Enterprise Information Archiving Market Size, Share & Industry Analysis By Type (Email, Social Media, Web, Mobile Communication, Database), By Deployment (Cloud, On-premise), By Enterprise Size (Small & Medium Size Enterprise, Large Enterprise), By End-User (BFSI, Manufacturing, Government, Defence, Healthcare, Retail, IT & Telecommunication, Others) And Regional Forecast, 2024-2032

Rising demand for data retention for regulatory compliances and business performance is a key factor driving the market growth. Other factors driving market growth include rising demand for data retention to meet legal governance requirements, increased operational efficiency, growing adoption for cost-effective storage processes, and data retention for regulatory compliances.

Furthermore, rising technological developments and modernization, research and development activities in the market, and increasing emerging countries will all generate new opportunities for the enterprise information archiving market in the forecast period, 

Additionally, The enterprise information archive stores all types of data and makes it available when needed. Organizations are also putting themselves in a position to extract more value, intelligence, and utility from their archived data. For Instance, According to Cisco Systems, Inc., by 2021, the volume of Big Data stored in data centers is expected to grow to 403 exabytes, up from 179 exabytes in 2019.

Moreover, the growing use of the cloud has aided data generation across all end-user verticals. Information archiving solutions use public and private cloud platforms to provide enterprises with the agility and scalability they require at a lower cost.

IMPACT OF COVID-19 ON THE ENTERPRISE INFORMATION ARCHIVING MARKET

COVID-19 has had a positive impact on the global enterprise information archiving market as the overall number of data in the world is rapidly increasing. For Instance, According to Seagate Technology PLC, data volume will increase from 26 zettabytes in 2017 to 149 zettabytes in 2024.

Furthermore, As part of their digitalization process, organizations worldwide are implementing technology solutions that help grow the enterprise information archiving market in upcoming years.

KEY INSIGHTS-

The report will cover the following insights-

• Micro Macro Economic Indicators


• Drivers, Restraints, Opportunities, and Trends


• Impact of Covid-19


• Business Strategies Adopted by Key Players


• Consolidated SWOT Analysis of Key Players

ANALYSIS BY END-USER-

BFSI to Boost the Market Growth.

The banking and financial services industry has been going paperless and changing to a digital way of operation. Banks and other financial organizations are progressively migrating to an online approach as internet access improves around the world. BFSI industry is fast moving toward digitization In order to capture more clients and reach more potential consumers. As a result, the BFSI sector is boosting market growth.

REGIONAL ANALYSIS-

North America is expected to hold a major market share in the enterprise information archiving market as the country is an adopter of modern technological advancements, such as mobile technologies and integration technologies with Artificial Intelligence (AI). Furthermore, enterprise information archiving manufacturers such as Microsoft Corporation,  Google LLC, Veritas Technologies LLC, IBM Corporation, Dell, Smarsh Inc., and others have a presence in the region.

Furthermore, the region's growing adoption of cloud is fueling the market growth. In addition, players in the region are forming strategic agreements to expand their market reach.

For Instance, In August 2020, Commvault, a multinational enterprise software company specializing in data management across cloud and on-premises systems, announced a multi-year partnership with Microsoft Corporation. The agreement integrates Commvault's Metallic Software-as-a-Service (SaaS) data protection portfolios with Microsoft Azure, enabling ultimate scale and trusted security with easy SaaS management.

KEY PLAYERS COVERED-

Key players in the enterprise information archiving market include Barracuda Networks, Inc., Microsoft Corporation, Google LLC, Veritas Technologies LLC, ZL Technologies Inc., Proofpoint, Smarsh Inc., ZL Technologies, Solix Technologies Inc., Everteam,  and others.

SEGMENTATION

KEY RECENT DEVELOPMENTS-

• January 2021 - Veritas Technologies LLC has announced major enhancements to its Enterprise Data Services Platform, giving customers a single platform for all of their cloud-based use cases. The company also announced the acquisition of HubStor, which would allow robust enterprise Backup as a Service capability.


• June 2020 – Smarsh Inc. announced enterprise archive availability on Microsoft Azure to support compliance and e-discovery projects, taking advantage of Azure's performance, security, scalability, and availability. Customers now search, evaluate, and produce information from over 80 communication channels with the cloud-native Enterprise Archive.