Enterprise Information Archiving Market Overview
As per MRFR analysis, the Enterprise Information Archiving Market Size was estimated at 5.68 (USD Billion) in 2022. The Enterprise Information Archiving Market Industry is expected to grow from 6.28 (USD Billion) in 2023 to 15.5 (USD Billion) by 2032. The Enterprise Information Archiving Market CAGR (growth rate) is expected to be around 10.57% during the forecast period (2024 - 2032).
Key Enterprise Information Archiving Market Trends Highlighted
Enterprises are looking for the market called Enterprise Information Archiving (EIA) to experience a rise in demand on account of the rapid growth of unstructured data, the need for regulatory compliance and efficient management of data. The market is being disrupted by the convergence of artificial intelligence (AI) and machine learning (ML), which enables advanced analytics and automated information classification.
Cloud-based EIA solutions have been one of the drivers of this market as companies seek out cost-effective and scalable options for storing and managing their data. Moreover, there has been an increasing demand for secure and accessible archived data to support hybrid working environments due to the explosion of remote working. This has also led to the uptake of EIA solutions for retention purposes and compliance with regard to data privacy and security among different sectors.
These include better control over data, decreased storage expenditure, higher adherence to regulations, as well as improved overall productivity when it comes to businesses operating across various industries. As such, the market is set on an upward trajectory because organizations are putting more emphasis on handling information overload thereby necessitating innovative techniques for addressing these challenges effectively.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Enterprise Information Archiving Market Drivers
Rising Volume of Unstructured Data
Nowadays, the increasing amount of digital data, particularly unstructured information such as e-mails, documents, and social media posts, forces firms to implement the appropriate solutions for information archiving. There is a large difficulty related to the storage and management of the increasing volume of data, and to address this challenge, organizations look for Enterprise Information Archiving solutions as a way to retain, manage, and preserve the information crucial for their compliance, legal, and operational needs.The significant growth of the Enterprise Information Archiving Market Industry is forecasted by the increasing number of firms willing to deal with managing unstructured data.
Increasing Regulatory Compliance
The stringent regulations and high compliance in the healthcare, finance, and government sectors are mandating that enterprises manage and retain the information for a longer time. The EIA solutions are playing a major role in helping enterprises comply with the regulations using secure storage with reliable storage of critical data. The increased regulatory environment is expected to create a demand for EIA solutions to mitigate risks and comply with various industry platforms.
Advancements in Cloud Computing
The adoption of cloud computing is transforming the way organizations store and manage their data. Cloud-based EIA solutions offer several advantages, including scalability, cost-effectiveness, and ease of deployment. Organizations are increasingly turning to cloud-based EIA solutions to reduce IT infrastructure costs, improve data accessibility, and enhance collaboration. The growth of cloud computing is expected to drive the demand for EIA solutions as organizations seek to leverage the benefits of cloud technology for their information archiving needs.
Enterprise Information Archiving Market Segment Insights
Enterprise Information Archiving Market Deployment Type Insights
The deployment type segment of the Enterprise Information Archiving Market can be broadly classified into cloud and on-premise. Cloud deployment has dominated the market in recent years and is expected to continue its dominance throughout the forecast period (2023-2032). This is primarily due to the increasing adoption of cloud computing services by enterprises of all sizes.
Cloud deployment offers several benefits, such as scalability, flexibility, cost-effectiveness, and ease of management, which has made it a preferred choice for many organizations.In 2023, the Enterprise Information Archiving Market revenue for cloud deployment is estimated to be around USD 3.5 billion, which is expected to grow to USD 9.5 billion by 2032, exhibiting a CAGR of 12.3%. The growing popularity of cloud-based collaboration tools, the increasing need for data security and compliance, and the rising adoption of artificial intelligence (AI) and machine learning (ML) technologies are some of the key factors driving the growth of the cloud deployment segment.
On the other hand, the on-premise deployment segment is expected to witness a steady growth rate during the forecast period.On-premise deployment offers greater control over data security and customization, making it a suitable choice for organizations with stringent security requirements and complex data management needs. In 2023, the Enterprise Information Archiving Market revenue for on-premise deployment is estimated to be around USD 2.7 billion, which is expected to grow to USD 6 billion by 2032, exhibiting a CAGR of 9.5%.
Overall, the market segmentation provides valuable insights into the dynamics of the Enterprise Information Archiving Market and helps stakeholders make informed decisions.By understanding the market size, growth rates, and key trends associated with each segment, organizations can effectively plan their strategies and capitalize on the opportunities presented by the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Enterprise Information Archiving Market Content Type Insights
The Content Type segment constitutes an integral part of the Enterprise Information Archiving Market, defining the factors influencing market growth and revenue generation. The four major content types considered in the context of the reviewed market are Email, Documents, Social Media Data, and Collaboration
Data. Email represents the content type that drives the market despite its decreasing annual growth rate between 2016 and 2023. Since there are high volumes of email data generated daily and the need for compliance with regulations, the Email segment remains the most substantial contributor to the market as of 2023.The segment is expected to dominate the market over the forecast period because the majority of data gathered by archiving solutions pertains to email usage and storage.
