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Vector Database Market Share

Report ID: GMI7334
Published Date: Dec 2024
Report Format: PDF

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Vector Database Market Share

Vector Database Company Market Share, 2024

MongoDB, Redis, DataStax, KX, Qdrant, Pinecone, and Zilliz collectively held a significant market share of 45% in the vector database industry in 2024. MongoDB has strengthened its position in the vector database market by integrating AI-driven data processing capabilities into its flagship NoSQL platform. The company actively invests in research and development to enhance scalability and real-time analytics.

MongoDB also offers seamless integrations with machine learning frameworks, making it a preferred choice for AI-based applications. Strategic collaborations and cloud-native features further enable MongoDB to cater to modern workloads, ensuring it remains competitive in the rapidly evolving vector database landscape.

Redis focuses on optimizing its in-memory database for vector data processing by integrating AI and machine learning support. The company has introduced features like RedisAI to accelerate deep learning inference and embeddings-based search. Its high-performance architecture allows faster querying, making it ideal for vector databases. Additionally, Redis engages in open-source innovation and partnerships with cloud providers to broaden its reach, ensuring it remains a frontrunner in delivering robust and efficient vector database solutions.

Vector Database Market Companies

Major players operating in the vector database industry are:

Chroma DB
DataStax
KX
Marqo AI
Milvus
MongoDB
Pinecone
Qdrant
Redis
Zilliz

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vector database reached USD 2.2 billion in 2024 and is set to grow at a 21.9% CAGR from 2025 to 2034, driven by AIs demand for scalable and efficient data management solutions.

The NLP segment held approximately 45% of the market share in 2024, due to its need for efficient storage and analysis of complex data structures like word embeddings and text vectors.

The U.S. market accounted for 81% of the revenue share in 2024, led by the regions early adoption of advanced technologies and robust technological infrastructure.

The key players in the industry include Chroma DB, DataStax, KX, Marqo AI, Milvus, MongoDB, Pinecone, Qdrant, Redis, and Zilliz.