Press release
Data Converter Market : Industry Forecast 2023-2032
Data converter is a device that converts 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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Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
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 preventing risk 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.
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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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Impact of COVID-19 on Data Converter Market:
● Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the global data converter market in 2020.
● Though governments have imposed lockdowns to contain spread of the virus all businesses have moved to online for their operations, thus many organizations are adopting data converter software to increase their customer base which is propelling the growth of the market.
● Overall, the pandemic is expected to have a positive impact on the global data converter market.
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