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.
As per the report, the global data conversion services market was accounted for $39.8 billion in 2021, and is expected to reach $566 billion by 2031, growing at a CAGR of 30.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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COVID-19 IMPACTS:
• 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.
By service type, the HTML conversion services segment held the largest share in 2021, accounting for nearly one-fourth of the global data conversion services market, as HTML conversion services help organizations in streamlining their document management pipeline. However, the catalog conversion services segment is estimated to register the highest CAGR of 33.6% during the forecast period, due to notion of accessibility for customers and need to keep them updated about the happenings within the manufacturing product line.
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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.
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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Key Market Players:
• 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.
• Vista Equity Partners
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