The global enterprise information archiving market size was valued at USD 6.62 billion in 2021, presumed to reach USD 18.56 billion, expanding at a CAGR of 13.75% during the forecast period. Software for archiving user message content, including email, instant messaging, SMS, and data from personal and professional social networking sites, is known as enterprise information archiving (EIA). Any business that wants to avoid lawsuits accusing them of fraud or divulging customers' confidential information must invest in enterprise information archiving.
New rules are being defined frequently to protect customers' private information and encourage the ethical operation of corporate operations due to the development of advanced computing and communication networks. Businesses worldwide have benefited from enterprise information archiving by automatically increasing business efficiency by separating valuable data from outdated data and storing it on secondary storage for easier access and processing.
EIA solutions include:
Vendors in the market today offer a single platform to preserve and manage a greater variety of company data, from standard office files to workplace communication media contents, like email, messaging services, social media, and mobile communication. Cloud-based data centers have been developed to provide scalable archiving at a reasonable cost. The increased creation of data across numerous enterprises with broad geographic reach and customers has been primarily attributed to the expansion of enterprise information archiving systems. The government regulations to archive critical enterprise information for audit and investigative purposes, as well as lower storage prices for information archiving, have also contributed to the market's expansion.
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Growing Strict Legal Compliances of End-Users
The complexity of regulatory compliance has increased as data volume increases and is now end-user-specific. Enterprises can significantly benefit from using enterprise information archiving systems to manage information efficiently and meet compliance objectives. IT teams can effortlessly archive different file kinds and instant messaging chats with the help of a reliable enterprise information archiving solution that provides functions beyond those of conventional email archive solutions. Additionally, it also gives users quick access to information that has been archived and simple tools for handling compliance and legal request management.
In the past, the archiving process was mainly concerned with email compliance and retention. However, there has been an increase in interest in protecting and archiving various sources of communications data. EIA solutions are expected to experience demand over the projection period because they offer capabilities, including data minimization across different content, retention management, content indexing, and solutions for e-discovery and categorization. Furthermore, firms now have to implement compliance procedures due to the growth of positions like chief risk officer and compliance. Among other industries, financial services, healthcare, and energy are heavily regulated. Organizations operating in these industries must demonstrate their conformity to the regulators during audits. Additionally, it requires the enterprise information archiving solution to be used, which expands the market.
The Lack of Awareness
Another vital aspect anticipated to impact the market throughout the projected period significantly is a lack of knowledge about enterprise information archiving solutions. The underutilization of these solutions is also a result of a lack of understanding of when and what sorts of information should be archived or discarded, as well as a lack of action. Some businesses haven't realized how important it is to save copies of their important documents, like emails, and have a plan for email retention. It is anticipated that this lack of knowledge on the significance of retention of information and what can occur if no archiving system exists will serve as a barrier to adopting EIA solutions.
The Developments in the Field and Advent of Next-Gen EIA
Today, every business must handle various information types, most of which are unstructured. The future environment is anticipated to become even more complex due to a sharp increase in new messaging formats, social media content, and machine-to-machine connections. There is currently a significant need to archive all types of enterprise data. Without a plan for archiving it, keeping all this data would be extremely expensive due to storage needs and the difficulty and effort involved in sorting through mountains of information. Additionally, the cloud is quickly altering the way businesses operate. Organizations are expected to develop agile infrastructures that allow teams to be more flexible and securely connect to the data to benefit from the commercial advantages of the cloud fully. Furthermore, because regulatory and governance frameworks significantly impact all datasets, next-gen EIA is anticipated to be at the forefront of decision-makers' minds in companies working across industries and in the public sector. These factors will create lucrative growth opportunities for the EIA market.
The global enterprise information archiving market is classified based on type, deployment mode, enterprise size, end-users, and region.
Based on Type, the categories include content type and services.
The content type section is projected to hold the largest market share. Enterprise information archiving solution providers are in demand from businesses across various industries for archiving solutions specific to their content types. Data produced by an enterprise's IT infrastructure falls under content kinds. Email, databases, social media, instant messaging, the web, mobile communication, files, and EFSS are among the content categories for which enterprise information archiving companies offer solutions. The content type is further sub-segmented into Database, Email, social media, Instant Messaging, Web, Mobile Communication, File and Enterprise File Synchronization, and Sharing.
Based on The Deployment Mode, the categories include On-premise, Cloud, and Hybrid.
The cloud section is projected to advance at a CAGR of 15.8% and hold the largest market share. A company's applications are hosted remotely on a cloud-based server using virtual technology. There are no upfront expenses, data is backed up regularly, and businesses pay for services they use. The cloud suits organizations are seeking aggressive global expansion because it lets them communicate with consumers, partners, and other companies from anywhere. Businesses that adopt cloud computing perform due diligence to guarantee their third-party provider is compliant with industry regulations.
