Data Conversion Services Market Expected to Reach $566 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Data Conversion Services Market," The data conversion services market size was valued at $39.8 billion in 2021, and is estimated to reach $566 billion by 2031, growing at a CAGR of 30.6% from 2022 to 2031.

The purpose of data conversion services is to maintain information in an easy-to-use format. Different end-use industries such as BFSI, Healthcare and retail uses data conversion services to increase business efficiency. In addition, increase in data transparency of enterprises to utilize growth in streams of data from various sources in innovative ways and adoption of modern business intelligence tools by enterprises for which data conversion is critical, are expected to fuel the growth of the data conversion services market.

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 growth of the data conversion service market. 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.

Depending on service type, the HTML Conversion Services segment is dominating the market and is expected to do so in the forecast period. As, HTML conversion services help organizations in streamlining their document management pipeline. It offers professional HTML to XML conversion, XML file to HTML conversion, PSD to HTML conversion, image to HTML conversion, HTML File to PDF conversion, PDF to HTML conversion services, and more. It gives the client broad control over how a template interprets a source document and converts it to HTML.

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.              

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. 

KEY FINDINGS OF THE STUDY

• By service type, the HTML conversion services segment dominated the data conversion service market in 2021. However, the catalog conversion services segment is expected to exhibit significant growth during the forecast period.
• On the basis of end-user, the BFSI segment dominated the data conversion service market in 2021.However, the healthcare segment is expected to witness the highest growth rate during the forecast period.
• Region-wise, the Data Conversion Services Market Analysis was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.

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.