Storage Compression Solutions Market With Latest Development Trends in Global Industry upto 2026
Storage compression also known as source coding is the process of encoding, modifying, or converting the content size to consume less space on a disk for data storage and representation. Storage compression reduces the data size by replacing and/or removing the repetitive data instance and symbols. It also allows the storage size reduction of one or more data elements in the data files. Storage compression solution is useful particularly in communication technology to enable the devices to transmit the same amount of content in fewer bits. Storage compression solutions can speed up file transfer, decrease costs for storage hardware, and can save on data storage capacity. Storage compression solutions are used for database management systems, spreadsheet applications, and utility backup. These solutions work through software solutions and compressing technique that utilizes data compression algorithms to reduce the size of the data.
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Increasing data consumption across various mobile devices which is leading to growing data traffic is expected to be the major driver of the storage compression solutions market. Strong proliferation of mobile devices and adoption of wireless communications technologies have created the demand for efficient storage compression solutions to reduce data traffic. Additionally, storage compression solutions encompass the technologies and algorithms to improve and maximize the performance of data storage resources. Storage compression solutions are frequently used for efficient management of old record files and data in the Banking, Financial services and Insurance (BFSI) industry, which is likely to fuel the market growth. Therefore, the BFSI industry vertical is expected to account for significant share in the storage compression solutions market. Storage compression vendors offer a broad range of solutions to different corporations for data security to avoid large data traffic. Moreover, storage compression solutions drive down the bits data so as to increase system performance by reducing power consumption and managing data at storage to avoid complications.
Nonetheless, transmission errors due compressed data and required hardware acceleration to handle the storage system are expected to hinder the growth of the global storage compression solutions market. However, to overcome these challenges, market players are making tremendous efforts on innovating novel technologies for storage compression solutions.
The global storage compression solutions market can be segmented on the basis of application, industry vertical, type, deployment, and regions. Based on application, the storage compression solutions market can be segmented into file system compression, storage array compression, NAS compression, backup storage compression, and data duplication. On the basis of industry vertical, the storage compression solutions market can be segmented into IT & telecommunication, education, media & entertainment, healthcare, legal, transportation & logistics, BFSI, retail, and others. Moreover, in terms of type, the storage compression solutions market can be segmented into lossless data compression and lossy data compression. Based on deployment, the storage compression solutions market is segmented into cloud and on-premise.
Based on regions, the storage compression solutions market is bifurcated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The storage compression solutions market is expected to be highly dominated by North America due to the presence of well-established key players in the U.S. and strong adoption of storage compression solutions by large enterprises. Furthermore, the storage compression solutions market in Asia Pacific is estimated to rise at a strong growth rate over the forecast period due to developing economies such as India and China. The growth in the Asia Pacific region is also the result of the adoption of advanced storage compression solutions to enhance business efficiency especially from BFSI and retail industries.
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The key players operating in the storage compression solutions market are Fujitsu Limited, CVISION Technologies, Inc., DataCore Software Corporation, Maxlinear Inc., Pure Storage, Inc., Oracle Corporation, IBM Corporation, Opera Software AS, Compression Solutions, Inc., and CA Technologies among others.
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