Data Conversion Services Market
Rising volume of data within enterprise is boosting the growth of the global data conversion services market.
PORTLAND, PORTLAND, OR, UNITED STATES, February 13, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Data Conversion Services Market,” The data conversion services market size was valued at $39.8 billion in 2021, and is estimated to reach $566 billion by 2031, growing at a CAGR of 30.6% from 2022 to 2031.
Data conversion refers to the transformation of data from one format to another, primarily facilitated by software, though occasionally hardware or human intervention may be involved. The primary objective of data conversion is to facilitate interoperability and retain as much information as possible within the data. The complexity of data conversion varies depending on the specific environment and data formats being utilized. Since data is managed differently by various operating systems and applications, conversion is necessary to enable its use across different platforms or applications.
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The purpose of data conversion services is to maintain information in an easy-to-use format. Different end-use industries such as BFSI, Healthcare and retail uses data conversion services to increase business efficiency. In addition, increase in data transparency of enterprises to utilize growth in streams of data from various sources in innovative ways and adoption of modern business intelligence tools by enterprises for which data conversion is critical, are expected to fuel the growth of the data conversion services market.
Furthermore, the need for low-latency, real-time view and analytics on operational data, rising volume of data within enterprise is boosting the growth of the global data conversion services market. In addition, business automation is positively impacts growth of the data conversion service market. However, lack of understanding of source data is hampering the data conversion service market growth. On the contrary, continued shift to the cloud is expected to offer remunerative opportunities for expansion during the data conversion services market forecast.
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Depending on service type, the HTML Conversion Services segment is dominating the market and is expected to do so in the forecast period. As, HTML conversion services help organizations streamline their document management pipeline. It offers professional HTML to XML conversion, XML file to HTML conversion, PSD to HTML conversion, image to HTML conversion, HTML File to PDF conversion, PDF to HTML conversion services, and more. It gives the client broad control over how a template interprets a source document and converts it to HTML.
By industry vertical, the BFSI segment held the largest share in 2021, contributing to nearly one-fifth of the global data conversion services market, as adoption of data conversion services are relied upon to develop at a critical rate owing to development in digitalization of banking exchanges and big data analytics. However, the healthcare segment is expected to register the highest CAGR of 32.8% during the forecast period, owing to rise in demand for managing patient information, scheduling appointments, checking hospital inventory, and minimizing clinical errors.
Depending on North America is anticipated to account for the largest data conversion services market share during the forecast period, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power. The growth is primarily concentrated in the U.S. Companies that use big data software frequently use print management systems to cut costs, improve industry vertical, and boost worker productivity. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud-native countries like Japan.
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By enterprise size, the SMEs segment is projected to manifest the highest CAGR of 32.0% from 2022 to 2031, due to rise in dependency on internet and digital transformation of worldwide. However, the large enterprises segment held the largest share in 2021, accounting for around three-fifths of the global data conversion services market, due to increase in number of SMEs that depend on internet and digital transformation.
This report gives an in-depth profile of some key market players in the data conversion services industry include Amazon Web Service (AWS), Attunity, Damco Group, Hitachi, Informatica, International Business Machine (IBM), Invensis Technologies Pvt Ltd., Intel Corporation, Microsoft Corporation, Oracle Corporation, Precisely, Qlik Technologies, SAP SE, SAS Institute, Talend, Tibco Software, Inc., and Vista Equity Partners. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the data conversion services industry globally.
Covid-19 scenario:
• The Covid-19 outbreak has impacted the growth of data conversion service market due to rise in number of smartphone users, developments in the e-commerce sector, and growing adoption of connected devices.
• Digital and artificial intelligence industry can be used as professional assistant to manage and control the outbreak of the virus.
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