Enterprise Information Archiving (EIA) market revenue was $5,840.0 million in 2021 and is anticipated to reach $6,652.3 million in 2022. The global enterprise information archiving market is expected to reach US$ 26,255.8 Mn by 2032, growing at a CAGR of 14.7% between 2022 and 2032, as a result of growing adoption of enterprise information archiving across a variety of industries, including BFSI, retail, healthcare, IT & telecom, and education.
Enterprise information archiving refers to a kind of software that has the ability to temporarily or permanently preserve information across a whole computer system or network, including emails, data, texts, and records. Information is typically stored there for compliance or legal reasons.
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One of the key factors propelling growth in the global corporate information archiving market is the expanding acceptance of enterprise information archiving solutions by sectors like BFSI, retail, education, and healthcare, among others.
EIA enables businesses to store information over extended periods of time, assisting them in meeting requirements for e-discovery, forensic investigation, and retaining records.
Enterprise information archiving solutions are typically used by businesses to save information that is no longer needed for purposes such as e-discovery, litigation, historical references, company compliance and policy, analytics, and decision-making. They make significant investments in archiving products and services,
In addition, they worry about the security of the data they save and favor EIA systems that have put information security rules and programs in place.
The market for enterprise information archiving is anticipated to increase over the projected period due to the rising popularity of cloud-based enterprise information solutions.
Key Takeaways: Enterprise Information Archiving Market
- By solution, the enterprise information archiving software segment is projected to grow at 15.4% CAGR during the forecast period, generating a revenue of US$ 18111.2 Mn by 2032
- By enterprise size, the small and medium-sized enterprises segment is expected to grow at CAGR 15.7% during the forecast period.
- Based on the industry, BFSI segment is estimated to grow at CAGR of 17.9%, totaling a market valuation of US$ 4021 million by 2032
- The U.S. enterprise information archiving market is likely to grow at a CAGR of 12.2% between 2022 and 2032.
- Amid the growing popularity of cloud-based solutions, the U.K. enterprise information archiving market is set to expand at 18% CAGR throughout the forecast period (2022-2032)
- The enterprise information archiving market inn India is forecast to grow a relatively higher CAGR of 19.9% during the assessment period.
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According to FMI Analyst, “Companies have the mandatory requirement of archiving information. The purposes for this can be E-discovery and litigation, company compliances or any other operation or decision-making activity that requires past records. New solutions for professional communication are introduced regularly and companies need to archive information of these software, as well as maintain information from the previous software, due to this EIA vendors need to be aware of customer needs and changing trends.”
Increasing Demand to Archive Information for Litigation to Act as a Catalyst for Enterprise Information Archiving Market Growth
With increasing business activities and communication taking place within organizations, it becomes important to archive the information that may not be necessary at that given moment, but can regain importance. Legal purposes, maintaining backups, company policies, etc., as well as retrieving the information when requested in an easy and cost-efficient manner are encouraging the deployment of enterprise information archive solutions.
Numerous companies are expected to maintain official records even though they may no longer be in need. The reason for this is E-discovery, litigation and company compliances. The inability of a company to produce the required documents to the authorities can lead to repercussions. Having the relevant files archived and having them produced for legal purposes can save a company from several negative impacts. This will continue to fuel the adoption of enterprise information archiving solutions across enterprises.
The EIA system can help to meet the demand for required information. It enables the end user to store information for a longer duration of time. By using EIA solutions, companies can easily store and retrieve files and information required for legal purposes such as e-discovery or company compliance.
Enterprise Information Archiving Outlook by Category
By Solution:
Enterprise Information Archiving Software
- On-Premises
- Cloud
Services
- Professional Services
- Consulting services
- Archiving services
- Support and Maintenance services
- Disaster and backup services
- Managed Services
By Enterprise Size:
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
By Industry:
- BFSI
- Retail
- IT & Telecom
- Manufacturing
- Healthcare
- Government & Legal
- Healthcare and pharmacy
- Education
- Real estate
- Others
By Application:
- Email Archiving
- File archiving
- Social media archiving
- E-discovery and litigation
- Company compliances
- Monitoring and data loss prevention
- AI and analytics
By Region:
- North America
- Latin America
- Europe
- South Asia and the Pacific
- East Asia
- Middle East and Africa
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