The data experts at Market Research Future Reports (MRFR) have thoroughly evaluated the global data compression software market. They have revealed that the market is estimated to value approximately USD 864 million by the end of 2023.
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The market is predicted to expand at a CAGR of 7% during the assessment period. The increasing trend of organizations adopting the cloud to save server space is predicted to be the most significant factor driving the global data compression software market 2020. Moreover, the fast adoption of IoT by organizations to provide the relevant data without affecting the energy costs is likely to be a major factor for data compression software vendors. Furthermore, the growing demand of data optimization and security among customers is speculated to be an opportunity for the market expansion In addition, the initiatives taken by the small and medium-sized organizations to meet the demands of their clients is estimated to further fuel the market growth.,
On the other hand, the outbreak of COVID-19 is projected to bring a slight impact on the global market size. Various regions have been influenced due to the spread of coronavirus. The data experts at MRFR are analyzing the aftermath of COVID-19. We will provide an impact analysis report on COVID-19.
The established competitors of the global data compression software market are Tegile Systems (U.S.), Exalinks Software (France) Osisoft, LLC (U.S.), Wandera (U.K.), Facebook (U.S.), Google Corporation (U.S.), Exasol Corporation (Germany), Opera Software ASA (Norway), Quortus Telecommunications (U.K.), Panoratio Database Images Gmbh (Germany), and a few others.
The worldwide data compression software market can be classified on the basis of type, service, organization size, vertical, deployment, and region.
On the grounds of service, the worldwide data compression software market can be classified into support & maintenance service and professional services.
On the grounds of the type, the worldwide data compression software market can be segmented into lossy compression and lossless compression.
On the grounds of organization size, the worldwide data compression software market can be classified into large enterprises and small & medium enterprises
On the grounds of deployment, the worldwide data compression software market can be segmented into on-premise and cloud.
On the basis of vertical, the worldwide data compression software market can be classified into BFSI, government & defence, I.T. & telecommunication, retail, manufacturing, healthcare, media & entertainment, travel & hospitality, transportation & logistics, and others.
On the basis of geography, the worldwide data compression software market can be classified into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW).
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the in-depth study of North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW) has been carried out. As per the research, the global market is likely to expand magnificently during the forecast period. The study reveals that the global market is estimated to be dominated by North America. North America is likely to acquire the most significant market revenue. The advanced network infrastructure, digitization of the region, and higher deployment of technology are the most significant element resulting in the market growth. Besides, the region consists of several players who contribute efficiently in expanding the market. Among all, the U.S. and Canada are estimated to make the most crucial participation in expanding the market. On the other hand, the Asia-Pacific region is likely to grow at the highest CAGR during the assessment period. The organizations in the APAC region are investing massively for a developed solution to make the business more efficient.
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