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The enterprise information archiving market is expected to reach a CAGR of 13.5% during the forecast period. The growth of enterprise information archiving solutions is attributed to the rising generation of data across organizations, assigned to the widespread geographical presence and customer base. Factors such as reduced storage costs for the enterprise information archiving and government mandates to store enterprise information for audit and investigation purposes are further driving the market growth.
– Estimations put that the data generated by enterprises, mainly include unstructured data, approximated in the range of 70% to 80%, and only 30% to 20% of the data is structured. Data comes in various formats, from structured, numeric data in traditional databases to unstructured text documents, videos, audio, emails, stock ticker data, and financial transactions. Enterprise information archive stores all kind of data in archive storage and make it accessible when required. Organizations are also positioning themselves to extract more value, intelligence, and utility from the data within their archive.
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Key Market Trends
BFSI to Hold the Highest Market Growth
– The financial information generated for each transaction is stored for a long time as it can be useful during financial audits, investigations, and compliances. Hence the growing volume of data in BFSI, along with the need to manage, store, and retrieve back the data when required, drives the adoption of the enterprise information archiving solutions, thereby boosting the market's growth positively.
– Enterprise information archiving solutions are widely used in BFSI, as finance is an excessively regulated industry. There is a lot of data and moving parts required to be monitored and reported to stay protected and compliant with all the regulations. One of the most important aspects of regulatory compliance for banks and financial organizations is record keeping and archiving electronic communication data.
– For instance, the IBM System Storage DR550 uniquely stores banking data as protected objects into the data management layer using DR550 IBM System Storage Archive Manager software. It is designed for global banking companies to meet the growing challenge of managing and protecting business banking information for long periods while providing operational efficiency.
– Investment advisors, lending agents, brokers, dealers, and businesses like mortgage companies, credit unions, banks, hedge funds, private equity firms, exchanges, commercial and retail banks, lenders and insurers, payday lenders, foreclosure relief services and debt collectors are all required to capture, monitor and archive business-related communication data for review, audits, eDiscovery, litigation, and compliance. Hence fuelling the market growth.
North America to Hold Highest Market Share
– North America holds the highest market share. The region is an early adopter of the latest technological advancements, such as integration technologies with Artificial Intelligence (AI), cloud, and mobile technologies within traditional enterprise information archiving solutions. Moreover, the region has a stronghold of the enterprise information archiving vendors such as Google LLC, Microsoft Corporation, IBM Corporation, Dell, Veritas Technologies LLC, Barracuda Networks Inc., Proofpoint Inc., Smarsh Inc., etc.
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– The presence of rigorous government standards and regulations framed for various industries regarding the archive of data is the primary growth driver for this region, thereby fuelling market growth. For instance, FINRA 10-06, say financial firms must retain records of all social media communications, Sarbanes-Oxley Act, that says Public companies must save all business records, including electronic records and messages, for no less than five years.
– Moreover, the rising adoption of cloud in the region is further boosting the market growth. Further, players in the region are adopting strategic partnerships to increase their market presence. For instance, In Jun 2020, Commvault, a global enterprise software company in the management of data across cloud and on-premises environments, entered into a multi-year agreement with Microsoft. The partnership tightly integrates go-to-market, engineering, and sales of Commvault's Metallic Software-as-a-Service (SaaS) data protection portfolio with Microsoft Azure to deliver ultimate scale and trusted security with simple SaaS management.
The enterprise information archiving market is moderately fragmented. Players operating in this market are in intense competition in terms of technology, product development, innovation, and product pricing. Some of the recent development in the market are:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 EXECUTIVE SUMMARY
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Stringent Legal Compliances
4.2.2 Need for Cost-Effective Storage Solutions for Inactive Enterprise Data
4.3 Market Restraints
4.3.1 Heavy Dependence on Traditional Approaches
4.3.2 Lack of Awareness of Enterprise Information Archiving
4.4 Industry Attractiveness – Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment on the Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
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