(EMAILWIRE.COM, November 16, 2023 ) According to a research report “Knowledge Graph Market by Offering (Solutions, Services), By Data Source (Structured, Unstructured, Semi-structured), Industry (BFSI, IT & ITeS, Telecom, Healthcare), Model Type, Application, Type and Region – Global Forecast to 2028″ published by MarketsandMarkets, the knowledge graph market size is projected to grow from USD 0.9 billion in 2023 to USD 2.4 billion by 2028, at a CAGR of 21.8% during the forecast period.
As data ecosystems become more complex, organizations are seeking advanced tools and technologies to manage and derive value from diverse and interconnected data sources. Knowledge graphs provide a comprehensive view of complex data relationships, helping organizations gain insights and derive actionable intelligence from their data ecosystems.
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Based on application, the semantic search segment holds the largest market size during the forecast period
Semantic search application is the driving force behind improved search functions and user experiences in the ever-changing knowledge graph market. It provides previously unheard-of levels of search accuracy by understanding the complex subtleties of user queries, making it easy for users to locate extremely relevant and contextual information. They enable users to effortlessly explore interconnected content by supporting natural language inputs and understanding sophisticated queries, creating a more intuitive and user-friendly search experience.
Based on application, the recommendation systems segment is expected to grow with the highest CAGR during the forecast period
The knowledge graph market is changing as a result of the synergy between recommendation systems and knowledge graphs. Personalized content recommendations, which make use of past data and user preferences, are now considered the standard for user engagement. Recommendation systems have also improved search functionality through integration, making it possible to explore relevant topics and resources more thoroughly and effectively. This has completely changed the way users approach acquiring knowledge, especially when combined with the facilitation of contextualized training and learning. Predictive analytics and trend forecasting, in particular, have made it possible for companies to plan ahead and make well-informed decisions that meet changing market demands. Furthermore, recommendation algorithms provide a widespread knowledge of intricate ideas through cross-domain information integration, which in turn promotes multidisciplinary cooperation in the knowledge graph market.
Asia Pacific is expected to expected to grow with the highest CAGR during the forecast period
The knowledge graph market in Asia Pacific is highly competitive, as the China, India and Japan have a strong focus on Research and Development (R&D) and innovation. The Asia Pacific digital economy is expanding and experiencing growing regional demand. The technology industry, including mobile, social networking, cloud, and IoT, in the region, is rapidly developing and disrupting. As a manufacturing hub, Asia Pacific should widely adopt knowledge graph solutions and services to remain cost-efficient and export high-quality items to other countries. Companies operating in APAC continue to focus on improving customer services to drive market competitiveness and revenue growth. APAC countries have one of the strongest chances of making rapid advancements in the consumer market. The major industry verticals that are adopting knowledge graph technologies include financial services, healthcare, retail, and manufacturing. Overall, the Asia Pacific knowledge graph market is expected to continue to grow rapidly in the coming years, as organizations in the region increasingly realize the benefits of these technologies.
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The knowledge graph market comprises major providers, such 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), MarkLogic (US), Datavid (UK), GraphBase (Australia), Cambridge Semantics (US), CoverSight (US), Eccena Gmbh (Germany), ArangoDB (US), Fluree (US), DiffBot (US), Bitnine (US), Memgraph (England), GraphAware (UK), Onlim (Austria). To increase their market share in the knowledge graph industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
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