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Data Converter Market Analysis, Trends and Forecast, 2020-2030 | Key Drivers, Restraints & Opportunity

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In terms of region, the global data converters market is segmented into North America, Asia Pacific, Rest of the World, and Europe.

PORTLAND, PORTLAND, OR, UNITED STATE, January 26, 2022 / — Growing demand for measurement & text solutions, increasing demand for high-resolution images in healthcare applications, and the rising acceptance of innovative data acquisition systems are driving the growth of the data converter market. In addition, increasing usage of data converter to enhance the efficiency of the organization by working on compatibility and storage of silos of data is propelling the growth of the market.

Moreover, the adoption of IoT technology, increasing penetration of connected devices, and the growing digitization in the industrial sectors is boosting the growth of the data converter market. However, the advancement of low power consumption data converters and the lack of knowledge about using the smart devices restrict the growth of the market. Contrarily, an increase in developing innovative high-performance communication applications and several network infrastructure manufacturers is expected to provide lucrative opportunities for the data converter market.

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Electronic Health Record (EHR) data conversion is the process of moving data from a source EHR system to a new system. EHR data conversion is performed manually or through an automated process. It helps various organizations for preventing risk of manipulation in manual data conversion and automatically working with large sets of data. The increase in adoption of the electronic health record in the healthcare industry, is due to availability instantly and securely to authorized users.

North America is expected to have the largest market share during the forecast period, owing to growth in the adoption of data converter in the U.S. and Canada. All major vendors of data converters are present in the region, which further fuels the market growth. In addition, small & medium-sized organizations have adopted data converters to streamline their business processes, which propels the growth of the market in the region.

The impact of Covid-19 on the technology market in Asia Pacific is starting to be realized as changing customer priorities and reduced investments place increased pressure on the organizations. The substantial shift in market dynamics has prompted international data corporation (IDC) to revise its IT spending forecast for Asia-Pacific (excluding Japan and China) in 2020, significantly dropping to 1.2 percent growth compared to original projections of 5.2 percent growth in January.

IDC estimates that the impact would be seen across all software markets like application development and deployment, applications and system infrastructure software with the exception of digital workplace, cloud platform and automation technologies, which can aid in the current situation of work from home during pandemic.

Impact of COVID-19 on Data Converter Market:

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the global data converter market in 2020.

• Though governments have imposed lockdowns to contain spread of the virusall businesses have moved to online for their operations, thus many organizations are adopting data converter software to increase their customer base which is propelling the growth of the market.

• Overall, the pandemic is expected to have a positive impact on the global data converter market.

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