MarketsandMarkets forecasts the global Enterprise Information Archiving Market size to grow from USD 5.7 billion in 2020 to USD 10.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. Major growth factors for the market include reduced storage costs required for the enterprise information archiving and government mandates for storing enterprise information for audit and investigation purposes.
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.
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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.
The current corporate business world environment is highly competitive, and the data generated is the most important asset of enterprises. In most cases, it is found that enterprise information plays an important role to understand an enterprise. With the increasing rate of digitalization, it is found that a huge amount of information is being generated by enterprises, such as employee records, sales and marketing data, financial data, and communicated messages over the communication channels. This enterprise information plays an important role in planning, structuring, describing, and governing enterprise strategies across corporate and technological boundaries to improve efficiency, promote transparency, and enable business insights.
As per MarketsandMarkets, enterprise information archiving solutions archive electronic enterprise content that may be in a structured and unstructured format. Enterprise content majorly includes emails, databases, instant messages, mobile communication, social media, web, and files and Enterprise File Synchronization Sharing (EFSS). Enterprise information archiving solutions enable functionalities, such as data reduction across content types, retention management, content indexing, and tools for eDiscovery and classification. The need for enterprise information archiving arises due to compliance with regulatory requirements, litigation, internal corporate policies, as well as data and information security.
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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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