New York, US, Oct. 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Data Compression Software Market, By Type, By Deployment, By Service, By Vertical - Forecast 2030 the market is anticipated to acquire a valuation of approximately USD 1.81 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.7% during the assessment timeframe.
The global data compression software market is gaining significant traction. Augmenting demand for data compression software led by the increasing numbers of businesses across the globe drives market growth. Besides, the proliferation of digital technology and cloud computing creates vast demand for data compression software. The rising adoption of cloud computing escalates the market value.
Players leading the global data compression software market –
- Osisoft LLC (US)
- Exasol Corporation (Germany)
- Panoratio Database Images Gmbh (Germany)
- Tegile Systems (US)
- Wandera (UK)
- Quortus Telecommunications (UK)
- Facebook (US)
- Google Corporation (US)
- Opera Software ASA (Norway)
- Exalinks Software (France)
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Organizations are increasingly moving towards cloud deployment to make it easier to access and share data across different platforms & locations. Rising numbers of BPOs & KPOs, especially in the APAC region, increase the market size, providing more opportunities to grow & evolve. Furthermore, growing machine technologies and connected devices, such as computers and smartphones, foster market growth.
Organizations are increasingly adopting more scalable and efficient data management solutions, which, as a result, propel market growth. The increasing demand for such cost-effective services influences market growth, prompting investments by key players and IT companies. Furthermore, the growing data and storage requirements increase the size of the market.
Conversely, the lack of awareness of the importance of data compression solutions and services are major factors expected to impede the market growth. Also, staff expertise and managing portability restrain the growth of the data compression software market. Moreover, high costs of data compression software are a major factor projected to obstruct market growth.
Nevertheless, the wide adoption of data compression software in the media & entertainment industry would support market growth throughout the assessment period. Also, technological advancements and AI-based scrapping tools are expected to provide an enormous impetus to market growth. Additionally, the emergence of cloud-based services and the increased number of organizations influence market growth.
Matured technology providers are increasingly focusing on maximizing their market share, while small players find it challenging to compete with them. Many brands have outlined plans to widen their penetration by including various technologies in their product portfolio. Increasing numbers of businesses and uptake of the software to improve business productivity & efficiency drive market growth.
Data Compression Software Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 1.81 Billion |
| Growth Rate | CAGR of 7.7% from 2022 to 2030 |
| Key Market Opportunities | The growing data storage across storage devices leads to data traffic, and it is fueling the data compression software market growth. |
| Key Market Drivers | The use of smartphones has increased a lot in the last few years, and it is used as a source of communication in the workspace or in personal use. |
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Data Compression Software Market Segments
The data compression software market report is segmented into types, services, deployments, organization size, verticals, and regions. The type segment is sub-segmented into lossless compression and lossy compression. The service segment is sub-segmented into professional services and support & maintenance services. The deployment segment is sub-segmented into cloud and on-premise.
The organization size segment is sub-segmented into small & medium enterprises and large enterprises. The vertical segment is sub-segmented into BFSI, retail, healthcare, IT & telecom, government, travel & hospitality, transportation, media & entertainment, manufacturing, and others. The region segment is sub-segmented into the APAC, Americas, MEA, Europe, and rest-of-the-world.
Data Compression Software Market Geographical Analysis
North America dominates the global data compression software market. The strong base of key technology providers and the rapidly growing industries in the region drive market growth. Besides, burgeoning end-user industries, such as IT & telecom, BFSI, government & defense, and healthcare, substantiate the region’s market shares.
The increasing adoption of cloud computing in increasing numbers of enterprises fosters regional market growth. Data compression software providers in the region are planning expansions to provide better services. The North American data compression software market is projected to retain its dominance throughout the estimated period.
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Europe stands second in the global data compression software market. The market growth is driven by the increasing number of notable players in the region. Additionally, substantial investments in technology developments positively impact the growth of the regional market.
Also, the increasing implementation of cutting-edge technologies in the BFSI and IT & telecommunication sectors boosts the regional market growth. The European compression software market is forecasted to create a substantial revenue pocket during the review period.
The Asia Pacific data compression software market is growing rapidly on the global level. Factors such as technology upgrades and well-established infrastructure in the region influence market growth. Furthermore, increasing numbers of SMEs in the region positively impact the growth of the market.
Moreover, increasing the adoption of compression software in medium-sized businesses to lower operational costs and reduce latency fosters market growth. The APAC compression software market is anticipated to grow at the fastest rate during the forecast period.
Data Compression Software Market Competitive Analysis
The highly competitive global data compression software market appears to be fragmented, characterized by several well-established players. Technology providers develop their products with the ability to scale deployments quickly across a broad footprint.
They sought a partner who could quickly scale their deployments within a given location for edge-sensitive applications. These players incorporate strategic initiatives such as acquisition, collaboration, expansion, and technology launch to gain a competitive advantage in this market. Strategic partnerships between these players support their growth and expansion plans.
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For instance, on Sep 22, 2022, the University of Utah announced that it has created a new oneAPI Center of Excellence focusing on developing portable, scalable, and performant data compression techniques. The oneAPI Center is developed in collaboration with LLNL’s CASC, a leading research provider managing extreme data applications involving scientific simulations and experimental facilities.
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