The on-premise section will hold the second-largest market share. The program must be licensed or purchased by the organization choosing on-premise adoption for it to be used. When software is purchased, it is permitted to the specific end user and stored entirely on the on-site hardware of the business. This allows the program to work with its internal IT team to address any issues.
Based on Enterprise Size, the categories include Small & Medium-sized Enterprises and Large Enterprises.
The large enterprise section is projected to advance at a CAGR of 13.3% and hold the largest market share. Large companies use multiple tools and systems to manage keys throughout their IT architecture. Large companies' infrastructures have become more complicated due to adopting new technology, organic growth, mergers, and acquisitions. These companies generate unstructured and structured data globally. These data are split into structured, numeric databases, unstructured text documents, movies, audio, emails, stock ticker data, and financial transactions. This drives the global demand.
The small & medium-sized enterprise section will hold the second-largest market share. SMEs are vital to a country's GDP. Government programs or plans are expanding the number of SMEs worldwide. SMEs have invested in data archiving technologies to ensure compliance with regulatory standards. Small and medium-sized businesses (SMEs) have limited resources and need cheaper options for archiving information. Government laws to secure data and cloud computing investments drive SMEs' demand for enterprise information preservation.
Based on End-Users, the categories include Government and Defense, BFSI (Banking, Financial Services, and Insurance), Healthcare & Pharmaceutical, Retail & E-commerce, Manufacturing, and Other End, Users.
The other end-user’s section is projected to advance at a CAGR of 15% and hold the largest share. Other end-users include Media and Entertainment, IT and Telecom, Transportation and Logistics, and Energy and Utilities. Media and entertainment is the most competitive industry, needing robust and fast-paced solutions. Better production and equipment lead to more content. All this content, from design through distribution, demands robust EIA solutions.
The BFSI section will hold the second-largest share. The BFSI industry is moving toward paperless, digital processes. Banks and other financial institutions are transitioning online as internet access improves globally. This sector's expanding digital shift has resulted in massive digital data creation, including client credentials, process information, and transaction data. Proper administration, handling, monitoring, and sharing of this extensive data takes time and effort, affecting productivity. Thus, increasing the necessity to employ EIA solutions.
The region-wise segmentation of the global enterprise information archiving market includes North America, Europe, Asia Pacific, and the Rest of the World.
The Asia Pacific and North America will Dominate the Regional Market
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The Asia Pacific will command the market with the largest share while growing at a CAGR of 15.63%. The Asia-Pacific region is one of the important markets for cloud, IoT, and AI technology. Some key drivers propelling the market are the increasing acceptance of cloud and AI among local SMEs and the rising investments all end users make in AI technology. Additionally, the market's expansion in areas such as robotic process automation, machine-to-machine communication, cloud fabrication, and cloud AI may directly result in the requirement for data retention to adhere to local legislation. Consequently, it is predicted to increase demand for EIA solutions.
The epidemic also fueled the Asian healthcare sector's need for IoT technologies. In 2020, IoT technologies were implemented in several hospitals, particularly in China. These businesses combine IoT with disruptive technologies like drones, wearable healthcare devices, and the cloud. This creates a lot of data that needs to be stored for a very long time, raising the need for EIA. Additionally, major manufacturers, including GE, Siemens, HTC, Toshiba, and Boeing, have established production facilities in India or are in the process of doing so. To maintain a robust and reliable database for system performance, manufacturers are investing in periodic auto-archiving of unneeded or inactive robot operating data. Therefore, the region's demand is being driven by smart factory automation and smart manufacturing.
North America will expand at a CAGR of 12.45% and hold USD 6 billion. Defense, governmental entities, the IT industry, and the financial services sector are just a few end-user verticals in the region undergoing a rapid digital transformation. As a result, strict email retention requirements have been imposed. Additionally, 5G, IoT, and linked gadgets are significantly increasing in the region. Communications service providers (CSPs) must effectively manage an ever-increasing complexity due to virtualization, network slicing, new use cases, and service requirements. The demand for AI and enterprise information archiving solutions has increased.
The region has recently seen an increased demand for healthcare data. Additionally, the pandemic accelerated the region's cloud, AI, and machine learning use. EIA solutions are also required by hospital rules that allow storing patient data for more extended periods. Major technological companies operating in the area, such as Microsoft, Google, Amazon, and IBM, have also stepped up as crucial participants in investing in cloud and big data analytics. The need for cloud-based EIA solutions is rising as a result.
List of key enterprise information archiving market companies profiled