Data Converter Market Value, Trends, Forecast, Top Company Profiles

Data converter is a device thatconverts data from digital to analog signal or analog signals to digital.Data conversion is the process of translating one data format into another. This is a technical method accomplished by software, whether hardware or human intervention is used. The key purpose of data conversion is to integrate and maintain as much data as possible. Data conversion includes simple or complex environments and data formats. Data is handled by different applications in the operating system and different layouts to use the same data for applications or operating systems.

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Growing demand for measurement &text solutions, increasing demand for high-resolution images in healthcare applications, and the rising acceptance of innovative data acquisition systems is driving the growth of data converter market. In addition, increasing usage of data converter to enhance efficiency of organization by working on compatibility and storage of silos of data is propelling the growth of the market.

Moreover, the adoption of IoT technology, increasing penetration of connected devices, and the growing digitization in the industrial sectors is boosting the growth of data converter market. However, advancement of low power consumption data converters and the lack of knowledge about using the smart devices restricts growth of market. Contrarily, increase in developing innovative high-performance communication applications and several network infrastructure manufacturers is expected to provide lucrative opportunity for the data converter market.

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Increasing adoption of electronic health record (EHR) data conversion

Electronic Health Record (EHR) data conversion is the process of moving data from a source EHR system to a new system. EHR data conversion is performed manually or through an automated process. It helps various organization for preventingrisk of manipulation in a manual data conversion, and automatically working with large sets of data. The increase in adoption of electronics health record in healthcare industry, due to available instantly and securely to authorized users.

North America expected to lead the market

North America is expected to have the largest market share during the forecast period, owing to growth in adoption of data converter in the U.S. and Canada. All major vendors of data converter are present in the region, which further fuels the market growth. In addition, small & medium sized organizations have adopted data converter to streamline their business processes, which propels growth of the market in the region.

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The impact of Covid-19 on the technology market in Asia Pacific is starting to be realized as changing customer priorities and reduced investments place increased pressure on the organizations. The substantial shift in market dynamics has prompted international data corporation (IDC) to revise its IT spending forecast for Asia-Pacific (excluding Japan and China) in 2020, significantly dropping to 1.2 per cent growth compared to original projections of 5.2 per cent growth in January. IDC estimates that the impact would be seen across all software markets like application development and deployment, applications and system infrastructure software with the exception of digital workplace, cloud platform and automation technologies, which can aid in the current situation of work from home during pandemic.
Key market players in the market are Asahi Kasei Microdevices, Cirrus Logic, Renesas, Maxim Integrated, Microchip Technology Inc., NXP Semiconductors N.V., onsemi, STMicroelectronics, Texas Instruments Incorporated, Faraday Technology Corporation.

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