The global Enterprise Information Archiving Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.2% during the forecast period, to reach USD 12.9 billion by 2027 from USD 6.4 billion in 2022, according to new research report by MarketsandMarkets™
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The growth in the enterprise information archiving market has been impelled due to the increasing need for cost-effective storage solutions for inactive data to meet compliance and legal requirements. Another growth driving factor for the enterprise information archiving market is the demand for improved business processes through segregation of less valuable data from the online enterprise data. Further, cloud-based archiving creates new growth opportunities in the enterprise information archiving market.
Content Type segment to grow at the higher CAGR during the forecast period
The Content type segment for enterprise information archiving market is expected to grow at a higher CAGR. Various industry enterprises demand archiving solutions as per their content type from enterprise information archiving solution providers. The content types include structured and unstructured data that is generated by an enterprises’ IT infrastructure. Enterprise information archiving vendors offer enterprise information archiving solutions as per content types that include email, database, social media, instant messaging, web, mobile communication, and file and EFSS.
SMEs segment to grow at the highest CAGR during the forecast period
Enterprises with less than 1,000 employees are considered under the SMEs segment. Maximum productivity and reduced cost are crucial factors for these enterprises, as they have limited budgets to keep track of stored enterprise information. Hence, these enterprises take advantage of the freely available public cloud storage or limited on-premises enterprise information archiving solutions. SMEs have a lower volume of enterprise data generated as compared to large enterprises. This saves the overall cost required related to installing enterprise information archiving solutions. The implementation of the enterprise information archiving solution is expected to result in better and secure monitoring of indoor and outdoor places.
BFSI industry vertical to grow at the highest CAGR during the forecast period
Financial service institutes and enterprises are continuously facing problems to meet regulatory compliance requirements defined by various regulatory bodies, such as Financial Industry Regulatory Authority (FINRA), SEC, Federal Financial Institutions Examination Council (FFIEC), Federal Deposit Insurance Corporation (FDIC), and Dodd-Frank Act. These regulations ensure financial service organizations work according to standards and maintain fair transactions with customers. This helps financial service organizations effectively communicate with customers, monitor, and preserve all communications done through emails, social media, or mobile communications. To accomplish this, financial services organizations need to incorporate solutions, which can capture, archive, and provide easy access to the required information, enabling the organization to respond to an agency information request.
North America to account for the highest market share during the forecast period
The enterprise information archiving market is segmented into five regions: North America, Europe, APAC, MEA, and Latin America. The enterprise information archiving report provides insights into these regional markets in terms of market size, growth rates, future trends, market drivers, and COVID-19 impact. North America is expected to hold the highest market share in the overall enterprise information archiving market during the forecast period. Following North America, Europe is expected to hold the second-highest market share during the forecast period. The presence of significant players in the region and the rising adoption of cloud based solutions is expected to drive the market in North America. Europe and MEA are also expected to witness high growth rates during the forecast period.
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Top Companies
The enterprise information archiving market comprises major providers, such as Microsoft (US), HPE (US), IBM (US), Google (US), DELL (US), Veritas (US), Barracuda (US), proofpoint (US), Smarsh (US), Mimecast (UK), ZL Technologies (US), Global Relay (Canada), Micro Focus (UK), OpenText (Canada), Commvault (US), Solix (US), Archive360 (US), Everteam (France), Pagefreezer (Canada), Jatheon (Canada), Unified Global Archiving (US), Hornetsecurity (Germany), SKYSITE (US), Zovy Archiving Solutions (US), txtsmarter (US), SPAMBRELLA (US), THETA LAKE (US), Mithi (India), Odaseva (US), Mirrorweb (UK), Bloomberg (US).The study includes an in-depth competitive analysis of key players in the enterprise information archiving market with their company profiles, recent developments, COVID-19 developments, and key market strategies.
