Enterprise archiving is one of the fastest growing markets today. In a workplace dominated by data, mobile devices and enterprise messaging apps, it’s crucial for companies to have a comprehensive archiving platform in place to stay compliant from many archiving policies and regulations such as those enforced by NARA, FINRA and MiFID II.
To give you a glimpse of today’s Enterprise Archiving, we will discuss in this post the findings from the research conducted by Markets and Markets, covering the latest industry insights, statistics, and figures about the Global Enterprise Archiving market.
Key Industry Insights:
- SMEs, often deal with fewer government regulations, whereas large enterprises must deal with many because of their diverse solution offerings. Thus, enterprises of any scale need to archive their data so that they can respond to any legal business-process-related inquiries. It is expected that SMEs will show higher adoption rate during 2015-2020 projection period.
- APAC is expected to show the maximum growth, whereas North America will retain the market leadership.
- The opportunity lies for the on-premises vendors to shift their business model into SaaS-based This is due to the emerging cloud-based enterprise archiving solution. This cloud enterprise archiving market is expected to increase at a high rate during the forecast period.
Key Market Growth Figures
- From 2015 to 2020, the enterprise archiving market is expected to grow at 11.8% Compound Annual Growth Rate (CAGR), reaching USD 7,545 million in revenue in 2020.
- North America, holding the largest market share of the overall enterprise archiving market in 2015, is estimated to grow at a CAGR of 9.1% from 2015 to 2020.
- The services segment is estimated to grow faster that content-type segment: From USD 1,605.2 million in 2015 to USD 3,483.6 million by 2020, at a CAGR of 16.8%.
- The Life sciences and Healthcare Vertical is expected to show the highest growth potential during the forecast period – with 13.9 CAGR during the forecast period. It is followed closely by Banking, Financial Services and Insurance (BFSI) at 12.4% CAGR, Government, and Defense sector at 12% CAGR, and Education at 11.5% CAGR.
- Asia-Pacific region has huge potential to grow substantially during the forecast period – with 17.5% CAGR during the 2015-2020 period.
- Small and Medium Enterprises segment is expected to grow at the 15.4% CAGR during the forecast period, higher than Larger Enterprises segment which only has 9.2% CAGR in 2015-2020 period.
Top Enterprise Archiving Drivers
- Need for cost-effective storage solutions for inactive enterprise data.
- Retention of data to meet legal and corporate governance requirements, such as SMS archiving regulations.
- Demand for high performance of business processes.
Top Enterprise Archiving Restraints
- Data security concerns with respect to external storage.
- Lack of disaster recovery options in a hosted storage facility.
Top Innovations in Enterprise Archiving
- Advancements in storage technology. The latest generation of Linear Tape-Open (LTO) was released in 2015, having the capacity of 6 TB, available at the cost of around USD 120 to USD 150 – allowing for larger storage volume at cheaper price.
- Unlimited storage capability. Many leading archiving solution providers have built up data centers capable of holding 10 to 15 petabytes of data. Since this size is far more than the data generated within an enterprise, this enables an archiving solution vendor to offer unlimited storage to its customers with charges approximately USD 0.02 per GB per month.
- Archival of any form of data. Whether it is traditional files, databases, email systems, enterprise text messaging solutions or social media, modern archival platforms support all the digital data with diverse formats to be archived and retrieved easily whenever required.
- Automatic segregation of less valuable data. Many archiving solution vendors offer software solutions that are integrated within the enterprise system to decide which data to archive based on the archival policies set by the storage administrator.
Global Enterprise Archiving Market Analysis by Content Type
- The market size of mobile communication is estimated to grow from USD 295.4 million in 2015 to USD 548.2 million by 2020, at a CAGR of 13.2% during the forecast period. This extensive growth is expected due to the widespread adoption of mobile devices (such as iOS devices and Android devices) across various industry applications (including life sciences & healthcare and government) for consumer business data.
- The market size of the email segment in North America is estimated to grow from USD 583.6 million in 2015 to USD 739.6 million by 2020, at a CAGR of 4.9% during the forecast period.
- The market size of the social media segment in North America is estimated to grow from USD 172.3 million in 2015 to USD 247.7 million by 2020, at a CAGR of 7.1% during the forecast period – the lowest CAGR among the five regions.
- The market size of the instant messaging segment in North America is estimated to grow from USD 144.1 million in 2015 to USD 200.4 million by 2020, at a CAGR of 6.8% during the forecast period – the lowest CAGR among the five regions.
- The mobile communication (enterprise text messaging and voice calls) segment in North America is estimated to grow from USD 123.9 million in 2015 to USD 181.0 million by 2020, at a CAGR of 7.9% during the forecast period.
TeleMessage is a global leader that supports the archiving of electronic business communication including data created on mobile devices, social media, instant messages, chat apps and internet web searches. Contact us today to learn more our enterprise mobile messaging solutions.