Storage Compression Solutions Market

Storage Compression Solutions Market - Frequently Used For Efficient Management Of Old
Record Files And Data In The Banking
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.
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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.

Storage Compression Solutions Market

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