Enterprise Information Archiving Market predicted to reach $10.8 billion by 2025
Major growth factors for the market include reduced storage costs required for the enterprise information archiving and government mandates to store enterprise information for audit and investigation purposes. On the other hand, the lack of the awareness of the availability of enterprise information archiving solutions and heavy dependency on traditional approaches may restrain the market growth.
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The Banking, Financial Services and Insurance vertical to hold the largest market size during the forecast period
The enterprise information archiving market is segregated into various verticals, including government and defense, Banking, Financial Services and Insurance (BFSI), education and research, healthcare and pharmaceutical, manufacturing, media and entertainment, retail and eCommerce, IT and telecommunications, and others (legal, electronics, automotive, construction, transportation and logistics, travel and hospitality, food and beverages, and energy and utilities). These verticals are expected to witness a high adoption of enterprise information archiving solutions to achieve benefits, such as optimize the storage information resources, lower the risks, improve enterprise efficiency, and maintain transparency of the enterprise. Among these verticals, the BFSI vertical is expected to grow at the highest growth rate, due to the growing online financial transactions across the globe. Financial institutes and enterprises are continuously facing problems to meet regulatory compliance requirements defined by regulatory bodies. These regulations ensure that financial organizations work according to standards and maintain fair transactions with customers. In order to accomplish this, financial services organizations need to incorporate enterprise information archiving solutions, which can capture, archive, and provide easy access to the required information, enabling the organization to respond to agency information requests.
By service, the system integration segment to grow at the highest CAGR during the forecast period
The type segment of the enterprise information archiving market is subsegmented as content type and services. The services segment is further segmented as consulting; system integration; and training, support and maintenance. Among these services, the system integration services segment is expected to grow at the highest CAGR during the forecast period. These services efficiently implement and integrate information archiving solutions into their existing IT infrastructure systems. They further cater to the integration of essential software to assemble scattered systems of devices that remain effectually linked to IT infrastructures.
Asia Pacific to hold the largest market size during the forecast period
Asia Pacific (APAC) is expected to hold the largest market size in the global enterprise information archiving market. Many countries in APAC are increasingly moving toward the digitalization of their processes, resulting in a larger generation of data. There is a rise in competition in the enterprise information archiving market, due to the increasing enterprise information by large enterprises as well as Small and Medium enterprises (SMEs). The enterprise information archiving solutions are playing an important role in overcoming the demand for storage devices and reducing the cost of the IT infrastructure.
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The major enterprise information archiving vendors operating in the market include Google (US), Microsoft (US), HPE (US), IBM (US), Dell (US), Veritas (US), Barracuda (US), Proofpoint (US), Smarsh (US), Mimecast (UK), ZL Technologies (US), Global Relay (Canada), Micro Focus (UK), OpenText (Canada), Solix (US), Archive360 (US), Everteam (France), Pagefreezer (Canada), Jatheon (Canada), and Unified Global Archiving (US).
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