The data compression software market size is expected to see strong growth in the next few years. It will grow to $1.5 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be credited to factors such as digital transformation, swift industrialization, the burgeoning e-commerce sector, growing public demand for data security and optimization, and increased research and development activities. Key trends expected in this period include technological advancements, the introduction of cutting-edge technologies, the integration of enhanced security measures, advancements in compression techniques, and the adoption of cloud-based compression methods.
The anticipated rise in the utilization of Internet of Things (IoT) devices is poised to drive the expansion of the data compression software market in the foreseeable future. IoT devices, comprising interconnected physical entities equipped with sensors, software, and networking capabilities, enable data collection and exchange, thereby facilitating smart and automated functionalities across various applications. The proliferation of IoT devices is fueled by advancements in data compression technology, which enables these devices to efficiently handle and store vast amounts of data. Data compression software is integral to IoT devices, optimizing bandwidth utilization and reducing data transmission overheads, particularly crucial for effective communication in networks with limited resources. For example, as per a report from Ericsson, a telecommunications company based in Sweden, global IoT connections reached 13.2 billion in 2022 and are projected to surge by 18% to 34.7 billion by 2028. Hence, the escalating adoption of IoT devices is a key driver behind the expansion of the data compression software market.
Leading players in the data compression software market are concentrating on innovating their offerings to address evolving data requirements more efficiently. One such innovation is video compressor software, tailored to meet the demands of managing multimedia data effectively. Video compressor software, a specialized application, is employed to reduce the file size of video content without significantly compromising its quality. For instance, in May 2024, Cisdem, a software company based in China, introduced Cisdem Video Compressor, a Windows-compatible tool that delivers robust media compression capabilities. This software empowers users to compress video and audio files by adjusting various parameters to achieve size reduction while preserving quality. It supports batch compression for multiple files simultaneously and boasts an intuitive interface with diverse compression settings and options. Designed to be user-friendly yet efficient, the software excels in reducing file sizes without compromising media quality.
In March 2023, Apple Inc., a technology giant headquartered in the United States, acquired WaveOne for an undisclosed sum. This strategic acquisition is poised to bolster Apple's video compression capabilities, enhancing storage and transmission efficiency for videos across its platforms, such as Apple TV+. WaveOne, a U.S.-based software firm, specializes in data compression software leveraging artificial intelligence and machine learning algorithms for video compression.
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.
North America was the largest region in the data compression software market in 2023. The regions covered in the data compression software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the data compression software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Data compression software encompasses programs designed to shrink the size of digital data files, optimizing storage capacity and expediting transmission across networks. Utilizing diverse algorithms, these programs compress data without compromising significant quality, enhancing efficiency in storage and transfer. Widely employed in multimedia, file archiving, and communication applications.
The primary types of data compression software include lossless compression and lossy compression. Lossless compression preserves original data, allowing perfect reconstruction from compressed data without information loss. Additionally, these services include professional support and maintenance, available via cloud-based and on-premise deployment models. Catering to various industry verticals such as banking, financial services, insurance, retail, healthcare, information technology, telecommunications, government, travel, hospitality, transportation, media, entertainment, manufacturing, and others.
The data compression software research report is one of a series of new reports that provides data compression software market statistics, including the data compression software industry's global market size, regional shares, competitors with a data compression software market share, detailed data compression software market segments, market trends and opportunities, and any further data you may need to thrive in the data compression software industry. This data compression software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The data compression software market includes revenues earned by entities by providing services such as reducing file sizes, optimizing storage utilization, and facilitating faster data transmission. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Table of Contents
Executive Summary
Data Compression Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on data compression software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for data compression software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The data compression software market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Lossless Compression; Lossy Compression2) 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
Key Companies Mentioned: Google LLC; Microsoft Corporation Inc.; Meta Platforms Inc; International Business Machines Corporation; Oracle Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 1.11 Billion |
Forecasted Market Value ( USD | $ 1.5 Billion |
Compound Annual Growth Rate | 7.7% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |