Vector Database Market To Reach USD 10.6 Billion By 2032| SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The rising adoption of vector search capabilities in artificial intelligence, machine learning, and deep learning applications is significantly propelling market growth.

Pune, March 07, 2025 (GLOBE NEWSWIRE) -- Vector Database Market Size Analysis:

“ According to the SNS Insider report, the Vector Database Market was valued at USD 1.6 billion in 2023 and is projected to reach USD 10.6 billion by 2032, expanding at a CAGR of 23.54% from 2024 to 2032. ”

Get a Sample Report of Vector Database Market @

Major Players Analysis Listed in this Report are:

• Pinecone – Pinecone Vector Database
• Weaviate – Weaviate Vector Search Engine
• Milvus – Milvus Open-Source Vector Database
• FAISS (Facebook AI) – FAISS Library
• Chroma – Chroma AI-native Vector Database
• Vespa – Vespa Vector Search Engine
• Qdrant – Qdrant Vector Similarity Search
• Redis – Redis Vector Search
• Zilliz – Zilliz Cloud
• Annoy (Spotify) – Annoy Approximate Nearest Neighbors Library
• Vald (Yahoo Japan) – Vald Vector Search Engine
• ElasticSearch – ElasticSearch k-NN Search
• Google Vertex AI – Vertex AI Matching Engine
• Alibaba Cloud – Alibaba Cloud AnalyticDB for AI
• Microsoft Azure AI – Azure Cognitive Search with Vector Search

Vector Database Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 1.6 Billion
Market Size by 2032	USD 10.6 Billion
CAGR	CAGR of 23.54% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers	The increasing use of AI-driven applications, such as recommendation engines and fraud detection, is fueling the demand for vector databases.

Do you have any specific queries or need any customization research on Vector Database Market, Make an Enquiry Now@

By Component: Solution Dominates, Services Grow Fastest

In 2023, the solution segment dominated the market and accounted for 68% of revenue share, due to the growing adoption of vector database platforms, as companies are using these solutions to improve their AI-driven analytics, recommendation engines, and large-scale data retrieval. Q42 Reflects the ongoing trend in cloud that organizations are bringing together vector search capabilities with other tooling across all sectors of industry, resulting in a provision of in-context search experience to facilitate quicker decisions

The services segment is anticipated to register the fastest CAGR during the forecast period, as organizations seek customization, integration, training, and consulting services. As with all AI initiatives, companies will turn to experts to guide them through the process of deploying vector databases which work in harmony with AI, ML, and NLP applications.

By Technology: NLP Leads, Computer Vision Registers Fastest CAGR

The Natural Language Processing segment dominated the market and accounted for significant revenue share in 2023, and vector databases accelerate the need for semantic search, sentiment analysis, and conversational applications powered by AI. BFSI, retail, and media organizations leverage vector database based on NLP to offer better customer engagements, personalized services, and process automation.

The computer vision is expected to register the fastest CAGR from 2024 to 2032 owing to the increase in adoption of AI-enabled facial recognition, video analytics, and object detection. By integrating vector search, computer vision systems can process massive scale image datasets with high accuracy and speed, leading to powerful applications in autonomous vehicles, surveillance, healthcare diagnostics, and smart city use cases.

By Vertical: IT & ITeS Dominates, Retail & E-Commerce Expands Rapidly

IT & ITeS segment dominated the market and accounted for significant revenue share in 2023, due to AI-centric business models, cloud integration, and high-speed data retrieval. The vector search capability is at the heart of IT enterprises, empowering organizations to detect fraud, improve cyber security, and automate business processes through AI. The strength of this sector is also reinforced by large-scale AI projects and multi-cloud infrastructure.

The Retail & E-Commerce segment is projected to register the highest compound annual growth rate during the forecast period, as businesses are utilizing vector databases to provide customized shopping experiences, personalize recommendation engines, and analyze shopper trends. With online shopping on the rise, retailers need AI-based analytics to optimize inventory management, marketing techniques, and fraud prevention.

Vector Database Market Segmentation:

By Component

• Solution
  • Vector Generation
  • Vector Search
  • Storage & Retrieval Vectors
• Services

By Technology

• Natural Language Processing
• Computer Vision
• Recommendation Systems

By Vertical

• BFSI
• Retail & E-commerce
• Healthcare & Life Sciences
• IT & ITeS
• Media & Entertainment
• Manufacturing
• Others

Buy an Enterprise-User PDF of Vector Database Market Analysis & Outlook 2024-2032@

North America Leads with AI Investments, While Asia-Pacific Surges with Rapid Digital Transformation

North America dominated the market and accounted for 39% of revenue share, due to increasing investments in AI, extensive cloud infrastructure, and the fast expansion of vector search solutions across the region. The influence of big technology players such as Google, Microsoft, AWS, and Meta provides constant innovations and a faster deployment of AI-enabled vector databases.

Asia-Pacific is expected to register the fastest CAGR during the forecast period, with rapid advancement in AI, immediate transformation, higher e-commerce penetration, and government plans like the AI scenario. Apart from the usual suspects in vector database investments, countries such as China, India, and Japan are also pulling in the dollars in instituting vector database technologies in industries like finance, healthcare, and smart cities. This accelerated expansion of the market is being attributed to the growing AI research ecosystem, startup growth, and widespread adoption of cloud.

Recent Developments in the Vector Database Market (2024)

• January 2024 – Pinecone launched a next-gen vector search engine, optimizing AI-driven searches for enhanced accuracy and speed.
• February 2024 – Weaviate secured $40 million in Series B funding, aiming to expand its cloud-native vector search capabilities.
• March 2024 – Zilliz introduced Milvus 2.3, improving vector search efficiency and scalability in cloud environments.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Vector Database Market Segmentation, By Component

8. Vector Database Market Segmentation, by Technology

9. Vector Database Market Segmentation, by Vertical

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

Access Complete Report Details of Vector Database Market Analysis Report 2024-2032@

[For more information or need any customization research mail us at ...]

SNS Insider Offering/ Consulting Services:

Go To Market Assessment Service

Total Addressable Market (TAM) Assessment

Competitive Benchmarking and Market Share Gain

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

CONTACT: Contact Us: Jagney Dave - Vice President of Client Engagement Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)

MENAFN07032025004107003653ID1109289136