What Fueled The Previous Growth In The Data Compression Software Market?
The data compression software market has seen considerable growth due to a variety of factors.
• The data compression software market has seen robust growth in recent years. It is expected to grow from $1.11 billion in 2024 to $1.2 billion in 2025 at a CAGR of 7.9%.
Key growth drivers include widespread smartphone adoption, increased data generation, better internet connectivity, the need for efficient data storage and transfer, and the demand for affordable data management solutions.
What Is The Expected Growth In The Data Compression Software Market Size Evolve over the Forecast Period?
The data compression software market is expected to maintain its strong growth trajectory in upcoming years.
• The data compression software market is projected to grow to $1.61 billion by 2029, at a CAGR of 7.6%.
This growth is driven by digital transformation, rapid industrialization, the growth of e-commerce, demand for data security, and rising R&D activities. Trends include advancements in compression techniques, enhanced security, cloud-based compression, and the introduction of new technologies.
What Main Forces Are Fueling Expansion In The Data Compression Software Market?
The rising number of IoT devices is expected to accelerate the growth of the data compression software market. IoT devices, which include interconnected physical objects embedded with sensors and software, are becoming more prevalent due to advancements in data compression technology, allowing these devices to transmit and store large amounts of data efficiently. Data compression software is crucial for optimizing bandwidth and minimizing data transmission overhead. A report from Ericsson in September 2022 indicated that global IoT connections reached 13.2 billion in 2022 and are expected to rise by 18% to 34.7 billion by 2028. Therefore, the growing use of IoT devices is fueling the demand for data compression software.
What Are The Primary Segments In The Global Data Compression Software Market?
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
Subsegments:
1) By Lossless Compression: Run-Length Encoding (RLE), Huffman Coding, Lempel-Ziv-Welch (LZW), Arithmetic Coding
2) By Lossy Compression: Transform Coding, Predictive Coding, Fractal Compression, Wavelet Compression
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What New Trends Are Influencing The Data Compression Software Market?
Leading companies in the data compression software market are focused on creating advanced solutions like video compressor software to meet the increasing data demands efficiently. Video compressor software is designed to reduce the file size of videos without compromising quality. For example, in May 2024, Cisdem, a software company based in China, introduced Cisdem Video Compressor for Windows. This software offers efficient media compression features, allowing users to compress video and audio files by adjusting various parameters, supporting batch compression, and ensuring high-quality results.
Who Are the Key Players In The Data Compression Software Market?
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.
What Is The Most Dominant Region In The Data Compression Software Market?
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.
