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Vector Database Market Share

  • Report ID: GMI7334
  • Published Date: Nov 2023
  • Report Format: PDF
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Vector Database Market Share

Major players operating in the vector database industry are:

  • DataStax
  • KX
  • Marqo AI
  • MongoDB
  • Milvus
  • Pinecone
  • Qdrant
  • Redis
  • Zilliz  

Pinecone, MongoDB, and Milvus are dominating the vector database business due to their specialized offerings. Pinecone's focus on similarity search, MongoDB's diverse applications & scalable architecture, and Milvus' optimization for AI & machine learning contribute to their dominance. These players excel in specific functionalities, catering to diverse industry requirements, thus driving their market dominance.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size for vector database was valued at USD 1.3 Billion in 2022 and is anticipated to register a CAGR of over 20.5% between 2023 and 2032, favored by the surge of AI is leverages machine learning and deep learning algorithms that rely on vector-based representations.

The Natural Language Processing (NLP) segment accounted for a market share of around 45% in 2022 and will keep growing as it uses high-dimensional data handling.

North America accounted for a market share of around 35% in 2022 and is poised for substantial growth through 2032 due to expanding AI & ML applications across various industries in the region.

DataStax, KX, Marqo AI, MongoDB, Milvus, Pinecone, Qdrant, Redis, and Zilliz.

Vector Database Market Scope

  • Vector Database Market Size
  • Vector Database Market Trends
  • Vector Database Market Analysis
  • Vector Database Market Share

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    Premium Report Details

    • Base Year: 2022
    • Companies covered: 20
    • Tables & Figures: 293
    • Countries covered: 21
    • Pages: 220
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