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Based on type, the market is divided into context-rich knowledge graphs, external-sensing knowledge graphs, and NLP knowledge graphs. The context-rich knowledge graphs segment is expected to grow at a CAGR of over 12% by 2032. Context-rich knowledge graphs are gaining traction due to their ability to provide an enhanced understanding of data. Unlike traditional knowledge graphs, they incorporate context, allowing for a more nuanced interpretation of relationships and information. This contextual awareness is crucial in scenarios where the meaning of data points depends on specific circumstances. By capturing context, these graphs offer a deeper & more accurate analysis, enabling businesses to extract insights that might otherwise be overlooked, thus driving their adoption across various sectors within the market.
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Based on end user, the knowledge graph market is categorized into healthcare, e-commerce & retail, BFSI, government, media & entertainment, manufacturing, transportation & logistics, and others. The BFSI segment was valued at over USD 230 million in 2022. In the BFSI sector, knowledge graphs are driving advancements in fraud detection and prevention. By meticulously organizing vast amounts of data related to customer transactions and behavior, knowledge graphs create detailed customer profiles. These profiles, enriched with transactional data, enable sophisticated fraud detection algorithms. By understanding intricate patterns and relationships, BFSI institutions can swiftly identify and prevent fraudulent activities, ensuring financial security for both the institutions and its customers, making knowledge graphs indispensable in enhancing the sector's security measures.
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North America led the knowledge graph market with a share of over 35% in 2022. The strategic partnerships to accelerate the migration from varied data sources to valuable data products are significantly propelling the North American market. These collaborations leverage innovative technologies and expertise to streamline data processing, enhance efficiency, and drive insightful decision-making. For instance, in August 2022, Modak Analytics, a prominent data engineering solutions company, and Neo4j, the foremost graph data platform globally, forged a strategic partnership. This collaboration empowered enterprises to expedite the transition from diverse data sources to valuable data products, leveraging the combined capabilities of Modak Nabu and Neo4j.