Data Compression Software Market Status, Growth Opportunity, Size, Trends, Key Industry Outlook

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. The reports include an in-depth analysis of macroeconomic indicators, data compression software market trends and underlying factors, as well as market attractiveness by segment. 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. Get Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/4177 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. Check Discount @ https://www.marketresearchfuture.com/check-discount/4177

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