The Increasing Demand for data conversion rate & Data Conversion Services Market & high-quality data drives the growth of the Data Conversion Services Market
PORTLAND, PORTLAND, OR, UNITED STATES, October 12, 2023 /EINPresswire.com/ — As per the report, the global data conversion services industry 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.
The increase in volume of data within enterprises, a 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, the continued shift to the cloud would open new opportunities in the future.
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• 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 a 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 streamline 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.
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 an increase in the number of SMEs that depend on the internet and digital transformation.
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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 the 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 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 a 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.
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The report analyzes these key players in the global data conversion services market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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.
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