According to a report from Future Market Insights, the data conversion services market is anticipated to reach a market share of US$ 540795.08 Million in 2032, from US$ 38927.79 Million in 2022.The market is likely to register a CAGR of 30.1% during the forecast period 2022-2032.
Business data comes in multiple formats, such as excel, word, catalogues, web data, PDF files, image files, periodicals, databases and others. Unorganized data can hinder business processes and progress. Such data can be converted to a more suitable and easier-to-use format, and redundant information is discarded. Document conversion services help convert data from one format to another. Converting from one format to other is easier either using an advanced software or by relying on a professional document conversion company.Professional companies provide a wide range of services including HTML conversion, XML conversion, document conversion, media format conversion, as well as catalogue conversion services. Converted data allows to enclose as much information as possible and to allow interoperability.
Contributing Factors Supporting the Growth of Data Conversion
The key factor that boosts the growth and sales of this market is the increasing demand for data conversion services and high-quality data. Data conversion services also contribute significantly towards the growth of cloud deployments and the need for disaster recovery for business continuity, which drives the global market in the forecast period.Demand for data conversion services is likely to rise with the need to integrate high-technology equipment with traditional equipment.
However, the risk of data loss is challenging the growth of the global market and demand for data conversion services along with sales. In addition to that, platform, network, and other complexities could also hinder the demand for data conversion services during the forecast period.
The market is segmented on the basis of Service type, Enterprise Type, Industry, and Region.
- By Service Type, the market is divided 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 divided into Small and Medium Enterprise, and Large Enterprises.
- By Industry, the market is segmented into IT & Telecom, Media & Publishing, Healthcare, Education, BFSI, Manufacturing, and Others.
- By region, the market is segmented into North America, Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand.
Among all the regional markets, the market in North America region holds the largest market share and is expected to record a steady growth rate for the demand for data conversion services and sales during the forecast period, due to the direct presence of a majority of service vendors.
The market in Asia Pacific countries is expected to record the strong adoption rates due to increasing adoption of data conversion services software and services among SMEs, influenced by the adoption of IoT-based technologies and increasing digitalization and the demand for document conversion services and skyrocketing sales of these services.
Key companies profiled in the report include IBM Corporation; Oracle; Amazon Web Services; Microsoft; SAS Institute; SAP SE; Informatica; Talend; Attunity; TIBCO Software; Invensis Technologies Pvt Ltd; Syncsort, Damco Solutions and others.
When choosing a document conversion company, always check for references from previous clients and ask their experience with the service provider, read client testimonials and online reviews, evaluate their data security policies, ask about staff’s expertise in handling diverse data formats, and review the quality checks done to provide accurate data. Also, ensure that the company has safe and advanced file transfer options and they offer services in faster turnaround time and round-the-clock customer support.
