Franz (US)
• Teradata Corporation (US)
• OpenLink Software (US)
• MarkLogic (US)
• TigerGraph (US)
• DataStax (US) and many….
North America being the major and the fastest adopter of technologies, generates large volumes of data. Organizations operating in this region are highly dependent on data, and hence adopt innovative technologies and practices, including graph database tools and supporting technologies. Graph database has become a profitable alternative solution for both the data stored over cloud as well as in the data center, as it is faster and efficient in understanding the relationship between various data sets.
Graph database tools play an important role in the healthcare and life sciences industry vertical, starting from recording patients’ information from different sources to discharging patients. Healthcare-focused startups, such as Zephyr Health, leverage the graph database technology for fulfilling the unmet needs of their customers. Healthcare organizations and institutions use graph database tools and services to improve their operational efficiency, enhance the safety, improvise the quality of patient care, and reduce costs. Industry regulations, such as HIPAA and HITECH, provide guidelines for healthcare data privacy and the safe transmission of electronic health data.
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