The global enterprise information archiving (EIA) market (henceforth referred to as the market studied) was valued at USD 5. 93 billion in 2020, and it is expected to reach a value of USD 12. 49 billion by 2026, registering a CAGR of 13.
New York, Sept. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise Information Archiving Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06134969/?utm_source=GNW
51% over the forecast period (2021-2026).
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.
Also, according to Cisco, the volume of Big Data in data center storage is anticipated to increase to 403 exabytes by 2021 from 179 exabytes in 2019. Moreover, the increasing usage of the cloud has further supported data generation across end-user verticals. Information archiving solutions leverage public and private cloud platforms in order to offer organizations the much-needed agility and scalability, with lower costs. Therefore, the players in the market are increasingly offering cloud-based solutions to manage data. For instance, the Barracuda Essentials cloud-based service makes e-mail safe for businesses, with advanced threat protection, tamper-proof archiving, and data protection.
Furthermore, several regulatory standards have been designed and developed by governments for company compliance. Regulations often mandate that electronic data such as email and social media needs to be stored in a secure, tamper-proof format. High-quality archiving solutions have advanced search and legal hold features that allow secure eDiscovery and compliance with various laws and regulations in regulated industries and beyond. They ensure easy policy management and allow storage in mandated WORM formats.
With the outbreak of COVID-19, the market is likely to grow as the total volume of data in the world is growing at a fast pace. According to Seagate Technology PLC, the volume of data is expected to reach 149 zettabytes by 2024 from 26 zettabytes in 2017. Moreover, enterprises across the globe are adopting technical solutions as part of their digitalization process. Hence augmenting the market growth.
Key Market Trends
BFSI to Hold the Highest Market Growth
The BFSI industry has been focusing on going paperless, thereby shifting towards the digital mode for its operations. With the increasing enhancements in internet coverage across the globe, banks and other financial institutions are increasingly shifting to online mode.
This increasing digital transition in the sector has led to an enormous digital data creation that includes confidential customer credentials, process information, and transaction data. The proper management, handling, monitoring, and sharing of this huge data takes a lot of effort and time and eventually affects productivity. The management of this crucial data and its security has gained utmost importance, as a compromise in this data could have an irreversible impact on the organization’s value.
The BFSI sector is rapidly moving towards digitization in order to secure more customers and reach more potential consumers. The current FinTech era features changes in the market landscape, new regulations, and shifts in consumer behaviors. Currently, the customers demand user-friendly experiences, easy-to-understand products, transparency, and access to products and information.
Moreover, a recent Finastra survey showcased that corporate banking clients are shifting their focus towards real-time execution capabilities, access to online platforms, and value-added services. In response, the banks have moved away from the traditional relationship management model towards a digital platform that can meet the client’s needs faster, flexibly, and in a more agile manner.
Financial organizations are required to follow archiving regulations for various sets of data. For instance, in the United States, FINRA 10-06 regulation mandated financial organizations to retain social media communication records. FINRA 11-39 regulation mandated retaining, supervising, and retrieving business communications, whether they are conducted from office or personal devices.
Furthermore, Remote working has increased substantially, which has benefited EFSS during the pandemic. System workloads and active users have increased by up to 100% during the COVID-19 crisis. The EFSS segment is expected to witness significant growth considering the present situation in place and gain traction among various, including the Healthcare, BFSI, and Manufacturing sectors. The segment is already being intensively used in the IT sector, and it is expected to grow further over the years.
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.
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.
In the market studied, the competitive rivalry between various firms is dependent on pricing, functionalities solution capabilities, or market share, along with the intensity with which they compete in the market.
Major companies have a strong influence on the market in terms of consolidation activities. Conversely, the market can be characterized by high levels of market penetration, along with increasing levels of fragmentation.
Sustainable competitive advantage can be gained through innovation. Market incumbents have been adopting powerful competitive strategies based on product differentiation, market expansion, among other activities.
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