The Data Compression Software Market is expected to grow at approximately USD 864 Million by 2023, at 7% of CAGR between 2017 and 2023.
Global Data Compression Software Market Research Report 2018 contains historic data that spans 2014 to 2018, and then continues to forecast to 2023. That makes this report so invaluable, resources, for the leaders as well as the new entrants in the Industry. 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. Advantages of data compression which enable faster file transfer with minimum data loss are likely to augur its rapid market growth till 2023.
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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.
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.
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.), and Panoratio Database Images Gmbh (Germany) are the key players in the global data compression software market.
In June 2018, Gidel, high-end system development, and integration company announced the launch of a new lossless compression IP that reduces FPGA power consumption.
The global data compression software market has been segmented based on type, service, deployment, organization size, and vertical.
By type, the global data compression software market has been segmented into lossless compression and lossy compression.
By service, the global data compression software market has been segmented into professional services and support & maintenance service.
By deployment, the global data compression software market has been segmented into cloud and on-premise.
By organization size, the global data compression software market has been segmented into small & medium enterprises and large enterprises.
By vertical, the global data compression software market has been segmented into government & defense, BFSI, IT & telecommunication, healthcare, retail, manufacturing, travel & hospitality, transportation & logistics, media & entertainment, and others.
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.
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 a large number of SMEs.
TABLE OF CONTENTS
1 Market Introduction
1.2 Scope Of Study
1.2.1 Research Objective
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
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
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LIST OF TABLES
Table 1 Data Compression Software Market, By Type
Table 2 Data Compression Software Market, By Service
Table 3 Data Compression Software Market, By Deployment
LIST OF FIGURES
Figure 1 Research Type
Figure 2 Data Compression Software Market: By Type (%)
Figure 3 Data Compression Software Market: By Service (%)
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