Dublin, July 04, 2023 (GLOBE NEWSWIRE) -- The "Enterprise Information Archiving Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global enterprise information archiving (EIA) market is poised to experience a robust CAGR of 15.02% during the forecast period.
The market's growth can be attributed to the escalating data generation across organizations with wide geographic presence and customer bases.
Factors such as reduced storage costs for information archiving and government mandates to store critical enterprise information for audit and investigation purposes are also driving the market's expansion.
Companies Mentioned
- Barracuda Networks, Inc
- Google LLC (Alphabet Inc.)
- Microsoft Corporation
- ZL Technologies Inc.
- Veritas Technologies LLC
- Archive 360
- Mimecast Services Limited
- Smarsh Inc.
- Proofpoint Inc.
- Global Relay Communications Inc.
- Micro Focus International PLC
Key Highlights
Enterprises worldwide generate a significant volume of both structured and unstructured data, ranging from numeric data in traditional databases to unstructured text documents, videos, audio, emails, stock ticker data, and financial transactions. Enterprise information archiving solutions store all types of data in archive storage and make it accessible when needed. As organizations strive to extract more value, intelligence, and utility from data, these solutions are expected to witness substantial growth in the forecast period.
Additionally, increased technical innovations, modernization efforts, and research and development in the market, particularly in emerging nations, will provide new opportunities for the enterprise information archiving market throughout the projected period.
Enterprises globally have benefited from enterprise information archiving by automatically enhancing company efficiency through segregating old and less valuable data on tertiary storage, while storing user data on secondary storage for faster access and processing. The industry has experienced significant growth in recent years, facilitated by the construction of data centers with cloud support, enabling scalable archiving at minimal cost.
One of the key challenges hindering the adoption of advanced enterprise information archiving solutions is the need for more training and management capabilities. While significant organizations have embraced innovative solutions to manage their enterprise information, many businesses continue to rely on outdated and time-consuming approaches, such as manual maintenance of digital information, due to budget constraints and a lack of awareness regarding enterprise information archiving.
The market is expected to witness further growth following the COVID-19 outbreak, as the total data volume in the world continues to expand rapidly. According to Seagate Technology PLC, data importance is projected to reach 149 ZB by 2024, compared to 26 ZB in 2017. Furthermore, companies worldwide are embracing technical solutions as part of their digitalization process, further augmenting market growth post-pandemic.
Enterprise Information Archiving Market Trends
Cloud Deployment Segment Holds Major Market Share
The emergence of cloud computing has had a significant impact on business operations, with increased adoption rates of cloud solutions leading to changes in operating models and reduced infrastructure costs. Cloud-based deployment solutions enable enterprises to focus on core business competencies, and small and medium-sized enterprises are increasing their capital expenditure on cloud services, thereby driving market growth.
Cloud-based solutions are expected to experience significant growth due to their cost and operational benefits, gradually shifting away from the on-premise deployment model.
According to a report by NASSCOM, global enterprise IT spending on cloud technology reached USD 187 billion in 2018, projected to reach USD 345 billion in the current year, creating further opportunities for the enterprise information archiving market in the coming years.
Cloud adoption is driven by factors such as increased efficiency, rapid deployment, and security. Cloud-based services offer robustness and minimize latency, resulting in improved user experiences. To maximize benefits, companies are evaluating the most suitable cloud models for their needs and adopting hybrid cloud strategies that integrate both public and private clouds. Hyperscalers such as AWS, Microsoft Azure, and Google Cloud are major global cloud computing platform providers.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY?
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Assessment on the Impact of COVID-19 on the Industry
4.4 Market Drivers
4.4.1 Increasing Stringent Legal Compliances for End-users
4.4.2 Need for Cost-Effective Storage Solutions for Inactive Enterprise Data
4.5 Market Restraints
4.5.1 Significant Dependence on Traditional Approaches
4.5.2 Lack of Awareness of Enterprise Information Archiving
5 MARKET SEGMENTATION
5.1 By Type
5.2 By Deployment Mode
5.3 By Enterprise Size
5.4 By End User
5.5 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/4s7kml
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