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Data Compression Software Market Size, Development Analysis, Key Trends, Growth Rate And Future Forecast (2024-2033)
Data Compression Software Market
As per the report, the data compression software market size has grown strongly in recent years. It will grow from $1.03 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The data compression software market size is expected to see strong growth in the next few years. It will grow to $1.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
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Internet of Things (IoT) Devices Fueling Expansion of Data Compression Software Market
The increasing use of Internet of Things (IoT) devices is expected to propel the growth of the data compression software market going forward. Internet of Things (IoT) devices are interconnected physical devices embedded with sensors, software, and network connectivity, enabling them to collect and exchange data, facilitating smart and automated functionalities in various applications. The number of Internet of Things (IoT) devices is growing due to advancements in data compression technology, enabling these devices to efficiently transmit and store large volumes of data. IoT devices use data compression software to optimize bandwidth usage and reduce data transmission overhead, essential for efficient communication in resource-constrained networks. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to 34.7 billion connections by 2028. Therefore, the increasing use of Internet of Things (IoT) devices is driving the growth of the data compression software market.
Innovative Solutions Driving Growth In Data Compression Software Market
Major companies operating in the data compression software market are focused on developing innovative solutions, such as video compressor software, to meet evolving data needs efficiently. Video compressor software is a type of application used to reduce the file size of video files without significantly sacrificing quality. For instance, in May 2024, Cisdem, a China-based software company, launched Cisdem Video Compressor, a video compressor for Windows that offers effective media compression features. The software allows users to compress video and audio files by adjusting various parameters to reduce file size while maintaining quality. It supports batch compression for multiple files at once and has an easy-to-use interface with various compression settings and options. The software is designed to be user-friendly and effective at reducing file sizes without sacrificing media quality.
The data compression software market covered in this report is segmented -
1) By Type: Lossless Compression, Lossy Compression
2) By Service: Professional Service, Support And Maintenance Service
3) By Deployment: Cloud, On-Premise
4) By Vertical: Banking, Financial Services, And Insurance (BFSI), Retail, Healthcare, Information Technology (IT) And Telecommunication, Government, Travel And Hospitality, Transportation, Media And Entertainment, Manufacturing, Media And Entertainment, Manufacturing, Other Verticals
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Major companies operating in the data compression software market are Google LLC, Microsoft Corporation Inc., Meta Platforms Inc, International Business Machines Corporation, Oracle Corporation, Broadcom Inc., SAS Institute Inc., NortonLifeLock Inc., Qihoo 360 Technology Co Ltd, Exasol AG, Corel Corporation, PeaZip, Tegile Systems Inc., Smith Micro Software Inc., PKWARE Inc., PowerArchiver, Osisof LLC, Wandera Inc., NCH Software Pty Ltd, Quortus Telecommunications, Otello Corp ASA, Panoratio Database Images Gmbh, WinRAR, 7-Zip, Bandisoft International Inc.
Contents of the report:
1. Executive Summary
2. Data Compression Software Market Report Structure
3. Data Compression Software Market Trends And Strategies
4. Data Compression Software Market - Macro Economic Scenario
5. Data Compression Software Market Size And Growth
…..
27. Data Compression Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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