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Data Preservation Redefined: Enterprise Information Archiving Market Overview 2024
Enterprise Information Archiving Market Trends
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According to The Business Research Company's, The enterprise information archiving market size has grown rapidly in recent years. It will grow from $8.6 billion in 2023 to $9.69 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to rising demand for data retention for regulatory compliances and business performance, increased operational efficiency, growing adoption for cost-effective storage processes, data retention for regulatory compliances, increased data security and privacy concerns
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The enterprise information archiving market size is expected to see rapid growth in the next few years. It will grow to $16.65 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to growing demand for data retention to meet legal governance requirements, increased emerging countries generating new opportunities, positive impact of covid-19 on the global enterprise information archiving market, increasing data volume worldwide, implementation of technology solutions for digitalization process. Major trends in the forecast period include integration with collaboration platforms, immutable storage for data preservation, application of blockchain for data integrity, machine learning for content classification, hybrid deployment models.
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Market Drivers and Trends:
An increasing amount of data being created each year is expected to propel the growth of the enterprise information archiving market going forward. Data refers to the information that is digitally stored on computers and other data storage technologies such as the cloud or blockchain. Currently, data set sizes are increasing, such as bytes, terabytes, and petabytes. Enterprise information archiving solutions help to manage more information effectively and to achieve compliance goals more easily. For instance, according to WP Dev Shed, a New-Zealand based webmaster's company, in July 2022, 2.5 quintillion bytes of data are generated every day this year. This data usage is expected to reach 97 zettabytes of data worldwide by the end of 2022. Also, this usage of data is expected to grow further, reaching 175 zettabytes by the end of 2025. Therefore, increasing data volumes at enterprises are driving the enterprise information archiving market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Atos SE, Barracuda Networks Inc., Bloomberg Finance L. P., Dell Technologies Inc., Google LLC, Veritas Technologies LLC, Commvault Systems Inc., Proofpoint Inc., Mimecast Limited, Smarsh Inc., Global Relay Communications Inc., Micro Focus International plc, ZL Technologies Inc., Symantec Corporation, Microsoft Corporation, International Business Machines Corporation., GFI Software, SolarWinds Corporation, MailStore Software GmbH, Altaro Software Limited, TransVault Limited, Waterford Technologies Inc., ArcMail Technology Inc., Sphere 3D Corp., Quest Software Inc., Polaris Solutions Ltd, Jatheon Technologies Inc., MailArchiva, Capax Global LLC
Enterprise Information Archiving Market 2024 Key Insights:
• The enterprise information archiving market size is expected to see rapid growth in the next few years. It will grow to $16.65 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%.
• Surging Data Volumes Fueling Growth In The Enterprise Information Archiving Market
• Technological Innovations Driving Advancements In The Enterprise Information Archiving Market
• North America was the largest region in the enterprise information archiving market in 2023
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