Knowledge Graph Market worth $2.4 billion by 2028, growing at a CAGR of 21.8%: Report by MarketsandMarketsâ¢
Chicago, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global Knowledge Graph Market size is projected to grow from $0.9 billion in 2023 to $2.4 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 21.8% during the forecast period, according to a new report by MarketsandMarkets™.
Implementing knowledge graphs can help organizations achieve better data governance and ensure compliance with regulatory requirements. By providing a clear understanding of data lineage and relationships, knowledge graphs can aid in maintaining data integrity and security.
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With the exponential growth of data, there is an increasing need for efficient data integration and management solutions. Knowledge graphs provide a structured way to integrate, organize, and manage data from various sources, making them a valuable solution for businesses.
Knowledge Graph Market Dynamics:
Drivers:
- swift increase in the volume & complexity of data
- technologies like AI, ML
- semantic web & linked data initiatives
Opportunities:
- NLP to boost knowledge graph market.
- Increasing adoption in healthcare and life sciences
Restraints:
- Cost of development and maintenance
List of key Players in Knowledge Graph Market:
- IBM (US),
- Microsoft (US),
- AWS (US),
- Neo4j (US),
- TigerGraph (US),
- SAP (Germany),
- Oracle (US),
- Stardog (US),
- Franz Inc (US),
- Ontotext (Bulgaria),
- Semantic Web Company (Austria),
- OpenLink Software (US)
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Based on offerings, the services segment is expected to grow with the highest CAGR during the forecast period
The services segment constitutes an integral part of the knowledge graph market. It is one of the core components. For the effective working of any solution, services need to be installed to increase the efficiency of the entire process. The services considered in this report are managed services and professional services. Industry giants such as Google, Amazon Web Services (AWS), Microsoft, and IBM have been instrumental in advancing knowledge graph technology. These industry leaders have shaped the landscape of the knowledge graph market, providing diverse services for businesses and organizations to harness the potential of connected data for improved decision-making and insights.
Based on offerings, the solutions segment is expected to hold the largest market size during the forecast period
The knowledge graph market has witnessed substantial growth, spurred by the demand for sophisticated data management and analysis. To address these needs effectively various solutions have emerged such as Amazon Neptune, IBM Watson Knowledge Studio, Microsoft Azure Cosmos DB, and AllegroGraph. These platforms have enabled industries such as healthcare, finance, and telecommunications to harness their data comprehensively, fostering informed decision-making and advanced analytical capabilities.
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About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
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