Description
The global graph database market was USD 1.9 billion in 2021 to USD 7.1 billion by 2028, growing with a CAGR of 22.5% during the forecast period of 2022-2028. Different factors such as the demand to incorporate real-time big data mining with visualization of results, growing adoption for AI-based graph database tools and services to move the market, and increasing demand for solutions that can process low-latency queries are anticipated to drive the adoption of graph database solutions and services.
What are Graph Databases?
Graph Database uses graph formats for semantic queries with nodes, edges, and effects to represent and store data. Each node denotes an entity (a person or business), and each edge represents a connection or relationship between two nodes. Graph databases are technologies that are translations of the relational OLTP (online transaction processing) databases. They are categorized based on the type, i.e., Resource Description Framework and Property Graph. Various applications of graph databases are Customer Analytics, Risk Management & Fraud Detection, Recommendation Engines, and Others. They are utilized in various industry verticals, including Banking & Financial Services, Manufacturing, Retail and e-commerce, Telecom and IT, Logistics, and Others.
