The enterprise information archiving market is expected to reach a CAGR of 13.5% during the forecast period (2020 – 2025). 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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