Data Compression Software Market Eyeing for a CAGR of 7% during 2017-2023; Asserts MRFR :
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.
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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.
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.), and Panoratio Database Images Gmbh (Germany) are the key players in the global data compression software market.
Segmentation
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.
