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Coronavirus's Impact On Archival Data Storage Market

Global Archival Data Storage Market: Introduction
Archival data storage is a form of storage designed for data which is not needed at present but needs to be stored so that it can be retrieved in the future, if necessary. Usually, backup systems often allow for archiving records. Corporates and government organizations of various countries have started to understand the value of a secure long-term archival storage policy for their sensitive data records. However, sectors such as BFSI and healthcare that use insurance record management and medical imaging have a long tradition of electronic archival storage. Other sector companies have also started to adopt archival data storage to save their data for the long term.

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Global Archival Data Storage Market: Dynamics
Government Regulations for Data Storage
Increase in government compliance for data storage plays a key role in the growth of the market. In certain sectors complying with policy and business, data protection laws are necessary. Various legislations are being placed in motion to determine the duration of record-keeping and a data management system that guarantees the reliability and easy retrieval of electronic documents. For example, Global laws such as SEC 17a-4, Sarbanes-Oxley, and Basel II have a significant impact on the global archival data storage market.

North America held a dominant share of the global archival data storage market in 2018. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the market in this region. Rapid adoption of cloud technologies by corporations in North America has provided the country a leading role in the global market for archival data storage.

The archival data storage market in the Asia Pacific is expected to expand at the maximum CAGR during the forecast period. India, China, Japan, and Australia are major countries of the archival data storage market in the region.

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Healthcare & BFSI Accounted for Major Market Share in 2018

Based on end-user, the archival data storage market is segmented into BFSI, entertainment, education, healthcare, IT & telecommunication, military & defense, and others. Healthcare & BFSI combined held the largest market share in 2018 and is expected to retain its dominance throughout the forecast period.

Growing online financial transactions across the globe and increase in demand for reduction of primary data storage cost have provided the dominant position to the segment in the market.
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