Long Term Data Retention Solutions Market - The Increasing Demand For Big Data Which Requires Data Storage, Data Retrieval and Data Management

Data retention is a technique to store the database of the organization for the future. An organization may retain data for several different reasons. One of the reasons is to act in accordance with state and federal regulations, i.e. information that may be considered old or irrelevant for internal use may need to be retained to comply with the laws of a particular jurisdiction or industry. Another reason is to recover the business critical data in the event of a site-wide data loss, such as a fire or flood. An organization’s IT administration is mainly indulged in handling the data retention policy with the legal team and the departmental business owner of the company

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Key drivers of the long term data retention solutions market are its cost efficiency, data analysis, multi-tenancy, data availability, seamless integration, data reliability, increased consistency, operational efficiency, and effectiveness. Long term data retention can have a significant impact on reducing total cost of ownership for the data warehouse and help with IT cost-savings initiatives. In addition, data retention is expected to control the cost of capital and operational expenses related to database backup processes because the redundant and static historical data will be reduced in periodic backups.

Growth in the long term data retention market for operations is anticipated to increase in the coming years due to its high availability during the highest data demands and highest disaster flexibility. For instance, network operators and service providers are becoming and remaining compliant with evolving and challenging obligations of data protection and homeland security, as well as independent international standards. Toward this end, data retention helps in reducing the risk of unauthorized access and data manipulation, and ensures timely response to law enforcement agencies.

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Restraints of the market include misplacement and misfiling of the data, security, data usability, data management, and lack of analytical skills. The increasing demand for Big Data which requires data storage, data retrieval, and data management has led to the need for data retention in order to reduce IT complexity, costs, optimizing infrastructure, and ensuring regulatory compliance for archived information. The telecom and finance industry is likely to use more long term data retention solutions in the coming decades.

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