Data Compression Software Market Eyeing for a CAGR of 6.9% during 2024-2032; 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 2.1 Billion by 2032, as per the latest report by Market Research Future (MRFR). It can expand at a CAGR of 6.9% from 2024 to 2032 (forecast period). Advantages of data compression which enable faster file transfer with minimum data loss are likely to augur its rapid market growth till 2032.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.SegmentationThe 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.

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