Documents are another content type that substantially falls into the purview of enterprise information. There is a need to ensure that enterprises can manage their data flows through a system of documents, and the market benefits in turn. One of the critical trends contributing to the growth of Documents is the need to be in compliance with local regulations for profitability, and keeping different versions of the same document is essential in these situations.
Social Media Data seems to be the content type that is experiencing the most substantial growth in the relevance of the considered type. Although this content type is not the leader in the market in terms of revenue, the rate of social media data recording has grown significantly, and enterprises are likely to invest more in social media data storage. Collaboration Data is another segment derived from the assessment of the content types. This segment benefits due to the need to access data, share it with employees, and uncover it at a later date.
Overall, the Enterprise Information Archiving Market can be expected to grow over the forecast period due to greater enterprise data volume, local and data protection laws, and increasing adoption of cloud-based solutions.
Enterprise Information Archiving Market Industry Vertical Insights
The Enterprise Information Archiving Market is segmented into various industry verticals, including Financial Services, Healthcare, Technology, and Manufacturing. Each vertical presents unique requirements and opportunities for Enterprise Information Archiving solutions. Financial Services: The financial services industry is subject to stringent regulations and compliance mandates, driving the need for robust information archiving systems.
The Enterprise Information Archiving Market in the financial services sector is projected to reach USD 4.5 billion by 2024, growing at a CAGR of 12%. Healthcare: The healthcare industry generates vast amounts of patient data, necessitating secure and compliant archiving solutions. The Enterprise Information Archiving Market in healthcare is expected to grow to USD 3.2 billion by 2024, exhibiting a CAGR of 10%.
Technology: The technology industry is characterized by rapid innovation and data proliferation. Enterprise Information Archiving solutions are crucial for managing the growing volume and complexity of data. The Enterprise Information Archiving Market in the technology sector is poised to reach USD 2.9 billion by 2024, growing at a CAGR of 11%. Manufacturing: The manufacturing industry faces challenges related to data compliance, intellectual property protection, and supply chain management. Enterprise Information Archiving solutions play a vital role in addressing these challenges. The Enterprise Information Archiving Market in the manufacturing sector is estimated to grow to USD 2.6 billion by 2024, with a CAGR of 9%.
Enterprise Information Archiving Market Enterprise Size Insights
The Enterprise Size segment plays a crucial role in shaping the dynamics of the Enterprise Information Archiving Market. Large Enterprises, with their vast volumes of data and stringent compliance requirements, are the primary contributors to market growth. They invest heavily in comprehensive Enterprise Information Archiving (EIA) solutions to manage their sprawling information landscapes, ensuring compliance and mitigating risks.
In 2023, the Enterprise Information Archiving Market revenue generated from Large Enterprises is estimated to be around USD 3.28 Billion.The segment is projected to maintain its dominance throughout the forecast period, reaching a projected valuation of USD 5.4 Billion by 2032, expanding at a CAGR of 6.7%. On the other hand, Small and Medium-Sized Enterprises (SMEs) represent a significant growth opportunity for the Enterprise Information Archiving Market.
The increasing adoption of digital technologies and the need for cost-effective data management solutions are driving the demand for EIA solutions among SMEs. The segment is expected to witness a robust growth rate during the forecast period, expanding at a CAGR of 9.5% from 2023 to 2032.This growth will be fueled by the increasing awareness of data protection regulations and the growing importance of data governance in the digital era.
Enterprise Information Archiving Market Functionality Insights
The Functionality segment of the Enterprise Information Archiving Market is broadly categorized into Data Retention, Data Management, Compliance Management, and Information Governance. Among these, the Data Retention segment is expected to contribute significantly to the overall market growth owing to the rising need for organizations to retain massive volumes of data for regulatory compliance, e-discovery, and risk management purposes.
The Data Management segment is also expected to witness substantial growth due to the increasing adoption of cloud-based archiving solutions, which offer cost-effective and scalable ways to manage and access data.Furthermore, the Compliance Management segment is projected to grow at a steady pace as businesses continue to invest in solutions to meet stringent regulatory requirements. The Information Governance segment, which helps organizations establish policies and procedures for managing and protecting information, is also expected to contribute to the overall market growth.
Enterprise Information Archiving Market Regional Insights
The Enterprise Information Archiving Market is segmented into North America, Europe, APAC, South America, and MEA. North America holds the largest market share, followed by Europe. APAC is expected to grow at the highest CAGR during the forecast period. The growth of the North American market is attributed to the presence of a large number of enterprises and government organizations that are adopting enterprise information archiving solutions to comply with regulatory requirements and improve data management.
The European market is also growing due to the increasing adoption of these solutions by enterprises to manage their unstructured data and meet compliance requirements.The APAC market is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing adoption of enterprise information archiving solutions by enterprises in emerging economies such as China and India. The South American and MEA markets are also expected to grow at a steady pace during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Enterprise Information Archiving Market Key Players And Competitive Insights
Major players in the Enterprise Information Archiving Market industry are continuously developing new products and technologies to meet the evolving needs of their customers. This intense competition is expected to drive innovation and keep prices competitive. Some of the leading Enterprise Information Archiving Market players include IBM, Microsoft, Oracle, Dell EMC, and Symantec.
