PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1314980
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1314980
Global Data Converter Market is valued approximately at USD 5.28 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 6.33 % over the forecast period 2023-2030. A data converter is a device or software that converts data from one format to another, enabling compatibility between different systems or components. It facilitates the transformation of data from one representation to another for efficient processing or communication. The Data Converter market is expanding because of factors such as, rising adoption of Internet of things IoT and rising number of electronic health records. Moreover, increasing adoption of IoT devices led to increase in the demand for data converters which enable efficient data conversion and communication between IoT devices and systems.
According to the Statista in 2022, the number of Internet of Things devices globally is expected to nearly triple from USD9.7 billion in 2020 to over USD29 billion by 2030. By 2030, China is projected to account the largest number of IoT devices, with around 5 billion devices used by consumers. The rising adoption of electronic health records has increased the demand for data converters. These converters are essential for healthcare organizations to effectively manage and integrate various data formats into standardized electronic records. According to Statista, the global electronic health records market was valued at around USD 29 billion in 2020. Projections indicate that by 2027, the market is expected to surpass USD 47 billion. In addition, technological advancements in data converters and increasing number of data centers would create a lucrative growth opportunity. However, the lack of knowledge about using the smart devices and high cost of Data Converter stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Data Converter Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market during the forecast period with largest market share owing to presence of technology companies, as well as, increasing advancements in sectors such as automotive, healthcare, and telecommunications and a growing adoption of IoT and smart devices in the region. Asia Pacific is expected to be the fastest growing region during the forecast period, owing to factors such as, rising in electronics industry, expanding manufacturing sector and increasing investments in infrastructure and telecommunications contribute to the demand for data converters in the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable