New York, US, May 22, 2023 (GLOBE NEWSWIRE) -- According to the market research report published by Market Research Future (MRFR), "Data Compression Software Market Information by Type, Deployment, Service, Vertical, and Region - Forecast till 2030", the Data Compression Software Market could thrive at a rate of 7.7% between 2020 and 2030. The market size will be reaching around USD 1.81 Billion by the end of the year 2030.
Market Synopsis:
Data compression software is a type of software that is used to reduce the size of data files without compromising their quality. The software works by using different algorithms to analyze data and remove any redundant or unnecessary information, resulting in a smaller file size. This can be useful for businesses and individuals who need to store or transmit large amounts of data more efficiently.
Some of the key drivers for the growth of the data compression software market include the increasing need for data storage and transmission efficiency, the growing demand for cloud-based services, and the rise in internet usage worldwide. With more people working remotely and relying on cloud-based services for data storage and sharing, the need for efficient data compression software has become more important than ever.
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Market Competitive Landscape:
The affluent companies in the Data Compression Software industry include.
- Osisoft LLC
- Exasol Corporation
- Panoratio Database Images Gmbh
- Tegile Systems
- Wandera
- Quortus Telecommunications
- Google Corporation
- Opera Software ASA
- Exalinks Software
Facebook is adopting a new compression solution called Zstandard that is intended to replace its existing technology. Wandera is offering data compression solutions that can reduce data usage by up to 10%.
Data Compression Software Market Report Scope:
| Report Metrics | Details |
| Data Compression Software Market Size by 2030 | USD 1.81 billion |
| Data Compression Software Market CAGR during 2020-2030 | 7.7% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| 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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Market Segmentation:
- By Type - The types in the market include Lossless Compression, Lossy Compression.
- By Deployment - By deployment, the segment includes Cloud, On-Premise
- By Services - By services, the segment includes Support and Maintenance Service
- By Vertical - By vertical, the segment includes IT & Telecommunication, Media & Entertainment
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Regional Insights
In North America, the market is driven by the widespread adoption of advanced technologies and high demand for data security in industries such as healthcare, IT, and e-commerce. The increasing popularity of cloud computing and big data analytics is also contributing to the growth of the market in this region. Further, in Europe, the market is driven by the presence of a large number of small and medium-sized enterprises (SMEs) and the growing trend of digitization across various industry verticals. The need for efficient data management and storage solutions is also boosting the market growth in this region.
Additionally, in the Asia Pacific region, the market is driven by the increasing adoption of smartphones and other mobile devices, which generate a massive amount of data. The rising number of internet users and the growing popularity of social media platforms are also fuelling the demand for data compression software in this region.
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Market USP Covered:
Market Drivers:
One driver in the data compression software market is the increasing need to manage large amounts of data efficiently. As the amount of data generated by businesses and individuals continues to grow, there is a need to reduce the amount of storage space required to store this data. Data compression software helps to compress data, reducing the amount of storage space required, while also making it easier and faster to transfer data between devices and over networks. This driver is expected to continue to fuel the growth of the data compression software market.
Market Restraints:
One restraint in the data compression software market is the availability of open-source and free compression tools. While there are many commercial data compression software solutions available, there are also many open-source and free tools that provide similar functionality. This can make it difficult for companies to convince customers to pay for their software, especially when competing against free options. Additionally, the availability of free and open-source tools can lead to pricing pressure and reduced profit margins for companies in the data compression software market.
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COVID 19 Analysis:
The COVID-19 pandemic has had a mixed impact on the data compression software market. On one hand, the increasing need for digital transformation and the growing volume of data generated during the pandemic has driven the demand for data compression software. On the other hand, the pandemic has led to a slowdown in the growth of industries such as aerospace, automotive, and manufacturing, which has reduced the demand for data compression software in these sectors.
Furthermore, the pandemic has also caused supply chain disruptions, which have led to delays in the development and deployment of data compression software. This has affected the market negatively in terms of revenue growth.
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