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.
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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.
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 virusall 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.
The impact of Covid-19 on the technology market in Asia Pacific is starting to be realized as changing customer priorities and reduced investments place increased pressure on the organizations.
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The substantial shift in market dynamics has prompted international data corporation (IDC) to revise its IT spending forecast for Asia-Pacific (excluding Japan and China) in 2020, significantly dropping to 1.2 per cent growth compared to original projections of 5.2 per cent growth in January.
IDC estimates that the impact would be seen across all software markets like application development and deployment, applications and system infrastructure software with the exception of digital workplace, cloud platform and automation technologies, which can aid in the current situation of work from home during pandemic.
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 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.
Key benefits of the report:
- This study presents the analytical depiction of the global data converter industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global data converter market share.
- The current market is quantitatively analyzed from 2021 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global data converter market analysis depending on competitive intensity and how the competition will take shape in coming years.
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