Market Scenario:
Facebook, one of the leading player in the data compression software market is sourcing a new compression algorithm called Zstandard that aims to replace the common technology behind the Zip file format. Wandera a prominent player in data compression software market is providing data compression solutions to minimize the data consumption by 10% by compressing data in real time.
North America region account for highest market share in data compression software market owing to presence of major players in the region and adoption of data compression software solution by small and large enterprises. Countries such as US and Canada contributes large amount of revenue in the data compression software market in the region. Asia‐Pacific region is expected to be growing at the highest CAGR. Enterprises in the region are investing huge in data compression tools and more advanced solution to improve business efficiency and data storage techniques is boosting the market in the region.

The key drivers of data compression software market includes growing data consumption across storage devices and that leads to data traffic which is one of the significant reason fuelling the data compression software market growth. According to the study, by vertical segment BFSI sector is expected to account for highest market share in data compression software market. By organization size segment, large enterprises accounts for largest market share.

The Data Compression Software Market is segmented on the basis of type, vertical, service, deployment and organization. Cloud solution accounts for highest market share as it helps enterprises by minimizing cost associated with the IT infrastructure. Cloud solution enable enterprise to focus on core business competencies. It provides enterprises with data protection and security, efficiently manage storage and privacy issues, offers data integrity and provides information related to governance and make enterprise legally prepared. By type it consists of lossless data compression and lossy data compression. Lossless data compression has many benefits such as the compress file can be recreated back to the original one, it possess excellent compression ratio and is very easy to use and is able to spilt archives into multiple volumes and repair the damage file, it can automatically detect the type of file need to be compressed and adjust the compression rate accordingly.

The data compression software market is expected to grow at approximately USD 864 Million by 2023, at 7% of CAGR between 2017 and 2023.

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Major Key Players:
• Osisoft, LLC (U.S.)
• Tegile Systems (U.S.)
• Wandera (U.K.)
• Quortus Telecommunications (U.K.)
• Facebook (U.S.)
• Google Corporation (U.S.)
• Opera Software ASA (Norway)
• Exasol Corporation (Germany)
• Panoratio Database Images Gmbh (Germany)
• Exalinks Software (France)

Segments:
Data Compression Software Market by Type:
• Lossless Compression
• Lossy Compression

Data Compression Software Market by Service:
• Professional Service
• Support and Maintenance Service

Data Compression Software Market by Deployment:
• Cloud
• On-Premise

Data Compression Software Market by Organization Size:
• Small & Medium Enterprises
• Large Enterprises

Data Compression Software Market by Vertical:
• Government & Defense
• BFSI
• IT & Telecommunication
• Healthcare
• Retail
• Manufacturing
• Travel & Hospitality
• Transportation & Logistics
• Media & Entertainment
• Others

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Intended Audience
• Investors and consultants
• System Integrators
• Government Organizations
• Research/Consultancy firms
• Technology solution providers
• IT Solution Providers

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