MarketsandMarkets estimates 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. 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. These factors are driving the demand for enterprise information archiving market.
The COVID-19 Impact on the global enterprise information archiving market
As per MarketsandMarkets, COVID-19 has accelerated global digital transformation. The proliferation of remote work environments has created new complex barriers for businesses to overcome. It has resulted in an increase in the number of individuals working from home or remote locations, as well as shifted the employees access business networks. Companies adopted to collaboration tools, such as Slack, Microsoft Teams, Google Meet, and Zoom. Leading to larger volumes of digital conversations for companies to archive, including challenging file types such as large video files from virtual meeting. The additional rise in cybersecurity threats and the need for secure remote access has transformed companies to invest in technology that enable intelligent data and analytics capabilities. As the demand for new digital workplace and technologies have plateaued during the pandemic. Enhancing and maintaining the security of IT infrastructure is a major priority for companies. As, the risks to endpoint devices is growing in a hybrid work environment, therefore organizations are increasing their investment in hybrid cloud storage for disaster recovery and cybersecurity.
The content type segment is expected to grow at a higher CAGR during the forecast period
The Content type segment for enterprise content management 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.
BFSI industry vertical to hold the highest market share in 2022
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.
APAC to grow at the highest CAGR during the forecast period
APAC is estimated to be the fastest-growing enterprise information archiving market due to the rise in the adoption of new technologies, high investments for digital transformation, the rapid expansion of domestic enterprises, extensive development of infrastructures, and increasing GDP of various countries. Rapidly growing economies, such as China, Japan, Singapore, and India, are implementing EIA solutions across multiple business processes to secure and achieve enterprise information. Asia is the hub of IT industries and is growing at a faster pace. The increasing need for optimization and monitoring of the business process has mandated the use of EIA solutions to avoid the policy and regulatory breaches.
- By Company: Tier 1–34%, Tier 2–36%, and Tier 3–30%
- By Designation: C-Level Executives–33%, Director Level–35%, and Others–32%
- By Region: North America–42%, Europe–24%, APAC–20%, RoW-14%
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.
The report segments the global enterprise information archiving market by types into two categories: content type and services. By content type, the enterprise information archiving market is segmented into seven types: email, database, social media, instant messaging, web, mobile communication, file and enterprise file synchronization and sharing. By services, the enterprise information archiving market is segmented into consulting, system integration, training support and maintenance; By deployment mode, the enterprise information archiving market has been segmented into on-premises and cloud; By organization size, the enterprise information archiving market has been segmented into large enterprises and SMEs; By vertical, the enterprise information archiving market has been classified into government and defense, BFSI, retail and eCommerce, education and research, healthcare and pharmaceutical, manufacturing, media and entertainment, IT and telecommunications, and other verticals; By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.
Key benefits of the report
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall enterprise information archiving market and the subsegments. This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies. The report would help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, opportunities, and COVID-19 impact.