Data Conversion Services Market Research, 2031
The global data conversion services market size was valued at $39.8 billion in 2021, and is projected to reach $566 billion by 2031, growing at a CAGR of 30.6% from 2022 to 2031.
Data conversion is the conversion of one data format into another. It is a technical process mostly done by software, although rarely hardware or human intervention is used. The sole purpose of the data conversion is to enable interoperability and to maintain all of the data with embedding as much as information as possible. Data conversion can be simple or complex based on the environment and data formats involved. Data is handled by the operating system and different applications in different manners, and to use the same data for other operating systems or applications, data must be converted.
Furthermore, the need for low-latency, real-time view and analytics on operational data, rising volume of data within enterprise is boosting the growth of the global data conversion services market. In addition, business automation is positively impacts Data Conversion Services Market Growth. However, lack of understanding of source data is hampering the data conversion service market growth. On the contrary, continued shift to the cloud is expected to offer remunerative opportunities for expansion during the Data Conversion Services Market Forecast.
The data conversion services market is segmented into Service Type, Enterprise Size and Industry Vertical.
The data conversion services industry is segmented on the basis of service type, enterprise size, industry vertical, and region. By service type, it is segmented into HTML conversion services, XML conversion services, document conversion services, media format conversion services, SGML conversion services, catalog conversion services, and others. By enterprise size, the market is categorized into large enterprise and SMEs. By industry vertical, the market is categorized into BFSI, IT and telecom, government, manufacturing, retail, healthcare, media and entertainment, and others. By BFSI type, the market is categorized into banking, financial services, and insurance. By manufacturing type, the market is categorized into food and beverages, industrial machinery and heavy equipment, high tech and consumer electronics, automotive, and others. By high tech and consumer electronics type, the market is categorized into consumer electronics, PCs & laptops, and others Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The key players operating 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. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
On the basis of industry vertical, the BFSI segment dominated the data conversion services market in 2021, and is expected to maintain its dominance in the upcoming years. 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. There is a strong connection between the business objectives of an undertaking and the specialized difficulties it faces while accomplishing them. The modem client is searching for better experience and more prominent personalization. According to a recent Bank Systems and Technology report, many U.S. banks and other financial institutions have already adopted business analytics solutions and have benefited from implementing these solutions, which enhances the growth of the market.
Depending on North America is anticipated to account for the largest Data conversion services market share during the forecast period, owing to presence of a substantial industrial base in the U.S., government initiatives to promote innovation, and large purchasing power. The growth is primarily concentrated in the U.S. Companies that use big data software frequently use print management systems to cut costs, improve industry vertical, and boost worker productivity. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to growing economies such as India and China and cloud native countries like Japan.
Impact of COVID-19
The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has high impact on the growth of data conversion services market, as increasing number of smartphone users, growing adoption of connected devices, and surging e-commerce sector provide lucrative opportunities for the growth of the data conversion services market. COVID has caused crises in social, economic, and energy areas and medical life worldwide throughout 2020. This crisis had many direct and indirect effects on all areas of society. In the meantime, the digital and artificial intelligence industry can be used as a professional assistant to manage and control the outbreak of the virus. In post-pandemic circumstances, enterprises strived to minimize operational and running costs around all the business functions to recover the losses incurred in COVID times. The data warehousing market is anticipated to recover the loss incurred and gain profit by the third quarter of 2022. In addition, while estimating the market size, the report considers the impact of COVID-19 on each country, and the estimated numbers are completely dependent on the current ongoing situation of COVID-19 in each country. However, there is still no clarity on the deeper impact that the pandemic is projected to have across businesses, industrial sectors, and organizations due to factors such as continuous increase in number of COVID-19 cases and changes in lockdown period.
Top Impacting Factors
Rise in volume of data within enterprise
The growth in data volume and variety presents unique challenges in terms of Data Management. Without the right Data Strategy at hand, business leaders will find themselves with heaps of data that is difficult to utilize and analyze. This could result in organizations experiencing operational inefficiencies and, ultimately, a loss in revenue. The growing flood of data stresses the need for a fast and scalable data integration solution that can extract data trapped in disparate systems and transform it into standardized analytics-ready information. Such a solution would capture the value contained in large data volume by converting raw datasets into value-adding reports and analyses that allow decision-makers to bring long-term improvements to underlying business processes. Adding an integration solution to the enterprise stack will enable businesses to ride the technology trend and generate value from the creation of data.
The need for low-latency, real-time view and analytics on operational data
A real-time data conversion has low latency data and provides current (or real-time) data. In addition, organizations face the need to store the raw data in form of different data types in a structured way, providing low-latency access, which fuels the growth of the market. Real-time data conversion describes a system that reflects the state of the data in real time. If a query is run against the real-time data to understand a specific side about the business or entity described by the companies, the answer reflects the state of that entity at the time the query was run. Most data conversions have data that are highly latent or reflect the business at a point in the past. Thus, enterprises are facing the need for low-latency, real-time view, and analytics on operational data, which is driving the growth of the market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the data conversion services market analysis from 2021 to 2031 to identify the prevailing data conversion services market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the data conversion services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global data conversion services market trends, key players, market segments, application areas, and market growth strategies.
Data Conversion Services Market Report Highlights
Market Size By 2031
USD 566 billion
CAGR of 30.6%
2021 - 2031
By Service Type
By Enterprise Size
By Industry Vertical
Key Market Players
Invensis Technologies Pvt Ltd, SAS Institute, Hitachi,Ltd, Vista Equity Partners, Microsoft Corporation, TIBCO Software Inc., SAP SE, Talend S.A., Syncsort, Oracle Corporation, Informatica, Damco Solutions, Amazon Web Services, Intel Corporation, Attunity Inc., IBM CORPORATION, Qlik Technologies
In accordance with insights by CXOs of leading companies, one of the current trends in the data conversion services market that is gaining traction in both developed and emerging economies is the growing need for mobile-based applications. Furthermore, rise in demand for data conversion tools from organizations and need for cleaning, enriching, and structuring raw data into meaningful format helps boost the growth of the market.
In the digital era where artificial intelligence and internet of things have taken over the world, there seems to be a comparatively less growth rate of the data conversion services market than digital marketing. Through various studies it has been observed that data conversion services market is expanding as a result of the quickening pace of digital transformation in all parts of the world. With the simplicity with which new businesses may be started and the ease with which organizations can use these enterprises to develop, distribute, and support their products, the growth of the internet has had a huge impact on the data conversion services. Consequently, the growing popularity of the internet is assisting in the growth of the market share for data conversion services.