Archiving Software Market – Industry Analysis, Size, Growth, Trends Forecast 2024

A rapidly growing information and technology sector has increased the importance of data and document management. Managing and maintaining data such as e-mails, photos, and financials along with survey data and voicemails is a tedious task for any organization. Furthermore, inactive data occupies a huge part of storage space from the primary storage system. Inactive data is the data that is not required immediately but could be required in the future by the organization. The process of moving such nonactive data to a separate storage device so that it could be recovered or retained after a long time is called archiving. To address the archiving concerns, many companies have introduced archiving software. Archiving software manages and controls archived data for users. The major advantage of using archiving software is the improved efficiency of storage infrastructure.

The intensive penetration of social media platforms such as Facebook, Twitter, and Instagram has led to the massive increase in data repositories. Demand for archiving software is increasing due to the necessity of managing these large data repositories. The need for data discovery is also generating demand for archiving software. Organizations are capturing a huge amount of data from sources such as security, business analytics, and other internal sources, which is further increasing the need for archiving software. Archiving software enables an organization to locate essential files with ease.

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Additionally, the primary driver of the archiving software market is the increased demand for data visibility and data management in information, communication, and technology companies. Archiving software’s storage optimization function and granularity are helping organizations manage data efficiently and avoid loss. The need for organizations to store data other than just emails has increased and archiving software caters to this essential need of businesses. The ability of the archiving software to search information by data types such as pdf and HTML is important for data sorting. Archiving software can handle a wide range of data types, which makes it highly flexible among different industry verticals. The increasing number of archival software vendors has made the market highly competitive. The emergence of virtual archive software, eliminating the need for hardware setup is one of the growing trends in the archiving software market. Growing investments in emerging countries such as China and India are anticipated to further increase the competition in the archival software market.

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On-premise and cloud-based are the two deployment methods used for the archiving software market. The archival software market is further divided in two segments according to enterprise size: small and medium enterprises (SMEs) and large enterprises. Telecommunication, information technology, banking and financial institutes, healthcare, and manufacturing are some of the industries that use archiving software for data management. The archiving software market is also divided into five regional segments: North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America.

Some of the key vendors of archiving software are Waterford Technologies, EMC Corporation, NTP Software, Inc., ArcMail, CommVault Systems Inc., Iron Mountain Incorporated, ASG Technologies, Autonomy Corporation PLC, Archive Power Systems Inc., QStar Technologies, and Quantum Corporation.