These companies offer a comprehensive range of Enterprise Information Archiving Market solutions that are designed to meet the specific needs of different organizations.Veritas is a well-known company in the Enterprise Information Archiving Market development and delivery of data protection solutions. The company's NetBackup solution is a comprehensive data protection platform that provides backup, recovery, and archiving capabilities for a wide range of platforms and applications. Veritas also offers a range of other data protection solutions, such as Backup Exec, Enterprise Vault, and CloudPoint.
The company has a strong presence in the Enterprise Information Archiving Market, and its solutions are used by a wide range of organizations, including some of the world's largest enterprises.Another major player in the Enterprise Information Archiving Market is Commvault. The company's Metallic solution is a cloud-based data protection platform that provides backup, recovery, and archiving capabilities for a wide range of platforms and applications. Commvault also offers a range of other data protection solutions, such as Simpana, Orchestrate, and Endpoint Data Protection.
The company has a strong presence in the Enterprise Information Archiving Market, and its solutions are used by a wide range of organizations, including some of the world's largest enterprises.
Key Companies in the Enterprise Information Archiving Market Include:
Enterprise Information Archiving Market Industry Developments
IBM has partnered with Digitech Systems to offer enterprise information archiving solutions in the Middle East and Africa.AIIM has released a new report on the state of enterprise information archiving, which highlights the growing importance of cloud-based archiving solutions.Iron Mountain has acquired Recall, a provider of information management and data protection services, to expand its enterprise information archiving capabilities.Capgemini has been selected by a leading bank to implement an enterprise information archiving solution to improve compliance and reduce storage costs.These developments indicate a growing demand for enterprise information archiving solutions as organizations seek to manage their rapidly growing volumes of data, improve compliance, and reduce costs.
Enterprise Information Archiving Market Segmentation Insights
Enterprise Information Archiving Market Deployment Type Outlook
Enterprise Information Archiving Market Content Type Outlook
-
- Email
- Documents
- Social Media Data
- Collaboration Data
Enterprise Information Archiving Market Industry Vertical Outlook
-
- Financial Services
- Healthcare
- Technology
- Manufacturing
Enterprise Information Archiving Market Enterprise Size Outlook
-
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
Enterprise Information Archiving Market Functionality Outlook
-
- Data Retention
- Data Management
- Compliance Management
- Information Governance
Enterprise Information Archiving Market Regional Outlook
-
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
5.68 (USD Billion) |
| Market Size 2023 |
6.28 (USD Billion) |
| Market Size 2032 |
15.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
10.57% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Google Cloud, Quest Software, Hitachi Vantara, Microfocus, Amazon Web Services, RecordPoint, Dell Technologies, Commvault, OpenText, IBM, Iron Mountain, Fujitsu, Box, Veritas |
| Segments Covered |
Deployment Type, Content Type, Industry Vertical, Enterprise Size, Functionality, Regional |
| Key Market Opportunities |
Increased regulatory compliance Cloud adoption Big data growth AI integration Growing demand for data governance |
| Key Market Dynamics |
Rising data volumesRegulatory compliance mandatesIncreasing cloud adoptionGrowing demand for data insightsEmergence of AI and ML in archiving |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Enterprise Information Archiving market is estimated to be valued at USD 6.28 billion in 2023 and is projected to reach USD 15.5 billion by 2032, exhibiting a CAGR of 10.57% during the forecast period.
North America is expected to hold the largest market share in the Enterprise Information Archiving market, owing to the presence of a large number of enterprises and government organizations that are increasingly adopting information archiving solutions to comply with regulatory requirements and improve data management practices.
The BFSI sector is expected to drive the growth of the Enterprise Information Archiving market, as financial institutions are required to comply with stringent regulations that mandate the retention and accessibility of financial data for extended periods.
The key growth factors for the Enterprise Information Archiving market include the increasing volume of unstructured data, the need for compliance with regulatory requirements, the growing adoption of cloud-based archiving solutions, and the rising demand for data analytics and e-discovery.
The key competitors in the Enterprise Information Archiving market include IBM, Microsoft, Oracle, Veritas Technologies, and OpenText.
The key trends in the Enterprise Information Archiving market include the adoption of artificial intelligence (AI) and machine learning (ML) for data classification and management, the increasing use of cloud-based archiving solutions, and the growing demand for data analytics and e-discovery.
The Enterprise Information Archiving market is projected to reach USD 11.6 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period (2024-2028).
The key challenges faced by the Enterprise Information Archiving market include the lack of awareness about the benefits of information archiving, the high cost of implementation and maintenance, and the security concerns associated with cloud-based archiving solutions.
The key opportunities for growth in the Enterprise Information Archiving market include the increasing volume of unstructured data, the need for compliance with regulatory requirements, the growing adoption of cloud-based archiving solutions, and the rising demand for data analytics and e-discovery.
The key applications of Enterprise Information Archiving solutions include regulatory compliance, data governance, e-discovery, and data analytics.
