ID: MRFR/ICT/2833-HCR | 100 Pages | Published By Shubham Munde on April 2023
The data compression software market size will grow by 1.81 billion with a CAGR of 7.7% by 2030.
Data compression is known as the process of reducing the data amount and only process the amount of data needed to give information using encoding technology. This technology decreases the costs for storage hardware, saves storage, and speeds up the process. Data compression can help with backup storage, and it can be shown up in the primary storage data reduction. The global data compression software market is growing at a fast rate with the need to minimize a large amount of data. Data compression allows data restoration of a file without loss of a single piece of data.
The compression of data helps to improve data communication over the internet that is increasing the adoption of data compression software across various sectors. These factors will boost the data compression software market in the coming year. The development of the global data compression Market is due to the growing demand for data security and optimization among people. Industries in many regions are highly investing in data compression software solutions to improve business efficiency and data storage technology that is boosting the data compression software market growth. The cloud solution in a business minimizes the cost associated with an IT organization, and it also provides data storage and security and manages data.
This report provides analysis for the global data compression software market. The data compression software market size will grow by 1.81 billion with a CAGR of 7.7% by 2030. The data compression software market has high demand by Enterprises due to the high volume of data required. The high-speed connectivity due to the advanced communication network is fueling the need for data compression software, and it is driving the data communication software market Industry. Enterprises want to reduce the data consumption cost, and therefore the DCS market has a high demand.
The covid-19 situation has impacted all the sectors around the world. Many business organizations are facing loss due to a decrease in demand. Businesses need more cost-effective solutions to run their business, and in this time, the data compression software solutions are providing them the best cost-effective methods. With the help of data compression software, they can reduce the size of data, and it will reduce their data storage cost. Many Industries are facing financial problems due to covid-19, and therefore some of them can’t afford to use data compression software solutions for their business. So covid-19 had a mixed impact due to the covid-19 pandemic, but the market players are trying their best to increase the market demand.
The data compression software market is growing rapidly, and the major drivers are responsible for it. The drivers are fueling the DCS Industry, but there are some market restraints that are stopping the growth of the DCS Industry. There are some challenges that also come in the way of market growth.
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. And it is driving the data compression software market growth. The data consumption has increased in all the sectors, and it minimizes the cost the Industries using data compression software solutions that is driving the growth of the data compression software market size. Due to the Increasing population, the need for reducing data size is also increasing, and therefore, it is fueling the data compression software market. To increase business efficiency, data storage technology and advanced technology are also driving the DCS market growth.
The growing data storage across storage devices leads to data traffic, and it is fueling the data compression software market growth. The rising trend of enterprises moving their data to cloud server space need data compression solutions, and it is creating new opportunities for the market. Small and medium enterprises are also using data compression software to expand their business, and therefore the DCS market is on the rise. The rapid adoption of loT devices across all the firms and businesses to provide the customer a good experience without increasing computing and energy will be a great opportunity for the market. The demand for security and data optimization among the customers will be a golden opportunity for the data compression software market.
Market restraints are decreasing the market demand, and one of the major data compression software market restraints is the use of traditional methods. Many Industries and Enterprises still haven’t adapted to advanced data compression software, and they are using the traditional methods. As businesses are not ready to upgrade, their system has become one of the biggest market restraints. Another market restraint is the installation cost. Due to the installation cost, medium and small businesses are not using data compression software solutions, and it has become a restraint of the market. However, the TCS market drivers are trying to boost the demand more even with some Market restraints.
Educate people about the data compression software market is one of the biggest challenges for the market. Many businesses are using the same old methods, and they are not ready for advanced technology, and it has become a challenge for the market. Many businesses are not ready to invest a big amount in data compression solutions, and the market is trying its best to overcome this challenge by reducing installation costs. The TCS Market is expected to grow more by overcoming the challenges.
Cumulative growth analysis
The need for data compression solutions is growing in many businesses, and many businesses are adapting to these advanced solutions. And due to this, the data compression software market is growing rapidly. There are many challenges and restraints faced by the market still, and it is expected to grow approximately $864 million with registering a CAGR rate of 7% between 2017 and 2023.
The data compression software market is segmented on the basis of type, service, deployment, organization size, vertical, and regions.
The major regions of the data compression software market are North America, Europe, Asia Pacific, and other regions. North America is expected to have the highest market share in the market, to dominate the DCS Industry. Due to the advanced infrastructure, digitization, higher deployment, and technology, the data compression software industry in this region is rising. Asia Pacific is increasing at a faster CAGR rate due to the Increasing population and adoption of loT devices in this region. The European region is also expected to see major growth in the forecast period. The need to store a high amount of data is causing market growth. The market will see rapid growth in size, according to Data Compression Software Market Analysis.
The major key players in the market are
These are the major key players in the market, and among them, Google is contributing the most in the market.
Facebook is sourcing a new compression solution called Zstandard that aims to replace the old technology
Wandera is providing data compression solutions to reduce data consumption by 10%.
|Market Size||USD 1.81 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Services|
|Geographies Covered||North America, Europe, Asia-Pacific|
|Key Vendors||Osisoft LLC (U.S.) Exasol Corporation (Germany) Panoratio Database Images Gmbh (Germany) Tegile Systems (U.S.) Wandera (U.K.) Quortus Telecommunications (U.K.) Facebook (U.S.) Google Corporation (U.S.) Opera Software ASA (Norway) Exalinks Software (France)|
|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.|
Global data compression software market is projected to grow at approximately 7.7% CAGR during the assessment period (2020-2030).
The valuation of the global data compression software market is estimated to increase to USD 1.81 BN by the end of 2030.
Huge investments in data compression tools and more advanced solution to improve business efficiency and data storage techniques, are major tailwinds pushing the growth of the global data compression software market.
North America holds the largest share in the global data compression software market, followed by the Asia Pacific region and Europe, respectively.
Accenture Plc (Ireland), Atos (France), Capgemini SE (France), Fujitsu Ltd (Japan), Cognizant (U.S.), HCL Technologies Limited (India), Infosys Limited (India), IBM (U.S.),Tata Consultancy Services Limited (India), and Tech Mahindra Limited (India), are some of the top players operating in the global data compression software market.