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. 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.
The prevalence of high-speed connectivity thanks to the latest communication networking technologies has propelled the need for data compression software. Penetration of smartphones for all forms of communication in the workspace or personal use is likely to create opportunities for the data compression software market. Increasing data consumption across all sectors coupled with minimizing the costs of enterprises are predicted to bode well for the market. This is exemplified by the sudden popularity of Adstringo, an Indian compression algorithm creator for all file formats. Various bigwig companies have made use of the software to accumulate data in rural areas of India and increase their foothold.
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.
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.
North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW) are the key markets for the global data compression market. North America accounts for the maximum revenue generation owing to established network infrastructure, higher technology implementation, and digitization in the region. The presence of major players in the region is an added advantage for the region. Also, the region tends to adopt advanced technologies swiftly which boosts the growth of the market.
APAC is expected to grow with rapid pace over the forecast period. The growth of the APAC market can be attributed to the high adoption rate of data compression software among a large number of SMEs.
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.
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