Semantic Web Market to Reach $123.5 Billion, by 2032 at 42.4% CAGR: Allied Market Research
The global semantic web market is experiencing growth due to the rise in the adoption of data management solutions, the increase in the adoption of the semantic web in businesses, and the surge in the need for language processing and multilingual applications.
September 20, 2023 08:31 ET| Source: Allied Market ResearchFollow
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Portland, OR , Sept. 20, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Semantic Web Market by Component (Solution and Service), Deployment Type (Public, Private and Hybrid), Enterprise Size (Large Enterprises and Small and Medium-Sized Enterprises), and Industry Vertical (BFSI, IT and Telecom, Retail and E-commerce, Healthcare and Life Science, Media and Publishing, Government and Public Sector, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the Semantic web industry generated $3.7 billion in 2022, and is anticipated to generate $123.5 billion by 2032, witnessing a CAGR of 42.4% from 2023 to 2032.
The semantic web encompasses a set of technologies and standards designed to imbue web content with semantic meaning, facilitating improved identification and processing of information. This involves the use of ontologies and knowledge representation languages to establish relationships between various items and concepts found on the internet. The semantic web empowers enhanced data integration, enables advanced search functionalities, and supports the development of more intricate applications. These applications are capable of providing context-aware responses to user queries by enriching data with semantic annotations.
Prime determinants of growth
The rise in the adoption of data management solutions, the increase in the adoption of the semantic web in businesses, and the surge in the need for language processing and multilingual applications are the major factors that drive the growth of the global semantic web market. However, Data quality and standardization errors and rise in privacy as well as security concerns are the major factors that impede the growth of the global market. Furthermore, an increase in number of smart lighting and smart city projects is anticipated to provide lucrative growth opportunities for the global Semantic web market in the upcoming years.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $3.7 Billion |
| Market Size in 2032 | $123.5 Billion |
| CAGR | 42.4% |
| No. of Pages in Report | 285 |
| Segments covered | Component, Deployment mode, Enterprise Size, Industry Vertical and Region. |
| Drivers | The rise in the adoption of data management solutions. |
| Opportunities | Growth in integration of AI and ML technologies. |
| Restraints | Data quality and standardization errors. |
Covid-19 Scenario
- The global semantic web market witnessed stable growth during the COVID-19 pandemic, owing to the rapidly increased digital penetration during the period of COVID-19-induced lockdowns and stringent social distancing policies. One of the positive impacts of the pandemic on the semantic web market was the increased demand for remote monitoring and automation solutions.
- In addition, the outbreak of COVID-19 is projected to provide a range of new avenues for the market to grow over the forthcoming period. These novel opportunities include a surge in integration for IoT, artificial intelligence (AI), and other advanced technologies coupled with the growing adoption of cloud solutions in semantic web operations.
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The solution segment to maintain its leadership status throughout the forecast period
Based on component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the semantic web market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the demand for robust data integration capabilities, ease of use, and compatibility with different platforms. However, the service segment is projected to manifest the highest CAGR of 45.7% from 2023 to 2032, owing to the increasing adoption of managed web services in several organizations to provide convenience, expertise, and all-time support, allowing organizations to focus on their core business functions.