Increase in volume of data within enterprise, rise in need for low-latency, real-time view and analytics on operational data have boosted the growth of the global Data Conversion Services Market. However, dearth of understanding of source data hinders the market growth. On the contrary, continued shift to the cloud would open new opportunities in the future.
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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 the 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.
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.
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By region, the global data conversion services market across North America dominated in 2021, accounting for more than two-fifths of the market, owing to presence of substantial industrial base in the U.S., large purchasing power, and government initiatives to promote innovation. However, the market across Asia-Pacific is expected to showcase the highest CAGR of 33.0% during the forecast period, due to growing economies such as India and China.
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.
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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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