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Posted by Prajakta on March 29, 2024 at 8:42am 0 Comments 0 Likes
Posted by Micheal Alexander on March 29, 2024 at 8:41am 0 Comments 0 Likes
Compression or file compression utility programs are in high demand by enterprises owing to the high volume of data required for know-your-consumer (KYC) forms. The global data compression software market is envisioned to reach USD 864 million by 2023, as per the latest report by Market Research Future (MRFR). It can expand at a CAGR of 7% from 2017 to 2023 (forecast period). Advantages of data compression which enable faster file transfer with minimum data loss are likely to augur its rapid market growth till 2023. The research report also focused on the drivers, constraints, and opportunities, along with the strategic developments used by key players. The report also includes impact analysis along with industry size, revenue and Data Compression Software market forecast.
The prevalence of high-speed connectivity thanks to the latest communication networking technologies has propelled the need for data compression software. Penetration of smartphones for all forms of communication in the workspace or personal use is likely to create opportunities for the data compression software market. Increasing data consumption across all sectors coupled with minimizing the costs of enterprises are predicted to bode well for the market. This is exemplified by the sudden popularity of Adstringo, an Indian compression algorithm creator for all file formats. Various bigwig companies have made use of the software to accumulate data in rural areas of India and increase their foothold.
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The rising trend of enterprises moving their data to the cloud to save server space is expected to trigger the demand for data compression algorithms. Expansion moves of small and medium enterprises to cater to their clients are likely to propel market demand over the forecast period. In addition, rapid adoption of the internet of things (IoT) by firms and businesses to provide consumers with relevant data without increasing their computing and energy costs will be a prime opportunity for data compression software vendors. Rising demands of data optimization and security among consumers are touted to be a golden opportunity for the data compression software market to capitalize early on.
Data Compression Software Market Competitive Landscape
Opera Software ASA (Norway)
Quortus Telecommunications (U.K.)
Google Corporation (U.S.)
Osisoft LLC (U.S.)
Wandera (U.K.)
Exalinks Software (France)
Tegile Systems (U.S.)
Exasol Corporation (Germany)
Facebook (U.S.)
Panoratio Database Images Gmbh (Germany)
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Data Compression Software Market Segmentation
The data compression software market is segmented on the basis of type, service, deployment, organization size, vertical, and regions.
By type- The data compression software market type segment includes lossless compression and lossy compression. The lossless compression gives so many advantages, such as it doesn’t eliminate the data and it cannot noticeable data can be restored. A file can be restored in its original form. It doesn’t reduce the data quality. The lossy compression eliminates the data, and the data will not be restored to its original form after decompression.
By service- The data compression software market by service includes professional service and support & maintenance service.
By deployment- The deployment segment of the data compression software market is further divided into cloud and on-premise. Could solutions is responsible for the highest market share due to the increasing demand for cloud solutions in all Industries and because it provides data security and storage.
By organization size- The organization size of the data compression software market divided into small & medium enterprises and large enterprises.
By vertical- The vertical segment of the market includes BFSI, retail, healthcare, IT and telecommunication, government, travel and hospitality, transportation, media and entertainment, manufacturing, and others. Among these, the BFSI sector is expected to responsible for the highest market share in the data compression software market.
Region- Region segment includes regions such as North America, Europe, Asia Pacific, and other regions in the world.
Data Compression Software Market Regional Analysis
North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW) are the key markets for the global data compression market. North America accounts for the maximum revenue generation owing to established network infrastructure, higher technology implementation, and digitization in the region. The presence of major players in the region is an added advantage for the region. Also, the region tends to adopt advanced technologies swiftly which boosts the growth of the market.
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APAC is expected to grow with rapid pace over the forecast period. The growth of the APAC market can be attributed to the high adoption rate of data compression software among many SMEs.
TABLE OF CONTENTS
1 MARKET INTRODUCTION
1.1 INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS
1.2.3 LIMITATIONS
1.3 MARKET STRUCTURE
2 RESEARCH METHODOLOGY
2.1 RESEARCH TYPE
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST
2.4.2 MARKET SIZE ESTIMATION
3 MARKET DYNAMICS
Continued...
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact:
Market Research Future
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New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: [email protected]
Website: https://www.marketresearchfuture.com
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