The global Graph Analytics Market size is expected to grow from USD 584 million in 2019 to USD 2,522 million by 2024, at a Compound Annual Growth Rate (CAGR) of 34.0% during the forecast period. The growing demand for the ability to uncover relationships between data in real time is one of the major drivers of the graph analytics market.
The large enterprises segment to hold a larger market size during the forecast period
The graph analytics market is segmented into large enterprises and Small and Medium-sized Enterprises (SMEs) by organization size. The large enterprises segment is expected to have a larger market size during the forecast period, owing to large volumes of data being generated by large enterprises and increasing demand for real-time graph analytics solutions and services. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the high availability of cost-effective cloud solutions, graph analytics solutions and services are expected to witness a prominent growth rate among SMEs during the forecast period.
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By vertical, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The graph analytics market by vertical is segmented into 8 categories, namely, Banking, Financial Services and Insurance (BFSI), retail and eCommerce, telecom, healthcare and life sciences, government and public sector, manufacturing, transportation and logistics, and others (media and entertainment, education, and real estate). The healthcare and life sciences segment is expected to grow at a rapid pace during the forecast period, as there is an increase in the demand for controlling fraud related to health data, to achieve better patient experience, and to offer personalized treatment in real time.
Major graph analytics vendors include Microsoft (US), IBM (US), AWS (US), Oracle (US), Neo4j (US), TigerGraph (US), Cray (US), DataStax (US), Teradata (US), TIBCO Software (US), Lynx Analytics (Singapore), L inkurious (France), Graphistry (US), Objectivity (US), Dataiku (US), Tom Sawyer Software (US), Kineviz (US), Franz (US), Expero (US), and Cambridge Intelligence (England). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global graph analytics market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2019, which has helped them to innovate their product offerings and broaden their customer base.
Microsoft (US) develops and supports software, services, devices, and solutions. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs, manufactures, and sells devices, such as Personal Computers (PCs), tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. It offers a range of services, including solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms. In the graph analytics market, the company offers Microsoft Graph, which is a developers’ Application Program Interface (API) platform, to connect to data that drives productivity. It is built on top of Office 365 and enables developers to integrate their services with Azure AD, Excel, Intune, Outlook, One Drive, OneNote, SharePoint, Planner, and other Microsoft products. In the Microsoft 365 platform, there are 3 main components that facilitate the access and flow of data, namely, Microsoft Graph API, Microsoft Graph data connect, and Microsoft Graph Security connectors. Microsoft Graph data connect enables users to analyze meeting requests to provide insights into conference room utilization.
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IBM’s (US) major operating sector consists of 5 business segments, namely, cognitive solutions, Global Business Services (GBS), technology services and cloud platforms, systems and global financing. The company has a broad and robust product portfolio and majorly focuses on improving the product efficiency of analytics, cloud, cognitive, commerce, Internet of Things (IoT), industry solutions, systems, mobile, security, social, and Watson technologies. In the graph analytics market, IBM offers the IBM Financial Crimes Insight (FCI) for Watson, which is a single, integrated solution that addresses all phases of enterprise counter-fraud measures. It includes the FCI graph analytics component, which applies graph techniques to look for patterns across the party, account, and transaction data, and compute the network score. The network score and features identified as the outcome of the graph analytics process can be leveraged later in the Machine Learning (ML) pipeline of IBM Financial Crimes Alert Insights (FCAI) with Watson to detect Anti-Money Laundering (AML) scenarios.
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