Enterprise Information Archiving Market

Global Enterprise Information Archiving Market Size (2024 to 2029)

The global enterprise information archiving market is predicted to reach USD 10.74 billion in 2024 and USD 20.22 billion by 2029, growing at a CAGR of 13.5% during the forecast period.

Enterprise Information Archiving (EIA) is a virtual data repository that stores data on lower cost, low power, high-capacity file storage devices such as tape libraries and storage in the cloud, rather than expensive primary storage, and it consumes a lot of energy. Data is mainly categorized as structured and unstructured, whereas structured data can be called alphabets and numbers and can be easily processed and stored. In contrast, unstructured data can be called email, image, audio, and video files.

Enterprise Information Archive stores inactive corporate data in file storage to be accessed whenever needed. EIA products offer end-users features like single storage, content indexing, and data discovery. The information file enables companies to manage and dispose of information by regulatory and business requirements. EIA was originally introduced to archive email content but has been gradually expanded to include social media and instant messaging content. Estimates indicate that businesses generate mostly unstructured data, roughly 70% to 80%, and only 30% to 20% structured data. The business information file stores all kinds of data in file storage and makes it accessible when needed.

Global Enterprise Information Archiving Market Drivers:

The growing demand for profitable storage processes, the growing need for data retention to ensure regulatory compliance, and the growing demand for business performance drive the EIA market. The growth of enterprise information archiving solutions is attributed to the increasing generation of data in organizations, which is attributed to their wide geographic presence and customer base. Factors such as reducing storage costs to archive company information and government mandates to store company information for audit and investigation purposes are further driving 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 compliance. Therefore, the increasing volume of data in BFSI, coupled with the need to manage, store, and retrieve data as needed, is leading to adopting business information archiving solutions, resulting in positive market growth.  Business information archiving solutions are widely used at BFSI because finance is an overly regulated industry. There is a large amount of data and moving parts that must be monitored and reported to stay protected and comply with all regulations. One of the crucial elements in regulatory compliance for banks and financial organizations is the safekeeping of records and archiving of electronic data.

For example, IBM System Storage DR550 uniquely stores bank data as protected objects at the data management layer using the IBM System Storage Archive Manager DR550 software. It is designed for global banking companies to meet the growing challenge of managing and protecting commercial banking information for long periods while providing operational efficiency. Investment advisers, loan officers, brokers, and companies such as mortgage companies, credit unions, banks, hedge funds, private equity firms, stock exchanges, commercial banks, and debt collectors are needed to extract, record, and archive business-related communications data for processes like reviewing, audit, electronic discovery, litigation, and compliance, which is supposed to promote market growth.

Global Enterprise Information Archiving Market Restraints:

Different regulatory compliance worldwide has made it difficult to archive information for service providers. Modifying the data is not possible once archived, as it would have an impact on the EIA market. Finding unstructured data is difficult because metadata indexing remains challenging for technology providers. A standardized product for email, documents, and video data would further hamper market growth. Restoring the data would require an isolated environment as it could affect current data. Cloud deployment of archived data could present issues such as security, privacy, and limited infrastructure control, while on-premises deployment could lead to high costs and increased theft risk.

Impact of COVID-19 on the global enterprise information archiving market:

With the COVID-19 outbreak, the market is likely to grow as the total volume of data worldwide grows rapidly. According to Seagate, the data volume is expected to touch 149 zettabytes by 2024, from its value of 26 zettabytes in 2017. In addition, companies around the world are adopting technical solutions as part of their digitization process. Hence, it promotes the growth of the target market in the coming years.

GLOBAL ENTERPRISE INFORMATION ARCHIVING MARKET REPORT COVERAGE:

This research report on the global enterprise information archiving market has been segmented and sub-segmented based on the content type, type of implementation, and region.

Global Enterprise Information Archiving Market - By Content Type:

• Email          

• Social Media    

Such as email and social media, among many others.

Global Enterprise Information Archiving Market – By Type of Implementation:

• On-Premises          

• Cloud         

• Hosted      

The type of implementation the market is separated into on-premises, hosted, and cloud. The on-premises refers to a storage and management location in the company; in the hosted implementation, the files are located in the centers of the service provider, and in the cloud segment, cloud storage is used to store the files.

Global Enterprise Information Archiving Market – By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

EIA has a strong presence in the North American market, followed by Europe and the Asia-Pacific, due to strict government standards and regulations formulated for various industries and the high rate of adoption of cloud technology.

KEY PLAYERS IN THE MARKET:

The main players in the global enterprise information archiving market include companies such as Alliance Incorporation, Barracuda Networks Incorporation, Bloomberg LP, Commvault Systems Inc., Global Relay Communications Inc., Google Incorporation, International Business Machine (IBM) Corporation, Microsoft Corporation, Mimecast, Veritas Software Corporation, and others.

RECENT DEVELOPMENTS:

• In June 2020, Smarsh Inc. launched Enterprise Archive powered by Microsoft Azure. Enterprise Archive augments eDiscovery and compliance initiatives by using Azure performance, security, and high availability.

• In April 2020: Commvault, a global publisher of enterprise software for data management in cloud and on-premises environments, launched NetApp Scale-out Data Protection (SDP) to provide extended support for fast food critical data in Enabled Storage for Hybrid NetApp Systems. NetApp SDP uses the NetApp portfolio backed by Commvault Complete Backup and Recovery software to offer services like snapshot management, backup, and disaster recovery.