Data Conversion Services Market to Garner $566 Bn, Globally, by 2031 at 30.6% CAGR: Allied Market Research

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.

PORTLAND, Ore., Oct. 14, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Data Conversion Services Market by Service Type (HTML Conversion Services, XML Conversion Services, Document Conversion Services, Media Format Conversion Services, SGML Conversion Services, Catalog Conversion Services, Others), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, IT and Telecom, Government, Manufacturing, Retail, Healthcare, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031" 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.

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Major determinants of the market growth

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.

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.

The HTML conversion services segment dominated the market

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.

The SMEs segment to portray the highest CAGR through 2031

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.

The BFSI segment held the largest share

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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North America held the lion's share

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.

Major 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

The report analyzes these key players of 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 by every market player.

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