Market Research Future (MRFR) reveals that between 2017 and 2023, the global data compression software market is expected to garner a CAGR of 7%.
The compression of data helps in improving data communication over the internet or any network, which is increasing the adoption of data compression software across various sectors. This factor is likely to boost the global data compression software market growth. Alongside, MRFR identified several other drivers which can contribute to the expansion of the global data compression software market that is anticipated to generate substantial revenues for the global data compression software market.
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An initiative was taken under the Early Diagnosis Real-Time Healthcare System for Cancer (EARTH SCAN) project, couple AI and space science to offer better detection and treatment for colon cancer.
Odin Vision, a developer of artificial intelligence (AI) based applications for endoscopic procedures, has developed an AI system that uses space technology to assist doctors in the early diagnosis of bowel cancer. This AI system uses data compression software that generally operates space missions.
MRFR profiled renowned companies that are operating in the global data compression software market. They are; Google Corporation (U.S.), Opera Software ASA (Norway), Facebook (U.S.), Wandera (U.K.), Exalinks Software (France), Tegile Systems (U.S.), Quortus Telecommunications (U.K.), Exasol Corporation (Germany), Panoratio Database Images Gmbh (Germany), and Osisoft LLC (U.S.).
The global data compression software market has been segmented on the basis of type, service, organization size, deployment, and vertical.
Based on the type, the global data compression software market has been segmented into lossy compression and lossless compression.
Based on the service, the global data compression software market has been segmented into support and maintenance service and professional services and
Based on the deployment, the global data compression software market has been segmented into on-premise and cloud.
Based on the organization size, the global data compression software market has been segmented into large enterprises and small and medium enterprises (SMEs).
Based on the vertical, the global data compression software market has been segmented into government and defense, IT and telecommunication, BFSI, media and entertainment, healthcare, retail, travel & hospitality, manufacturing, transportation and logistics, and others.
Compressed data enables faster transfer of files over a network or the internet with no or minimal loss of data. A surge in the adoption of data compression software by numerous enterprises is observed due to the same, which is expected to intensify the growth of the global data compression software market.
Compressed data requires less disk space, which means a large volume of data can be transferred at a time. Furthermore, the time taken for transferring compressed data is also reduced. These advantages are increasing the adoption of data compression software across multiple business verticals, which, in turn, is anticipated to favor the global data compression software market growth.
The growing number of large scale enterprises and SMEs adopting data compression software is also expected to reinforce its global market growth. Technological advancements like Artificial intelligence (AI) and Internet of Things (IoT) are likely to cast a positive influence on the global data compression software market. Other factors like increase in data consumption, availability of high speed connection, and growing adoption of cloud technology are also expected to boost the global data compression software market growth.
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Regionally, the global data compression software market has been analysed across North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
North America projected to garner the largest revenue in the global data compression software market growth due to well-established network infrastructure, presence of robust technology, and deep penetration of digitization. In Europe, the existence of renowned companies can surge the growth of data compression software market.
The fast-paced growth of the data compression software in the Asia Pacific region can be attributed to the adoption rate of data compression software.
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