Long Term Data Retention Solutions Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026
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Global Long Term Data Retention Solutions Market
Data retention is a technique to store the database of the organization for the future. An organization may retain data for several different reasons. One of the reasons is to act in accordance with state and federal regulations, i.e. information that may be considered old or irrelevant for internal use may need to be retained to comply with the laws of a particular jurisdiction or industry. Another reason is to recover the business critical data in the event of a site-wide data loss, such as a fire or flood. An organization’s IT administration is mainly indulged in handling the data retention policy with the legal team and the departmental business owner of the company
Key drivers of the long term data retention solutions market are its cost efficiency, data analysis, multi-tenancy, data availability, seamless integration, data reliability, increased consistency, operational efficiency, and effectiveness. Long term data retention can have a significant impact on reducing total cost of ownership for the data warehouse and help with IT cost-savings initiatives. In addition, data retention is expected to control the cost of capital and operational expenses related to database backup processes because the redundant and static historical data will be reduced in periodic backups.
Growth in the long term data retention market for operations is anticipated to increase in the coming years due to its high availability during the highest data demands and highest disaster flexibility. For instance, network operators and service providers are becoming and remaining compliant with evolving and challenging obligations of data protection and homeland security, as well as independent international standards. Toward this end, data retention helps in reducing the risk of unauthorized access and data manipulation, and ensures timely response to law enforcement agencies. Restraints of the market include misplacement and misfiling of the data, security, data usability, data management, and lack of analytical skills.
The increasing demand for Big Data which requires data storage, data retrieval, and data management has led to the need for data retention in order to reduce IT complexity, costs, optimizing infrastructure, and ensuring regulatory compliance for archived information. The telecom and finance industry is likely to use more long term data retention solutions in the coming decades.
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The long term data retention solutions market is segmented by solution, by type, end-use industry, and region. In terms of solution, the market is classified into content-based retention, enterprise search and eDiscovery, email archiving, data framework, and federal retention. The solution segment is expected to expand at the highest CAGR during the forecast period. The market type is further segmented into data type and storage type. Data type is classified as operational, non-operational, and secured archival of non-operational, regular or periodic data, whereas storage type is classified as files, virtualization cloud, ERP software, and data warehouse. By industry, the market is segmented into IT and telecom, retail, government, healthcare, manufacturing, Banking Financial Services and Insurance (BFSI), aerospace & defense, pharma and life sciences, energy and utilities, and education.
Regional segmentation of the long term data market includes North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. It is projected that the markets of North America and Asia Pacific will have the highest share for the market. This dominance is due to the presence of global players in this region and companies implementing long term database retention solutions. The growing economy of Asian countries such as India and China are inviting global players, which is supporting the market in Asia Pacific.
Key players in the long term data retention market are IBM Corporation, Microsoft Corporation, Quantum Corporation, Backupify, Inc., Titus Inc., Commvault, Platform 3 Solutions, KOM Software, AQSACOM, Utimaco Safeware, Boldon James etc. These leading companies have primarily focused on collaborations, partnerships, developing innovative solutions, and expansion for growth in the long term data retention solutions market.
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